The annual interest rate is 13.5%, set at 20:00 Tbilisi time and 11:00 Washington time on Friday, with a 5-year SOFR swap rate.After 5 years (if the issuer does not redeem the bonds before that time), the yield will be adjusted at the rate at that time (9.6070% +X=Y).
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Compared to last year, the number of policies issued for land transport insurance has increased by more than 10% (L/Y – 122,360, +10.3%Y.Y).Only 7% of registered cars in Georgia are insured. Over the 14-year period, there has been an increase of only 1%. The coefficient for the same period in 2020 is - 6%.Insurance has become more expensive. For 9M2024, the premium attracted by land transport insurance is 192 million GEL, (9m2023 – 153.4, +41% Y.Y).With 47.3 million GEL and a 25% share, the market leader is TBC. Aldagi is in 2nd position - with 43.3 million GEL of attracted premiums (23%), 3rd is "GPI" - 25.9 million GEL (13%).
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Compared to last year, the number of policies issued for land transport insurance has increased by 3.4% (L/Y - 725 710; +3.4%Y.Y).20% of the population benefits from medical insurance. Since 2020, the increase has been only 4 percentage points.6% of vehicles is registered in Georgia are insured.For 9M2024, the premium attracted by medical insurance amounted to 428 million GEL in total (19 companies).24% of the market (attracted premium 103 million) is controlled by GPI. 20% (83.1 million) of Imedi L and 16% (69.2 million) of Ardi.
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Inflation remains below the 3% target. In November, the overall price level increased by 1.3 percent year-over-year, while core inflation stood at 1.6 percent. It is noteworthy that the maintenance of a low-inflation environment has largely been ensured by consistent monetary policy, which has been reflected in stable long-term inflation expectations. In particular, prices of domestically produced goods and services, which are relatively sticky and therefore reflect long-term inflation expectations, are increasing at a moderate pace, with an annual change of 1.8 percent in November. At the same time, economic activity this year has been strong. According to preliminary data, average economic growth for the first ten months of the year is 10 percent. However, alongside robust demand, the NBG assesses that the economy's potential has also increased, which partially offsets inflationary pressures stemming from strong demand. According to the current forecast, other things being equal, inflation will remain below the target in 2024, averaging 1.2 percent, and will stabilize around 3 percent in the medium term.Despite these trends, the economic outlook is characterized by high uncertainty. Both significant domestic factors and geopolitical tensions in the region may increase the country’s sovereign risk premium and, as a result, generate inflationary pressures. Additionally, volatility in global oil and food prices on international markets has increased. Notably, international food commodity prices have risen significantly in recent months, posing inflationary risks. Simultaneously, global shipping costs have also slightly increased. If these trends persist, higher international prices may pass through to local market prices, creating a risk of worsening inflation expectations.Based on the analysis of the current domestic and external environment, the National Bank of Georgia has decided to keep the monetary policy rate unchanged at 8.0 percent. A cautious approach to monetary policy normalization is crucial to ensure that inflation remains close to its target in the medium term. If inflationary risks do not materialize and the severity of inflation risks eases, the NBG will continue to gradually reduce the policy rate to its neutral level, currently estimated at 7 percent. However, if factors that increase inflation expectations re-emerge, monetary policy may need to be tightened or the current tight stance maintained for a longer period.The National Bank of Georgia continuously monitors ongoing economic processes and financial markets and will use all available tools to ensure price stability.The next meeting of the Monetary Policy Committee will be held on January 29, 2025.
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The total volume is 780 million USD. More than 13 million have been spent. At the moment, total liabilities are 5.807 billion USD.Information on remittances has been added to the Credit Information Bureau database since 01.03.2023.Registration is at the request of the beneficiary and 95% of remittance recipients choose to cooperate with Creditinfo.In total, the number of unique individuals is within 300,000. The expansion of the database is aimed at increasing access to loans for recipients of remittances.Information on remittances has been added to the Credit Information Bureau database since 01.03.2023.The NBG amended the regulation in the fall of 2022 and will provide information to the recipient of the transfer, the bank, MFO, Loan Entity or PSP customer, if desired, to the bureau. Payment service providers (PSPs) have joined CreditInfo since March this year.
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The number of loans has also decreased. As of Q3/2024, 301,827 loans have been issued (Q3/2023 – 354,400).As of 9 months. The pension-secured loan portfolio amounts to 423.3 million GEL (total value - 430 million). Pension loans are issued for a term of up to 4 years, with an annual interest rate of 26%. Pensioners account for 55.8% (Q3/2023 – 66.1%) of Liberty's retail loans (quantity).In the retail portfolio, which amounts to 1.870 billion GEL as of 9 months, 22.6% of loans account for pension loans.Pension loans are issued to beneficiaries under the age of 80 (overdraft up to 76 years)As the bank says, the loan is available only to pensioners who have a preliminary offer, which the potential borrower will find out at the branch.
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As of the bank, the increase in November is more than 5.5 million (5 689 226). According to the management, the injection is not related to the regulator's request. The founders wanted it.Financing is needed for the development of digital channels.According to 11-month statistics, Silk, with assets of 219 million GEL, is represented by a market share of up to 0.25%. It occupies 0.18% of the credit portfolio.
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According to Turnava, this is a recognition of the fruitful work of the National Bank of Georgia and its team.“The National Bank of Georgia supervises virtual asset service providers, that is, organizations whose activities are related to virtual/crypto assets. We have worked very hard to strengthen our supervisory framework precisely in the direction of money laundering. This is high recognition, recognition of the effective work of our team. It is interesting that out of the 27 Council of Europe member states assessed by MONEYVAL, only 7 countries, and now Georgia, have such a high score in this regard. This is an essential broad compliance with the framework, with our framework legislation. "I think this is a really important recognition that will give us more incentive to further improve our team's work in this area," said Turnava.The Council of Europe's Select Committee of Experts on Anti-Money Laundering and Counter-Terrorism Financing (Moneyval) has positively assessed the measures taken by the National Bank of Georgia to promote the prevention of money laundering and terrorist financing (AML/CFT) in relation to virtual assets and virtual asset service providers. Georgia's compliance rating with Recommendation 15 of the Financial Action Task Force (FATF) has improved from "Partially Compliant" to "Largely Compliant". It is worth noting that, according to Moneyval, only 7 out of 27 Council of Europe member states, including Georgia, have a "Largely Compliant" rating.
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As of October, it is up to 5% in local currency and 7-7.5% in foreign. While the annual rate of non-performing loans in total investments does not exceed 1.3%.
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In October, a total of 140,000 GEL was disbursed to the industrial sector, while in September it was more than 8 million.Financing in the financial intermediation sector has decreased by 4.4 times. Only injections to the construction sector have increased. In October, tranches of up to 400,000 GEL were disbursed.Financing of resident clients is dynamic. Monthly disbursements are also stable. In October, the trade sector dominates with 1.3 billion GEL.
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Lending to non-residents is decreasing
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Liberty To Issue USD 5 million Foreign Exchange Bonds
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Pension loans have decreased
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