The NBG's report includes an overview of monetary, foreign exchange, and supervisory policies, as well as audited financial statements.In her report, Natia Turnava reviewed the main directions that guided the NBG in 2025. She began her speech by discussing the core objective of the NBG price stability and noted that the average annual inflation in 2025 amounted to 3.9 percent, while the indicators reflecting long-term inflation expectations, including core and services inflation, remained close to the target level."Despite global challenges and the impact of developments in the Middle East, inflation expectations are manageable, which was facilitated by the monetary policy implemented by the NBG. For this very purpose, in response to the current situation, in May 2026, we increased the monetary policy rate by 0.25 percentage points to 8.25 percent, so that once supply-side shocks dissipate, inflation can quickly return to the target level of 3 percent," stated Natia Turnava.The Governor of the NBG also focused on the positive trends regarding economic growth and macroeconomic stability."Despite severe geopolitical shocks, the Georgian economy maintains its resilience, and economic growth remains high. In 2025, the current account deficit narrowed to a historically low 2.6 percent of GDP, while foreign direct investment increased by 7.6 percent year-on-year to 4.4 percent of GDP. Strong macroeconomic fundamentals enabled us to significantly replenish international reserves. By the end of 2025, international reserves reached USD 6.16 billion, and in February 2026, they hit a historic maximum of USD 6.65 billion," noted Natia Turnava.Within the framework of the report, the Governor of the NBG also spoke about the measures taken to reduce financial dollarization, noting that as of April 2026, the dollarization of loans had decreased to 42.5 percent, and the dollarization of deposits to 46.6 percent.Natia Turnava drew attention to the resilience and profitability of the banking sector, noting that by the end of 2025, the credit portfolio of the banking system, excluding the exchange rate effect, had increased by 14 percent, while the return on equity amounted to 22.3 percent.During the report, the NBG Governor also discussed the measures implemented in the following areas: consumer rights protection, the development of the securities market, strengthening the supervisory framework of the pension fund, upgrading payment infrastructure, supervision of virtual asset service providers, and the development of financial technologies.According to her statement, in 2025, the NBG actively continued to deepen international cooperation at the regional and global levels, which is crucial for Georgia's positioning as a regional financial hub.Following the conclusion of the report, the Governor of the National Bank of Georgia answered questions from the Members of Parliament.

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According to her, this stability is also confirmed by the unchanged forecast of economic growth, while the maximum neutralization of the influence of external factors is constantly being carried out.The head of the NBG also spoke about the inflation dynamics and noted that the indicator of rigid prices remains close to the target of 3%. In addition, against the background of strong foreign exchange inflows, the GEL is characterized by a strengthening trend, which reduces the pressure of imported inflation."We assume that oil prices will remain within the current range. As a result, inflation will begin to decline from the third quarter of this year and return to the target of 3% during the next year," - said Natia Turnava.The President of the National Bank added that this forecast is conditional and significantly depends on external factors, although domestic macroeconomic parameters provide grounds for optimism.

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As of 01.05.2026, the share of 2 systemic banks (BOG, TBC) is 89.4%.Banks with net profit over 10 million GEL

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The financing package includes: Up to 75% of the funds designated for on-lending to MSMEs, with at least 10% specifically for women-owned businesses and at least 25% allocated for green finance projects, such as renewable energy and energy efficiency. Up to $125,000 in technical assistance from ADB to strengthen Ameriabank’s sustainability framework and systems. “This project will expand access to finance for MSMEs – especially women-owned enterprises – while advancing green investments in Armenia. By providing longer-term financing, we are supporting businesses to grow, create jobs, and contribute to a more inclusive and climate-resilient economy”, - Lyaziza Sabyrova, ABD’s Armenia Country Director, said.Hovhannes Toroyan, Chief Financial Officer at Ameriabank, commented: “We are delighted to strengthen our partnership with the ADB in supporting MSMEs across Armenia through greater access to affordable financing. As Armenia’s largest lender, with a strong focus on green and sustainable finance, we remain committed to driving inclusive growth and supporting the country’s long-term economic development.”“We are delighted to deepen our partnership with ADB. This facility will enable Ameriabank to continue empowering entrepreneurs across the country. The dedicated funding for green projects and women-owned enterprises underscores our shared commitment to building a sustainable and inclusive economy. I would also like to thank the teams involved for their collaboration and continued support throughout the process”, - Giorgi Shagidze, CFO of Lion Finance Group PLC, declared.

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Lion Finance Group (BGEO LN) shares closed at GBP 106.40/share (-1.85% w/w and -5.59% m/m). More than 331k shares traded in the range of GBP 105.00 - 111.80/share. Average daily traded volume was 60k in the last 4 weeks. The volume of BGEO shares traded was at 0.77% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 43.84/share (- 4.24% w/w and -12.41% m/m). More than 362k shares changed hands in the range of GBP 43.00 - 46.86/share. Average daily traded volume was 61k in the last 4 weeks. The volume of TBCG shares traded was at 0.65% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 39.50/share (-2.11% w/w and -5.62% m/m). More than 182k shares traded in the range of GBP 38.90 - 41.70/share. Average daily traded volume was 62k in the last 4 weeks. The volume of CGEO shares traded was at 0.53% of its capitalization. 

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In her speech, Ekaterine Mikabadze focused on the importance of sustainability reporting for the development of the banking sector and capital markets. According to her, at the international level, sustainability reporting is increasingly becoming an important component of corporate governance, effective risk management and informed investment decision-making.“The National Bank of Georgia considers sustainable finance to be one of the important foundations of financial stability and long-term economic sustainability,” said Ekaterine Mikabadze.She also spoke about the reforms and initiatives implemented by the National Bank in the direction of sustainable finance. In particular, the introduction of ESG guidelines, ESG reporting and information disclosure framework for commercial banks, as well as the development of a regulatory framework for green, social, sustainability and sustainability-related bonds.According to Ekaterine Mikabadze, the quality and reliability of information are of particular importance for the development of sustainable finance, and appropriate assurance services contribute to strengthening investor confidence and reducing the risks of so-called “greenwashing”.“We believe that, in parallel with the introduction of sustainability reporting, attention should also be focused on the development and introduction of relevant assurance services in the local market,” said Ekaterine Mikabadze.Head of the Financial Stability Department of the National Bank of Georgia, David Utiashvili, participated in the panel discussion “Benefits and Challenges of Sustainability Reporting” held within the framework of the meeting.Representatives of the Ministry of Finance of Georgia, the Polish Audit Supervision Agency (PANA), the Pension Fund, the World Bank and the private sector also participated in the event. The participants of the meeting discussed the directions of development of sustainability reporting in Georgia and the importance of sharing international practices.

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The event was opened by the First Vice Governor of the National Bank of Georgia, Ekaterine Mikabadze.As part of the meeting, representatives of the NBG introduced students to both the theoretical and practical aspects of the Bank’s activities. The discussions covered topics including monetary policy, financial stability and sustainable finance, capital markets and investments, as well as financial technologies. Students were also introduced to the functions and responsibilities of the NBG, along with internship opportunities offered by the institution. At the end of the meeting, representatives of the NBG answered students’ questions.“Financial education is one of the NBG’s key priorities. We place particular emphasis on educating the younger generation. In this regard, platforms that connect theoretical knowledge acquired at universities with practical economic and business processes are especially important. Today, we introduced up to 40 students to the functioning of the country’s financial system and discussed Georgia’s macroeconomic environment, financial stability, and the challenges facing the region. I would like to thank the Europe Business Association Youth Academy and the students for their strong interest and active engagement,” said Ekaterine Mikabadze.To enhance financial awareness and strengthen interest in economics among young people, the National Bank of Georgia actively implements educational projects and information campaigns.

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It is planned to issue up to $10 million in 2-year bonds, with a fixed rate of 8%-8.5%.Nutrimax has been on the market since 2009. Its partner is the Dutch Trouw Nutrition. It owns a feed mill for farm animals and poultry (annual capacity 84,000 tons). Since 08/2021, it has been represented by the subsidiary "Nutrimax Petfood", which owns an extruded feed mill for companion animals (dogs and cats), as well as fish (capacity 24,000 tons).Nutrimax also operates in neighboring countries (Armenia, Azerbaijan, Kazakhstan, Uzbekistan, Moldova).Product Range Nutrimax's business lines are divided into 2 main categories:

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According to the NBG statistics, as of Q1/2026, 8% of loans issued to cafes and restaurants are problematic in USD (L/Y - 6.3%) and 3.4% in GEL (L/Y - 4.6%).The share of non-performing loans in GEL and also in EUR has decreased. However, the decrease in the eurozone currency is at the expense of a decrease in Euro lending.Out of the billion GEL loans issued by banks in GEL, USD and EUR to cafes and restaurants, more than 54 million remain problematic.Of the loans denominated in USD, the equivalent of 16.6 million GEL is problematic.

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Sandro Rtveladze joins the team with significant international experience, which will further strengthen TBC’s strategic direction - retail business management and contribute to creating a stronger customer experience.Sandro joined TBC from the position of an executive at OTP, one of Europe’s leading business groups. Today, he is the General Director of OTP Uzbekistan (Ipoteka Bank), which is among the top 5 banks in the local market. Sandro has a long-standing successful career, both in Georgia and abroad. In Georgia, he worked at Liberty Bank, where in recent years he held the position of Deputy General Director for Retail Business. Then he continued his career internationally and worked at the African bank Bayport, where, by implementing digital processes, he achieved a large-scale increase in retail lending. After Africa, he joined OTP Group, one of the largest banking groups in Central and Eastern Europe, with total assets of 113.6 billion euros at the end of 2025.“Sandro will significantly strengthen our team. His international experience is unique in creating added value for TBC customers”, - Giorgi Tkhelidze, General Director of TBC Bank.

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