Personalized 24/7 AI Assistant from Georgia’s First Online Pharmacy - Now Available on PSP’s Digital Platforms

The National Bank of Georgia is publishing the 2026 Financial Stability Report, which provides a comprehensive assessment of the resilience of the country's financial system, as well as existing vulnerabilities and potential risks. The analysis focuses primarily on the medium- to long-term outlook, examining both the state of the financial sector and key economic trends and factors relevant to financial stability. The report evaluates vulnerabilities stemming from the external sector and provides a detailed analysis of trends and risks within the household, non-financial corporate, and real estate sectors. A significant portion is dedicated to analyzing the financial sector itself and assessing its resilience to shocks. The document also reviews the policy measures implemented by the National Bank of Georgia to foster financial stability and evaluates their impact. In this regard, particular attention is paid both to macroprudential policies aimed at mitigating risks across the financial system as a whole and to individual financial institutions.The National Bank's Financial Stability Committee left the cyclical component of the countercyclical capital buffer unchanged. As of August 2026, the banking sector maintains healthy capital and liquidity indicators. During the same period, excluding exchange rate effects, the annual growth of the credit portfolio stood at 14.8%, driven primarily by the growth of business loans. Data from the first quarter of 2026 indicate that the loan-to-GDP ratio remains below its long-term trend; consequently, the credit gap remains negative. Against the backdrop of high economic growth recorded in the first half of the year, the negative gap in the loan-to-GDP ratio widened further. The Committee assesses that, given sustained credit activity and the gradual normalization of the economic growth rate, the loan-to-GDP ratio will eventually converge toward its long-term level. Given these trends, there is currently no indication of a need to adjust the cyclical component of the countercyclical capital buffer. At the same time, commercial banks will continue the gradual accumulation of the neutral component of the countercyclical buffer in accordance with the established schedule.The Financial Stability Committee has decided to recalibrate the thresholds for the debt-service-to-income (PTI) ratio. The initial thresholds were based on 2017 statistical data and were previously updated in 2022 to reflect the growth of various nominal economic indicators. A need to recalibrate these thresholds has arisen once again. In recent years, alongside strong economic growth, wages and other nominal indicators have risen significantly; consequently, the existing fixed thresholds no longer accurately reflect the current distribution of borrower incomes and debt burdens. If the PTI thresholds were to remain unchanged, a borrower’s shift from one income category to another could be driven primarily by the growth of nominal income rather than by any substantial change in their actual repayment capacity or risk profile. Accordingly, the revision of the thresholds aims to align the PTI framework with the current economic environment while maintaining the original stance of the macroprudential policy. Consequently, the Committee deemed it appropriate to recalibrate this macroprudential instrument. Furthermore, to avoid a sharp, one-off impact and to distribute the effect over time, the Committee decided to raise the debt-service ratio threshold in stages. Specifically, while the 25% debt-service ratio requirement previously applied to individuals with an income of up to 1,500 GEL, this threshold will increase to 2,000 GEL starting February 1, 2027, and to 2,500 GEL starting September 1, 2027. This change helps mitigate the risk of borrower over-indebtedness and supports the resilience of the financial system. "The National Bank of Georgia continues to constantly monitor the country's financial stability and assess domestic and external risks; it will utilize all available instruments as necessary to minimize potential risks.The next meeting of the Financial Stability Committee will be held on November 25, 2026," reads the statement released by the Committee on Wednesday.

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In August 2026, compared to the same period of the previous year, the estimated real growth in following activities contributed significantly: Manufacturing, Information and communication, Financial and insurance activities, Real estate activities, Trade, Transportation and storage.Decline was registered in Construction sector.

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79.2 , or GEL 27.5 billion of these funds are held in current and time deposit accounts at the two systemic banks (down from 81.4% the previous year).The trend has shifted; for years, the combined market share of the two systemic banks (BOG/TBC) exceeded 80%. By September 2026, this concentration had decreased. Meanwhile, Bank Cartu’s market share grew by 47% (an increase of 0.6 percentage points, reaching to 1.87%).TOP-6 Banks by Retail Deposits / GEL '000

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Lion Finance Group (BGEO LN) shares closed at GBP 145.80/share (+6.42% w/w and +9.38% m/m). More than 241k shares traded in the range of GBP 137.10 - 145.80/share. Average daily traded volume was 46k in the last 4 weeks. The volume of BGEO shares traded was at 0.56% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 53.35/share (+3.39% w/w and +7.43% m/m). More than 239k shares changed hands in the range of GBP 52.10 - 53.95/share. Average daily traded volume was 68k in the last 4 weeks. The volume of TBCG shares traded was at 0.43% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 46.90/share (-6.57% w/w and +6.23% m/m). More than 178k shares traded in the range of GBP 44.20 - 48.85/share. Average daily traded volume was 88k in the last 4 weeks. The volume of CGEO shares traded was at 0.52% of its capitalization. 

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According to NBG statistics, deposits grew by 21.67% year-on-year.The deposit larization ratio rose by 0.01% in August, reaching 56.81%.In August, the weighted average annual market interest rate on time deposits stood at 6.78%; specifically, the rate was 8.68% for deposits in the national currency and 2.31% for deposits in foreign currency.Among foreign currency deposits, the US dollar accounted for a 77.45% share, while the Euro accounted for 20.00%.

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According to National Bank of Georgia (NBG) statistics, loans issued in the national currency increased by GEL 565.93 million (+1.28% month-on-month) in August, while loans in foreign currency rose by GEL 270.41 million (+0.87% month-on-month).By the end of August 2026, banks had issued loans to resident legal entities totaling GEL 11.20 billion in the national currency (a 0.26% increase compared to the previous month) and GEL 21.57 billion in foreign currency (a 1.29% increase compared to the previous month; or a 1.45% increase excluding the exchange rate effect).During August 2026, the volume of lending to the resident household sector increased by 1.28% or GEL 518.80 million, reaching GEL 41.15 billion by the end of the month. The larization ratio of total loans is 58.8%.

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The study also confirms PSP’s leadership in brand awareness. When consumers are asked to name pharmacy chains, PSP is mentioned most frequently. Its Top-of-Mind awareness stands at 42%, meaning that the largest share of consumers name PSP first when thinking of a pharmacy.Consumer choice further demonstrates PSP’s strong market position. According to the study, 82% of consumers use PSP’s services, while 39% consider PSP their primary pharmacy choice. These figures further highlight the company’s strong position not only in terms of awareness, but also in actual consumer behavior.Consumers also perceive PSP as the leading pharmacy chain in the market. 56% of respondents identify PSP as the market leader, while 51% name it the most trusted pharmacy. PSP ranks first across almost all evaluated attributes. According to the study, 59% of respondents find it easy to find the products they are looking for at PSP, while 52% believe PSP offers the best assortment and brands. For 50% of respondents, visiting PSP is a pleasant experience. PSP also holds a leading position when it comes to price affordability.The study shows that consumers consider several key factors when choosing a pharmacy. Among the most important reasons for visiting their primary pharmacy are a convenient location, attractive promotions, qualified pharmacist service, and affordable prices.The study was conducted in 2026 across Georgia by ACT Research, with 800 respondents participating.Founded in 1994, PSP became the first official distributor of European medicines in Georgia. Today, the company represents products from leading global manufacturers of pharmaceutical and medical products, including more than 100 pharmaceutical manufacturing facilities operating in compliance with GMP standards.For more than 30 years, PSP has been a guarantee of quality for consumers. The company places particular emphasis on maintaining high standards of product and service quality. PSP’s pharmacy network has been awarded the ISO 9001:2008 international quality management certification following an audit by German experts. PSP’s distribution warehouse has also successfully passed the GDP compliance audit twice and holds a certificate of compliance with Good Distribution Practice (GDP) standards.Today, PSP operates more than 360 branches across Georgia and employs more than 5,000 people. Its pharmacy network offers pharmaceutical and parapharmaceutical products from leading global manufacturers, as well as dietary supplements, mother and baby care products, oral hygiene products, and a wide range of beauty and cosmetics products. The company continuously expands its portfolio in line with the latest developments in medicine and dermatological skincare.PSP was the first pharmaceutical company in Georgia to offer customers online services alongside its physical branches. Through its e-commerce platform, which integrates the company’s website and smartphone application, customers can access the network’s full product assortment and choose either home delivery or collection through a locker. The platform is also powered by AI, making it easier for customers to select products and complete their purchases.PSP is a company trusted and chosen not only by consumers for the quality of its products and services, but also recognized by international experts and the public through numerous awards in Georgia and at international competitions, including Ad Black Sea, Stevie Awards, The One Show, The Clios, ADCE, Epica Awards, KIAF, and Baku Flames.In 2025–2026, PSP’s communication campaigns have become some of the most successful and internationally recognized campaigns in Georgia’s history, earning significant recognition on both the local and global stage.

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Foreign exchange reserves serve as a vital safeguard for the country’s macroeconomic stability. Consequently, the NBG remains steadfastly focused on rebuilding its reserves, as reflected in the bank’s stated policy. Whenever market conditions permit, the central bank actively boosts the country’s international reserves.Specifically, during August, the NBG replenished foreign exchange reserves by USD 555.6 million through interventions on the Bmatch platform. Total net purchases from January to August 2026 reached USD 3,122.2 million.Foreign exchange interventions conducted by the NBG in 2026 began in January with net Bmatch purchases of USD 86.6 million, rising sharply in February to USD 429.3 million. March recorded net sales of USD 16.2 million, before returning to net purchases in April at USD 333.3 million, May at USD 632.9 million, June at USD 612.6 million, July at USD 488.2 million, and August at USD 555.6 million.The National Bank of Georgia will release updated data regarding its foreign exchange market operations on 26 October 2026.

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