Balance of goods remains the main driver of the current account balance. Trade in goods deficit increased by 6.3 percent year-on-year, amounting to USD 1.9 billion (GEL 5.0 billion) in the fourth quarter of 2025.The improvement in the current account balance in the fourth quarter of 2025 was primarily driven by increased service exports. In particular, the services surplus rose by 14.1 percent, or USD 256.6 million, compared to the same period of the previous year, reaching USD 1,038.5 million. The travel services exports reached USD 1.1 billion (GEL 2.8 billion) in the fourth quarter of 2025, up by 9.2 percent annually. Exports of transportation services remained at a high level, amounting to USD 418.4 million in the fourth quarter of 2025, equivalent to 3.9 percent of GDP. Meanwhile, income from exports of computer and information services also continued to grow, reaching USD 357.0 million in the fourth quarter of 2025 and accounting for 3.4 percent of GDP.Net income account totaled USD -634.5 million (GEL -1.7 billion) in the fourth quarter of 2025. Net compensation of employees, the positive component of income account increased by 18.4 percent year-on-year while net investment income - the negative component grew by 9.1 percent over the same period.The current transfers account remained positive. Credits of current transfers increased by 14.7 percent year-on-year, totaling USD 1.0 billion (GEL 2.7 billion). Net transfers of the private sector rose by 15.0 percent, amounting to USD 945.4 million (GEL 2.6 billion).The current account deficit is predominantly financed by foreign direct investment. Net foreign direct investment amounted to USD 374.4 million (GEL 1.0 billion) in the reporting period, accounting for 3.5 percent of GDP.

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International assets totaled USD 19.9 billion (GEL 53.7 billion) as of December 31, 2025, increasing by USD 2.6 billion compared to the previous year.International liabilities increased by USD 5.1 billion during the year, reaching USD 52.3 billion (GEL 140.8 billion).

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Public sector external debt amounted to 11.7 billion USD (31.6 billion GEL) or 30.7 percent of GDP, out of which, debt of the general government amounted to 9.2 billion USD (24.8 billion GEL) or 24.1 percent of GDP. External liabilities of the National Bank of Georgia amounted to 780.9 million USD (2.1 billion GEL) or 2.0 percent of GDP, and the bonds and loans of public enterprises were correspondingly 473.1 million USD (1.3 billion GEL) or 1.2 percent of GDP and 1.3 billion USD (3.4 billion GEL) and 3.3 percent of GDP.Banking sector external debt amounted to 9.5 billion USD (25.5 billion GEL) or 24.8 percent of GDP; Other sectors’ external debt stood at 5.0 billion USD (13.4 billion GEL) or 13.0 percent of GDP; While 2.4 billion USD (6.6 billion GEL) or 6.4 percent of GDP was the intercompany lending. 86.7 percent of the gross external debt of Georgia was denominated in a foreign currency.The net external debt of Georgia amounted to 12.6 billion USD (34.0 billion GEL) or 33.1 percent of the 2025 annual GDP. Net public sector external debt was 5.6 billion USD (15.0 billion GEL) or 14.6 percent of GDP.External liabilities of the National Bank of Georgia decreased by 38.6 million USD, out of that, transactions led to external debt’s decrease by 37.5 million USD and exchange rate changes led to decrease by 1.0 million USD. By the end of the 2025, the external debt of the National Bank of Georgia amounted to 780.9 million USD, of which 475.5 million USD are Special Drawing Rights (SDR)1, which have no maturity date, therefore there is no obligation to repay them as long as Georgia is a member of the IMF.

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Moody's expects Georgia to maintain a potential growth of 5% in the medium term, which is in line with the ministry's official expectations.The Deputy Minister focused on the trend of decreasing debt and deficit. In 2025, the state debt was recorded at a level below 35% of GDP, while the budget deficit was maintained within 1.5%. The report also positively assesses the reduction of the current account deficit to a historical minimum, the level of foreign direct investment and increased foreign reserves.The document paid special attention to the successful refinancing of Eurobonds worth 500 million USD in January 2026. The rate was recorded at 5.1%, which is the lowest coupon among countries with a similar rating in the last 4 years. According to Ekaterine Guntsadze, the agency's reports are crucial for strengthening investor confidence.

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Lion Finance Group (BGEO LN) shares closed at GBP 92.95/share (- 5.25% w/w and -9.32% m/m). More than 1.17mn shares traded in the range of GBP 90.85 - 100.50/share. Average daily traded volume was 112k in the last 4 weeks. The volume of BGEO shares traded was at 2.70% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.15/share (- 4.63% w/w and -13.93% m/m). More than 398k shares changed hands in the range of GBP 40.00 - 43.25/share. Average daily traded volume was 71k in the last 4 weeks. The volume of TBCG shares traded was at 0.71% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 34.50/share (-1.15% w/w and +1.47% m/m). More than 297k shares traded in the range of GBP 34.45 - 37.00/share. Average daily traded volume was 64k in the last 4 weeks. The volume of CGEO shares traded was at 0.85% of its capitalization. 

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Open Banking allows users to decide who they share their financial data with, when, and to what extent, while also enabling them to securely initiate payments from their preferred platforms. Data sharing and related services are carried out via standardized APIs, based on the user’s explicit and informed consent.The development of a modern digital financial ecosystem is one of the key priorities of the National Bank of Georgia (NBG), with Open Banking at its core. The foundation for this infrastructure was laid in the summer of 2019, followed by the establishment of a standardized framework that ensured the availability of account information sharing and payment initiation services through secure API channels. The system became operational in 2021, when commercial banks joined and began offering customers new products based on these services. In July 2024, the ecosystem expanded beyond the traditional banking sector. At that point, the first non-bank entity was authorized by the NBG to participate in Open Banking.Key indicators from the past year highlight this upward trend: 915,000+ transactions have been initiated through Open Banking. This reflects growing user trust in fast and secure payment methods and confirms that Open Banking is becoming an integral part of everyday financial life. 5,000+ uses of account information, payment initiation, and digital onboarding services. This reflects stable demand for innovative solutions that enable users to manage and control their finances more efficiently. 9.3 million+ total uses of Open Banking services. This scale demonstrates that the system has evolved into a solid and reliable foundation, ensuring the seamless operation of everyday digital financial services. Business interest in Open Banking opportunities is growing significantly. The ecosystem is not limited to traditional financial institutions and fintech companies it also creates new opportunities for the broader business sector, including retail and e-commerce.Both regulated entities of the NBG and organizations that were not previously subject to its supervision can participate in Open Banking. Upon meeting the relevant requirements, retail and other non-financial sector companies are able to provide Account Information Services (AIS) and Payment Initiation Services (PIS). In practice, this means that businesses can directly implement modern, fast payment methods on their own platforms. Since a transaction initiated through Open Banking is essentially an Account-to-Account payment, it significantly reduces the need for traditional intermediaries. As a result, businesses benefit from the advantages of an open ecosystem lower operational costs and increased security.For detailed information on the integration of Open Banking in e-commerce and the new advantages created for businesses, please refer to the NBG’s article: Open Banking in E-commerce: New Opportunities and Development Perspectives.Organizations wishing to join Open Banking should follow the “Regulation on Joining Open Banking.” Additional information on the regulatory framework is available on the website of the National Bank of Georgia.Those interested in Open Banking can contact the Innovation Office of the National Bank of Georgia at: innovationoffice@nbg.gov.ge.

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The event is attended by more than 250 delegates from 30 countries and 100 different institutions.As Natia Turnava noted in her speech, holding an event of this scale in Georgia once again emphasizes the growing role of Georgia as a financial center of the region.According to her, this interest is based on the country's strong macroeconomic fundamentals and a solid financial sector. According to Natia Turnava, over the past few years, despite the highly uncertain global environment, the Georgian economy has maintained stability. Real GDP growth has been strong; it reached almost double digits in 2023-2024, and averaged 7.5% in 2025.“Georgia’s banking system remains solid and resilient, well-capitalized, maintains strong liquidity buffers, and demonstrates solid profitability. As of February 2026, return on equity stood at 22.4%, while asset quality remains high. The non-performing loan ratio remains at a historically low level of only 2.47%. Credit activity continues to expand in line with economic growth. In February 2026, the annual growth rate of the credit portfolio reached 14.3%, mainly driven by lending in the national currency,” the NBG President noted, underlining the increased confidence in the national currency, which is supported by the increased rate of larization.According to the President of NBG, a strong financial sector, supported by a modern regulatory framework, attracts the interest of international investors, and these efforts are recognized internationally."S&P Global Ratings" emphasizes that Georgia's banking regulation is one of the most advanced in the region, and the quality of our assets is among the best. The strong indicators of the financial sector, together with solid macroeconomic fundamentals and an open, business-friendly environment, create a supportive foundation for international investors and companies, and we welcome global players to our market," - noted Natia Turnava.

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In February, compared to the previous month, term deposits increased by GEL 1.22 billion, or 3.85% (excluding the exchange rate effect, they increased by 4.13%), while demand deposits decreased by GEL 190.36 million, or 0.54% (excluding the exchange rate effect, they decreased by 0.09%).According to the NBG, the larization coefficient of deposits amounted to 54.03% as of the end of February 2026. Compared to the end of the previous month, the larization of deposits increased by 1.41 pp (excluding the exchange rate effect, it increased by 1.21 pp).In February, the average annual weighted market interest rate on term deposits amounted to 7.17%. Among them, 9.14% was on deposits placed in national currency, and 2.35% on deposits placed in foreign currency.The share of US dollars in deposits placed in foreign currency was 77.62%, and the share of EUR was 20.46%.

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During the same period, compared to the previous month, the volume of loans issued in the national currency increased by GEL 530.64 million (1.31%), while the volume of loans issued in foreign currency increased by GEL 123.99 million (0.41%) (excluding the exchange rate effect, increased by 1.32%).At the end of February 2026, commercial banks had issued loans to resident legal entities in the national currency of GEL 10.77 billion (0.81% more than the previous month), and in foreign currency of GEL 20.31 billion (0.39% more than the previous month) (excluding the exchange rate effect, increased by 1.27%).According to the data, during February 2026, the volume of lending to the resident household sector increased by 0.95%, or GEL 351.47 million, and amounted to GEL 37.17 billion by the end of February.In addition, by the end of February 2026, the larization ratio of total loans amounted to 57.78%. Compared to the end of the previous month, it increased by 0.22 pp. (unchanged after excluding the exchange rate effect).

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The NBG President briefed the mission members, led by Alejandro Hajdenberg, on the country’s macroeconomic situation, macroeconomic forecasts, and the current state of financial stability. Special attention was paid to global challenges, including the ongoing geopolitical situation in the Middle East.It was noted that Georgia faces these existing challenges against the backdrop of strong macroeconomic fundamentals. Furthermore, the scale, intensity, and duration of the spillover effects of these processes on the Georgian economy depend significantly on the further development of events.The objective of the current IMF mission is to review the existing macroeconomic situation in Georgia, as well as the country’s fiscal and monetary policies.The meeting with the International Monetary Fund mission was also attended by the Vice Presidents of the National Bank of Georgia, Ekaterine Mikabadze, Ekaterine Galdava, and Nino Jeladze, alongside Executive Director Beka Dochviri, the IMF Resident Representative in Georgia, Andrew Jewell, and the heads of various departments of the NBG.Within the framework of the visit, the IMF mission is scheduled to hold working meetings with the Macroeconomics and Statistics, Financial Stability, Financial Markets, Specialized Risks, and other departments of the NBG.

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