The relevant decision was made by the Financial Stability Committee of the National Bank of Georgia in May, which was officially confirmed by the order of the President of the National Bank of Georgia on June 15. The aforementioned change invalidates the order of July 2025, which set the mandatory larization limit at 750,000 GEL. With the new regulation, this mark increases to 1 million GEL.According to the new rule, citizens and companies whose income is in GEL will no longer be able to take out loans of up to 1 million GEL in foreign currency. In addition, the National Bank specifies that any credit that is in any way tied to or indexed to a foreign currency will not be considered issued in GEL. The regulation also applies to guarantees of an individual, and in certain cases, to obligations arising from bank guarantees and letters of credit.According to the National Bank, the restriction will not apply to several exceptional cases, namely: If, as a result of the issuance of a loan, the borrower’s total liabilities to a specific bank or microfinance organization exceed GEL 1 million; If the borrower is not a citizen of Georgia or is a legal entity not registered in Georgia; If the loan is fully secured by a deposit/cash in the same foreign currency; If the borrower receives sufficient income in the relevant foreign currency to service the loan; If an existing loan is refinanced or restructured in the same currency and the amount of the obligation does not increase. The change will enter into force on July 1, 2026 and its purpose is to reduce currency risks in the financial sector and support the process of larization of the economy.

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The largest amount - $64 million - was transferred from the USA, with an annual increase of 8%. For the same period last year, the annual increase in cash flows from the USA exceeded 23%.There is also a decrease from the European Union, the annual increase is up to 6% (L/Y + 17.3%Y.Y). In May 2025, the growth was more than 17%.As of 01.06.2026, the USA is still leading the donor countries ranking with a 19% share, although with a yearly trend of +3.038%Y.Y. China is ahead by a large margin, whose share in total remittances is still modest - 0.7%.

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In her speech, Ekaterine Mikabadze highlighted the importance of capital market development, noting that the emergence of new issuers demonstrates the growing role of the capital market in enabling companies to attract long-term financing. She noted that this trend, on the one hand, creates additional funding opportunities for businesses, while on the other hand, provides investors with a wider range of investment instruments.She also emphasized the expansion of sectoral representation in the local bond market, noting that Nutrimax is the first company from the animal feed production sector to issue public bonds. According to her, it is important that the capital market is increasingly contributing to the development of local production and various sectors of the economy.Ekaterine Mikabadze also reviewed developments in the corporate bond market, noting that 2025 was a record year in terms of issuance volume. Furthermore, during the January–May period of the current year, including the Nutrimax issuance, the total volume of corporate bonds publicly issued by five issuers amounted to GEL 330 million, representing a significantly higher level compared to the same period last year.“The entry of new companies into the market demonstrates the growing importance of the capital market in helping companies attract financial resources. At the same time, it contributes to the creation of more diverse investment opportunities for investors,” said Ekaterine Mikabadze.The bonds issued by Nutrimax, with a total value of USD 10 million, have a two-year maturity. The proceeds from the issuance will be used by the company to refinance existing liabilities and finance capital expenditures. The securities will be admitted to trading and listing on the trading system of JSC Tbilisi Stock Exchange.Nutrimax has been operating in the Georgian market since 2009 and is one of the leading producers of feed for livestock, poultry, and aquaculture. The company operates in both local and international markets.

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According to the official conditions, 25% of the shares will vest in each of the second, third, fourth and fifth years following the work year, subject to the terms of his service agreementAs a reminder, on January 6 of this year, Irakli Gilauri received another 190,907 free options for work performed in 2025 within the framework of the same program.According to the statement made by the Chairman of the GCAP Compensation Committee, Neil Janini, last summer, according to their call, after Gilauri sells his shares and grants the 2025 salary shares, he should have approximately 2.7 million shares.

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Lion Finance Group (BGEO LN) shares closed at GBP 110.50/share (+4.74% w/w and +3.95% m/m). More than 209k shares traded in the range of GBP 100.90 - 111.00/share. Average daily traded volume was 55k in the last 4 weeks. The volume of BGEO shares traded was at 0.48% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 45.32/share (+3.52% w/w and +3.19% m/m). More than 215k shares changed hands in the range of GBP 42.06 - 45.76/share. Average daily traded volume was 65k in the last 4 weeks. The volume of TBCG shares traded was at 0.39% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 42.35/share (+6.68% w/w and +10.43% m/m). More than 171k shares traded in the range of GBP 38.90 - 42.35/share. Average daily traded volume was 46k in the last 4 weeks. The volume of CGEO shares traded was at 0.50% of its capitalization. 

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Sheri (commercial name "Sheriff Crypto Exchange") is the first and only VASP_ to be fined and suspended, after less than 2 years of operation.Sheri was fined 465,000 by the National Bank of Georgia for several violations, including not monitoring the client's income, not determining the purpose of transactions, and not verifying the origin of the virtual asset of the virtual asset service provider (VASP).The majority of crypto traders choose an exchange platform. Although there are offices, Sheri belonged to this category and, accordingly, served clients at the office (Pekini Ave., Tbilisi) with a cash desk.Digital wallets, also known as VASPs, perform purchase and sale transactions through an operational, so-called hot wallet. There is also a cold, so-called Ledger, which is referred to in fintech circles as a simple wallet. It is digital, but less modernized. Certain procedures are performed manually and selected by a part of the clients who think that it is safer and feels more protected than the latest versions.The regulator imposes the same requirements on cash-based providers, VASPs are required to have software mechanisms for client verification and crypto wallet screening.The Ashkashidzes (founders of Sheriff) are working on converting several digital currencies, including Ethereum and Bitcoin, mainly the digital dollar USDT, into GEL and USD (and vice versa).Currently, 40 Wasp exchanges are registered with the National Bank of Georgia. The latest license was obtained by Vnisi Digital Assets.

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According to Creditinfo, in the last reporting month (May), the credit score of 460 customers decreased. For the first time, the deposit of funds was delayed for a period of more than 1 month.As of 01.06.2026, the leasing portfolio has increased to 879 million GEL.In total, in the Creditinfo database, there are 1.992 million active borrowers (banks, MFOs, SGSs, microbanks...) loan records, and 93.6% - 73.% billion of the total portfolio (GEL 78.8 billion) of banks' investments fall on loans.There are several active companies in the leasing market, mainly subsidiaries of banks: TBC Leasing, BB Leasing, Teraleasing, Crystal, Alliance Group. There is also a large automotive group, Tegeta Leasing.

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The parties discussed existing economic and financial cooperation between Georgia and China, ongoing collaboration in the direction of financial markets and services, and opportunities for deepening future partnerships.The National Bank of Georgia and the People's Bank of China highlighted the progress achieved under the Memorandum of Understanding (MoU) signed last year."Since the signing of the MoU between the People's Bank of China and the NBG, we see significant progress in cooperation in many directions. The steps taken towards the development of financial markets and financial services between the two countries, Including, in the direction of diversification of international reserves are particularly noteworthy," added Natia Turnava.During the meeting, they also spoke about the economic and trade relations between Georgia and China. It was emphasized that China is one of Georgia's top trading partners. The volume of exports and imports, as well as Chinese investments and tourist flows, have significantly increased."Economic cooperation between China and Georgia is developing dynamically, creating a solid foundation for further deepening our collaboration in the financial sector," noted the Governor of the National Bank of Georgia.During the meeting, the parties reaffirmed their readiness to continue active cooperation to further strengthen financial and economic ties between Georgia and China.

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The symposium was attended by governors and senior representatives of around 30 central banks and monetary authorities from around the world, including representatives from the central banks of France, Germany, Switzerland, the United Kingdom,  Singapore, Hong Kong, Brazil, Argentina, Indonesia, Saudi Arabia, and Qatar.This large-scale international event serves as a high-level platform where representatives of central banks, international financial institutions, and the private sector discuss global macroeconomic and financial developments, modern reserve management strategies, prospects for the development of the international monetary system, and current and long-term trends in financial markets.During the symposium's first session, "Global Macroeconomic and Financial Market Developments," Natia Turnava reviewed structural changes in global financial markets, the impact of geopolitical processes on investment decisions, and modern challenges in central bank reserve management.In her speech, the Governor of the National Bank of Georgia noted that the global investment environment has become increasingly complex as geopolitical tensions, trade fragmentation, and macroeconomic uncertainties continue to rise."The prolonged trade tensions and military conflicts in the Middle East and Europe, as well as global supply chain disruptions, have become significant sources of market volatility and investment risks. Today, persistent geopolitical developments are increasingly becoming economic variables rather than external risks, which directly influence inflation, capital flows, exchange rates, and investment strategies," stated Natia Turnava.The NBG Governor paid special attention to the management of foreign exchange reserves, noting that in the face of growing geopolitical risks, safety has become the top priority for reserve management. She assessed that the attractiveness of gold has increased, as reserve managers seek assets that are less exposed to sovereign and geopolitical risks.She added that the trend of reserve portfolio diversification is evident globally. There is also a noticeable increase in the attractiveness of Asian capital markets."For central banks, reserve management is guided by three fundamental principles: safety, liquidity, and profitability. While all of these objectives remain important, the relative importance of safety has increased significantly in recent years. This is why many central banks are seeking to enhance portfolio resilience and greater diversification across reserve currencies and asset classes," noted Natia Turnava.The NBG Governor also highlighted that investments in gold have significantly and positively contributed to the return on Georgia's international reserves. She further explained that the National Bank of Georgia implements geographic and currency diversification of markets for reserve placement, and in this context, alongside traditional markets, Asian markets and currencies are attracting growing interest.According to Natia Turnava, in such an environment, disciplined risk management, consistency, and flexibility may be among the most important drivers of long-term investment success.

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Georgia Capital-ის პორტფელის ღირებულება გაზარდა 23% from March 2025 to March 2026 to GEL5.04 billion (about $1.87 billion). This growth was largely driven by a 43% rise in the value of Lion Finance Group, Georgia Capital’s largest and only listed holding, while the private portfolio value also grew by 18%. Portfolio rotation, such as the sale of the water utility business, also affected the performance of the private portfolio. In the first three months of 2026, the total portfolio value reduced by 0.6%, due to some contraction in Lion Finance Group’s share price, the recent divestment, and dividends paid. However, this was partially offset by robust performance in the private portfolio, which was up 3%.Value creation was most pronounced in the retail (pharmacy) business (up 6.1%) and the insurance business (up 7.6%), while the emerging and other companies segment weighed on the overall portfolio value, as it did in 2025, which may lead to some divestments in the future. Over the three months, the net asset value (NAV) decreased by 0.8%, although S&P notes that it has increased by 33% since March 2025.“We expect Georgia Capital to maintain low leverage, supported by continued disciplined debt management. As part of its GEL700 million capital return program, Georgia Capital had used GEL274 million as of April 2026 to redeem a portion of its outstanding bond (which equates to about $100 million of the total principal of $150 million). We expect to see continued use of cash or potential proceeds from the sale of smaller private assets for debt redemption in the near term, demonstrating the company’s commitment to deleveraging. Furthermore, the target NCC ratio of 10% over the cycle supports our view of the company’s disciplined approach to capital allocation.According to the company’s policies, an NCC ratio of 10%-40% will trigger tactical share buybacks or investments, an NCC ratio of below 10% could generate more substantial share buybacks or investments, and an NCC ratio of above 40% would lead the company to preserve cash. As of March 31, 2026, the NCC ratio was 3.9%. A significant increase is not in our base case nor would we view it as commensurate with our rating. Although the ratio slightly increased from 2.3% in December 2025, due to a $50 million share buyback and cancellation program announced in February 2026, it is in line with allocation expectations. The company's NCC ratio includes planned investments, announced share buybacks, and a contingency/liquidity buffer.Our adjusted LTV ratio for Georgia Capital as of March 31, 2026, was 0.4% (excluding future share buybacks or potential equity investments that are uncommitted). We think that the company could navigate relatively volatile market conditions that affect the valuation of its assets while maintaining an adjusted LTV ratio well below 10%”, the document reads.One of the main limitations of S&P's assessment of Georgia Capital's business risk remains its high concentration in Georgia and significant reliance on a single listed asset, Lion Finance Group, which accounts for 47.2% of the total portfolio value and owns 16.6% of LFG itself.According to S&P, the weighted average credit quality of the companies invested in by the group corresponds to the level of "B+".

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