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.

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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.

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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%.

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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.

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ISO 20022 is an international standard for data transmission and messaging in financial services. Its global relevance is substantial, as it has been adopted by major central banks and payment systems worldwide and represents a core initiative led by SWIFT to modernize global financial communication.The migration to this standard ensures: Enhanced data richness Messages contain more structured and detailed information, supporting more accurate transaction analysis, automation, and strengthened efforts against financial crime (AML/KYC).Operational efficiency Standardization reduces errors and operational costs while accelerating payment processing, ultimately benefiting both businesses and consumers.Global compatibility ISO 20022 serves as a unified “language,” enabling Georgian banks to collaborate more seamlessly with international partners.It is noteworthy that the National Bank of Georgia not only upgraded its own systems to the new standard but also effectively coordinated the large-scale migration across the Georgian banking sector. The NBG’s support and active involvement were crucial in enabling commercial banks to implement the required system changes in a timely and efficient manner.The introduction of ISO 20022 represents a technological advancement for Georgia’s financial market, fostering innovation and enhancing the competitiveness of the country’s payment infrastructure at both the regional and global levels.

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Lion Finance Group (BGEO LN) shares closed at GBP 83.30/share (+5.04% w/w and +10.77% m/m). More than 227k shares traded in the range of GBP 76.65 - 84.45/share. Average daily traded volume was 44k in the last 4 weeks. The volume of BGEO shares traded was at 0.52% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 37.60/share (unchanged w/w and -11.01% m/m). More than 418k shares changed hands in the range of GBP 36.15 - 37.95/share. Average daily traded volume was 133k in the last 4 weeks. The volume of TBCG shares traded was at 0.75% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 26.10/share (+4.19% w/w and +7.85% m/m). More than 190k shares traded in the range of GBP 24.40 - 26.15/share. Average daily traded volume was 36k in the last 4 weeks. The volume of CGEO shares traded was at 0.54% of its capitalization. 

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The annual rate of the loan unsubordinated bonds is TIBR 1D + 2.80-3.20% All overnight TIBR rates recorded during the calculation period will be sorted in ascending order Then the lowest and highest 10% indicators will be cut off The remaining data will be used to calculate the arithmetic mean The above-mentioned spread of 2.80-3.20% will be added to the obtained value Microfinance Organization (MFO) activities Pawnshop loans Remittances Conversions Promissory notes Out of the 200 million raised, 130 million MFO will be needed to refinance the previous issue and will be repaid ahead of schedule (the maturity date is 17.03/2026). The remaining is for credit resources. The combination of refinancing and targeted portfolio growth simultaneously serves both Rico's short-term financial objectives and long-term goals.MFO Rico is the largest in the market, with a credit portfolio of 798 million GEL and assets of up to 940 million GEL. With more than 1.5 million clients and more than 70 branches (as of 9M2025).

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Return on Equity (ROE) stood at 27.8%.The group’s loan portfolio reached GEL 37.93 billion as of September 30, 2025 (up 21.7% year-on-year in constant currency). The growth was driven by strong loan growth in both its Georgia (GFS) and Armenia (AFS) operations, the group said.For the same period, Bank of Georgia's digital MAU (monthly active users) in the retail segment amounted to 1.7 million people (up 14.7% y-o-y), while Ameriabank's - 305 thousand people (up 62.7% y-o-y).As a reminder, the Board of Directors declared an interim dividend of GEL 2.65 per ordinary share for the quarter ended September 30, 2025, and at the same time approved an increase in the share buyback and cancellation program by GEL 51.5 million.

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According to G&T research, the highest growth of +11.6%Y.Y comes from branded chains (non-branded growth +7.5%Y.Y).The profitability of branded chains is mainly due to regional expansion and sales growth of existing stores. The average revenue of 1 store in Tbilisi is 2 million GEL, in the region it is 1.6 million GEL."Daily Group" maintains its leadership in the FMCG market. Recall that in 11/2024, the group was consolidated by merging "Foodmart" (with the brands Spar, Ioli and Kalata), "Daily", "Gvirila Retail" and "Retail Group" (Magniti) into one holding company.

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The transaction was managed by international investment banks, including Citigroup, J.P. Morgan, BCP Securities, Oppenheimer Europe, Société Générale, and Galt & Taggart. Legal advisory was provided by Sidley Austin LLP and Baker & McKenzie LLP for compliance with English and U.S. law, and by Dentons Georgia LLC and Andersen for Georgian legislation.The Eurobonds will be listed on the Irish Stock Exchange and received a Ba2 rating from Moody’s Investors Service.“I am pleased that another important transaction in the history of the Bank of Georgia has been successfully completed. This is the largest international placement of local currency Eurobonds from the private sector in the Caucasus, Turkey, and Central Asia up to 2025,” said Archil Gachechiladze, General Director of the Bank of Georgia.“The transaction underscores the strong financial position of the Bank Group and reflects high confidence from investors.”

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