According to the NBG, annual lending growth in Georgia stood at 12.7% in October 2025, lower than the high levels of credit expansion seen in previous periods. The Bank noted that the negative gap between economic growth and the ratio of loans to GDP is decreasing, reducing the need to adjust the buffer at this stage.“Banks continue to maintain healthy capital and liquidity ratios. Business loans contributed significantly to credit growth, and the ratio of loans to GDP remains below the long-term trend. Strong economic growth in the first three quarters, coupled with the normalization of credit activity, has gradually closed the negative gap in the loan-to-GDP ratio,” the NBG said.The Committee also confirmed that commercial banks will continue to accumulate the neutral component of the countercyclical capital buffer gradually. At present, the cyclical component requires no adjustment, reflecting the stability and resilience of the Georgian banking sector.

1764761967

In the “Quality Education” category, TBC’s IT Academy received the award - an initiative that offers young people completely free access to modern, in-demand technology professions. The learning process at the academy is led by top local and international specialists, alongside professionals from the TBC team, which continuously enhances the quality of the programs and their real impact on the sector year after year.TBC’s IT Academy was founded in 2019 and today has more than 5,000 graduates. Of these, 30% work within the TBC Group, while the rest continue their careers at various successful technology companies. The IT Academy is one of the strongest platforms in Georgia for strengthening the ecosystem of professional development and technological education.TBC received its second award in the “Climate Action” category. The bank presented the activities and initiatives it implements to address environmental and climate-related issues. Climate action is an integral part of TBC’s ESG strategy. TBC sources electricity from 12 solar power plants, covering 80% of branch consumption in the regions and 27% in Tbilisi. Its vehicle fleet consists of 57% electric and hybrid cars. TBC’s sustainable portfolio totals GEL 2.07 billion, of which GEL 1.2 million is dedicated to green and climate-related projects.The third award was presented to TBC’s ESG Academy in the “Partnership for Sustainable Development” category. To establish the ESG Academy, TBC secured financial support from the European Union with the assistance of the organization Finance in Motion, under the technical assistance programs of two European funds — EFSE Development Facility and GGF Technical Assistance Facility. The ESG Academy is Georgia’s first long-term educational platform focused on sustainability, offering all training programs free of charge in Georgian. The first course, Green Mindset and Green Financing, was co-created by TBC and the international training company Develor. In total, the academy’s courses will be completed by 900 TBC employees and 300 clients from various business sectors.It is noteworthy that at the event celebrating the 25th anniversary of the UN Global Compact, TBC was also presented with an additional special award. The bank received the award as a company that has been actively engaged in the initiative since its inception, sharing for many years with the business sector and society the steps taken toward achieving sustainable development goals, and has repeatedly won the Corporate Sustainability Awards competition.(R)

1764664498

Lion Finance Group (BGEO LN) shares closed at GBP 89.05/share (+6.90% w/w and +14.17% m/m). More than 195k shares traded in the range of GBP 84.65 - 89.15/share. Average daily traded volume was 42k in the last 4 weeks. The volume of BGEO shares traded was at 0.45% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.75/share (+8.38% w/w and -6.21% m/m). More than 375k shares changed hands in the range of GBP 38.15 - 40.80/share. Average daily traded volume was 134k in the last 4 weeks. The volume of TBCG shares traded was at 0.67% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 27.75/share (+6.32% w/w and +5.92% m/m). More than 179k shares traded in the range of GBP 26.25 - 27.90/share. Average daily traded volume was 32k in the last 4 weeks. The volume of CGEO shares traded was at 0.51% of its capitalization.

1764593151

That Freedom Bank was planning to enter the Georgian market, FORBES Kazakhstan wrote about it in September. By that time, the authorized capital of the future financial institution had already been determined - $1.8 million, which would be nominated by 5 million ordinary shares with a value of 1 GEL each. The charter and business plan, which include the organizational structure of the future bank and candidates for leadership positions, were also approved.Freedom Bank Kazakhstan ranks tenth among the 23 banks operating in the country in terms of assets – 2.4 trillion tenge (USD 4.6 billion).Timur Turlov is the founder of Freedom Holding Corp. According to the latest data, the businessman owns about 70% of the holding's shares. Turlov ranks second in the latest Forbes Kazakhstan ranking of the richest Kazakhs. He is also fourth in the ranking of the most influential businessmen. As of May 2025, his fortune was estimated at USD 5.8 billion.

1764323837

The biggest month-over-month increase was observed in finance and statistics category (+29.4%), while the smallest increase was in IT and programming category (+11.9%). The largest year-overyear increase was observed in IT and programming category (+50%), while the biggest decrease was in logistics and distribution category (-3.9%).From July 2025 to September 2025, the total number of vacancies published on jobs.ge amounted to 24,199, which was 0.7% lower compared to the same period of 2024. Logistics and distribution (-4.5%) and administration and management categories (-4.4%) saw the largest decrease.From July 2025 to September 2025, a total of 973 vacancies were published in the field of IT and Programming, which was 33.5% higher compared to the corresponding period of 2024.From July 2025 to September 2025, a total of 4,789 vacancies were published in the field of finance and statistics, which was 11% higher compared to the corresponding period of 2024.From July 2025 to September 2025, a total of 6,404 vacancies were published in sales and procurement, which was 9.5% higher compared to the corresponding period of 2024.

1764241823

In September 2025, the share of persons receiving a monthly salary up to 600 GEL amounted to 12.5%, which was 1.0 percentage points lower than in August 2025 and 3.0 percentage points lower than in September 2024.In September 2025, the share of persons receiving a monthly salary of 2,400 GEL or more amounted to 33.6%, which was 0.5 percentage points higher than in August 2025 and 5.6 percentage points higher than in September 2024.In September 2025, the share of persons receiving a monthly salary of 9,600 GEL or more amounted to 3.0%, which was 0.1 percentage points lower than in August 2025 and 0.7 percentage points higher than in September 2024.

1764241431

At the plenary session of the Parliament, the NBG Governor Natia Turnava, emphasized that under the existing monetary policy framework where the key monetary policy instrument is the policy rate consistent steps toward both tightening and normalization, taking into account the effectiveness of transmission to the economy, ensure price stability in Georgia.“In October, the NBG updated its macroeconomic projections. According to the current baseline scenario, inflation will temporarily remain above the 3% target and will average 4.0% in 2025; however, in the medium term, supported by tight monetary policy, normalization of aggregate demand, and the fading of inflationary effects stemming from food prices, inflation will stabilize around the target level,” stated Natia Turnava.She emphasized the high level of economic activity and noted that it is largely driven by structural changes in the economy. In particular, the improvement of production potential partly offsets the impact of strong aggregate demand on prices.“According to preliminary data, average economic growth for the first nine months of 2025 stands at 7.7%. In line with the NBG’s baseline forecast, economic growth will reach 7.4% in 2025. In the following years, the pace of real activity will gradually normalize toward its long-term level,” she noted.According to Natia Turnava, under an inflation-targeting regime, decisions regarding the policy rate and its future trajectory are made based on forecasts. However, uncertainty has increased significantly in recent years, raising the risks of deviations from projections.“Since the beginning of 2025, the NBG has introduced a new scenario-based approach to monetary policy communication, which has made the decision-making process more transparent and anchored risk management in the detailed analysis of potential scenarios. Specifically, in conducting monetary policy, the NBG responds in a way that minimizes economic losses should any identifiable risk materialize,” Natia Turnava stated.When presenting the report, the NBG Governor also spoke about the high global economic uncertainty and rapidly changing environment, driven by ongoing geopolitical tensions worldwide. She highlighted the risks affecting inflation in both upward and downward directions, such as changes in prices of energy and food commodities, transportation costs, regulated prices, global economic fragmentation, and other factors. In her assessment, in order to minimize the impact of these risks, it is optimal to maintain a cautious approach toward the normalization of monetary policy.“According to the current baseline forecast, prepared with consideration of macroeconomic risks, the NBG will continue normalizing the policy rate at only moderate intervals. In the medium term, as inflation expectation risks continue to subside, the rate will stabilize around its neutral level, which is currently assessed at approximately 7%. It should be noted that the expected trajectory of the policy rate depends significantly on how global economic conditions and geopolitical developments unfold,” stated Natia Turnava.In her remarks, the NBG Governor underscored that international reserves are a key guarantee of the country’s macroeconomic stability. For this reason, the NBG is consistently focused on the accumulation of reserves and their effective management.“Given the favorable conditions in the foreign exchange market, the NBG has been actively accumulating reserves since the beginning of 2025. Accordingly, as of January–October 2025, the Bank’s net purchases amounted to USD 1.8 billion. As of October 2025, the volume of international reserves exceeds USD 5.6 billion. At the same time, the effective management of international reserve assets is of great importance. For this purpose, the addition of monetary gold to international reserves is a strategic decision of the NBG, aimed at mitigating global inflationary risks and preserving the purchasing power of reserves. The price of gold on the international market has been rising, and since the moment of purchase, the increase in gold prices has boosted reserves by USD 420.6 million as of October,” Natia Turnava stated.Within her report, Natia Turnava also reviewed the NBG’s larization policy and the measures implemented to strengthen monetary policy transmission to the economy and to reinforce financial stability.“As of October, 58 percent of the total loan portfolio is denominated in lari. Of particular note is the high degree of larization of loans to individuals: specifically, 76.9 percent of loans to individuals are denominated in the national currency. The NBG continuously analyzes dollarization dynamics and, when necessary, undertakes appropriate measures. This not only reduces borrowers’ foreign-currency and related credit risks but also promotes long-term economic growth,” Turnava stated.She also addressed the Bank’s larization policy more broadly. According to her, ensuring price stability increases confidence in the lari, as evidenced by the larization trends of deposits in the banking sector. As of October, 51.2 percent of total deposits are denominated in the national currency.In conclusion, Natia Turnava emphasized that the presented monetary and exchange rate policy framework ensures price stability over the medium term. Consequently, it will enhance Georgia’s economic resilience to potential shocks and support stable and long-term economic growth.

1764159028

The YoY growth rate of loans, excluding exchange rate effect, was 12.71%. The volume of loans in national currency increased by 470.13 milion GEL (1.21%) and the volume of loans in foreign currency increased by 37.64 milion GEL or by 0.13% in the same period (exchange rate effect excluded, increased by 0.25%). By the end of October 2025, the total volume of national currency denominated loans to resident legal entities issued by commercial banks amounted to 10.82 billion GEL (1.07% more compared to the previous month), and foreign currency denominated loans constituted 19.09 billion GEL (0.29% less; exchange rate effect excluded volume of lending in foreign currency decreased by 0.19 %).During October 2025, the volume of lending to resident household sector increased by 1.08% or 378.83 milion GEL, and constituted 35.52 billion GEL by the end of October 2025.Larization ratio for total loans constituted 58.03% by the end of October 2025 and increased by 0.260 percentage point (exchange rate effect excluded, increased by 0.23 percentage point), compared to the end of September 2025.

1764158891

The YoY growth rate of deposits, excluding exchange rate effect, was 13.94%. In October, the volume of term deposits increased by 555.88 million GEL (by 1.81%; exchange rate effect excluded volume of term deposits increased by 1.78%). Demand deposits decreased by 543.73 million GEL (by 1.56%; exchange rate effect excluded volume of demand deposits decreased by 1.53%).The larization ratio of total non-bank deposits constituted 51.22% by the end of October 2025 and increased by 0.46 percentage point (exchange rate effect excluded increased by 0.46 percentage point) compared to the end of September 2025.The market interest rate on term deposits constituted 6.92%. In particular, the market interest rate for national currency denominated deposits was 9.01% and the market interest rate for foreign currency denominated deposits was 2.42%.

1764158725

The NBG notes that international currency reserves are an important guarantor of the country's macroeconomic stability. Accordingly, as of the regulator, the NBG is always focused on replenishing reserves, which is confirmed by the bank's stated policy. When the market allows, the National Bank increases the country's international reserves.In addition, the foreign exchange interventions carried out by the NBG in 2025 look like this: January-February - No net purchase through Bmatch March - Net purchase through Bmatch $101.7 million April - Net purchase through Bmatch $266.4 million May - Net purchase through Bmatch $245.4 million June - Net purchase through Bmatch $266 million July - Net purchase through Bmatch $416.9 million August - Net purchase through Bmatch - $199.6 million September - Net purchase through Bmatch - $100 million October - Net purchase through Bmatch - $167.4 million The National Bank of Georgia's operations in the foreign exchange market will publish updated data on December 25, 2025.

1764074246