From January through October, the portfolios recorded the following returns: Conservative Portfolio: 8.60% (real return: 2.85%) Balanced Portfolio: 8.11% (real return: 2.38%) Dynamic Portfolio: 7.41% (real return: 1.72%) October brought mixed monthly results as concerns over the financing of AI investment weighed on international equity markets. Domestic fixed-income instruments contributed positively, while the Georgian lari’s 0.23% appreciation against the US dollar reduced returns on foreign currency-denominated assets.Consequently, the Conservative portfolio led October performance with a 0.14% gain. The Balanced and Dynamic portfolios, with higher allocations to international equities, declined by 0.59% and 1.34%, respectively.Despite the weak result in October, the Dynamic portfolio continues to lead in since-inception annualized return with nominal 12.86% (real annualized return: 8.42%), compared with 12.21% (real: 7.80%) for the Balanced portfolio and 10.16% (real: 4.25%) for the Conservative portfolio.As of the end of October, total assets of the Pension Fund of Georgia exceeded GEL 10.2 billion, with cumulative investment returns approaching GEL 3.0 billion.The number of participants enrolled in the pension scheme is 1 million 787 thousand people.As of October 31, 2026, 38,186 people benefited from the accumulative pension, and 201,645,743.53 GEL was issued to them as pensions.

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During the meeting, the parties discussed Georgia's economic development trends, inflation dynamics, monetary policy, the state of the external sector, and financial sector stability. Particular attention was paid to the global economic environment and the impact of geopolitical developments on the Georgian economy.Natia Turnava briefed the mission members on the country's macroeconomic situation and key economic indicators. She highlighted the growth in international reserves, which have reached a historic high of USD 8.25 billion. The positive dynamics in the external sector were also discussed. In 2025, the current account deficit declined to a historic low of 2.9% of GDP, while in the first half of 2026, according to preliminary data, it stood at 2.5% of GDP.Natia Turnava also discussed the latest inflation trends. She noted that annual inflation stood at 5.9% in October 2026. The increase in inflation is primarily driven by geopolitical factors, particularly higher energy prices, which continue to make a significant contribution to inflation. The NBG maintains a tight monetary policy stance and stands ready to take appropriate action, if necessary, in light of inflationary risks.As part of the IMF mission, the macroeconomic situation in Georgia, the country's fiscal and monetary policies, and its economic development prospects will be assessed.The meeting with the IMF delegation was also attended by Vice Governors of the National Bank of Georgia Ekaterine Mikabadze and Nino Jeladze, Executive Director Beka Dotchviri, IMF Resident Representative in Georgia Andrew Jewell and heads of departments of the NBG.

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She explained that the rate of deposit "larization" is improving rapidly, showing an increase of 8.3 percentage points compared to December 2024, a clear reflection of the heightened confidence in the Lari.Natia Turnava noted that the National Bank continues to actively implement measures to promote larization, which serve to strengthen the monetary policy transmission mechanism and reduce the financial system's vulnerability to exchange rate risks. This trend toward de-dollarization is also reflected in the credit portfolio. As of September 2026, 58.5% of the total credit portfolio is denominated in the national currency, a result of measures implemented to promote "larization" (dedollarization).Furthermore, according to the Governor of the National Bank, the exchange rate remains stable. As of September, the real effective exchange rate had appreciated by 4% year-on-year, driven largely by the appreciation of the nominal effective exchange rate.In the view of Natia Turnava, amid heightened global inflationary pressures and geopolitical shocks, the appreciation of the exchange rate helps to mitigate pressure stemming from imported inflation.

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According to her, the National Bank’s updated central scenario, assuming all other conditions remain constant, indicates that inflation will begin to decline next year, approaching the 3% target from the second half of 2027 onwards.Natia Turnava noted that the expected trajectory of inflation will depend significantly on global developments, particularly the prices of energy resources on international markets. Accordingly, the forecast is based on the assumption that the situation in the Middle East will stabilize and that the inflationary pressure stemming from the conflict will gradually dissipate. At the same time, the Governor of the National Bank noted that uncertainty in this regard remains high and inflationary risks persist.The Governor of the National Bank stated that if the impact of external shocks affects inflationary expectations and the risk of "second-round effects" intensifies, the National Bank is prepared to further tighten its monetary policy. "Our goal is for inflation to return rapidly to the target level once the impact of external shocks has subsided," noted Natia Turnava.She further explained that once a clear trend emerges for inflation to return to its target level, the National Bank will have the opportunity to gradually reduce the monetary policy rate, bringing it down to a neutral level.

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Lion Finance Group (BGEO LN) shares closed at GBP 127.90/share (+6.32% w/w and -3.98% m/m). More than 468k shares traded in the range of GBP 117.50 - 131.10/share. Average daily traded volume was 69k in the last 4 weeks. The volume of BGEO shares traded was at 1.09% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 48.56/share (+6.77% w/w and -4.78% m/m). More than 497k shares changed hands in the range of GBP 43.92 - 52.35/share. Average daily traded volume was 67k in the last 4 weeks. The volume of TBCG shares traded was at 0.89% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 45.85/share (+5.16% w/w and +3.27% m/m). More than 242k shares traded in the range of GBP 43.10 - 48.55/share. Average daily traded volume was 42k in the last 4 weeks. The volume of CGEO shares traded was at 0.74% of its capitalization.

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“In Uzbekistan, loan growth is gradually recovering as we continue to adjust our loan book in line with regulatory requirements. Overall, loans increased 3% quarter-on-quarter, with non-instant cash loans growing by 13%. As we have seen growth in our loan book and have been proactive in managing the cost of deposits, our NIM recovered in the third quarter to above 20%”, - Butskhrikidze said.According to Butskhrikidze, payments’ volumes driven by the market-leading Payme franchise also remain very strong, rising 54% year-on-year in USD terms for the quarter. TBC will continue to actively manage asset quality and prepare for the implementation of new regulations on auto-collections, which are now expected to come into effect in early 2027.Butskhrikidze, notes that TBC is launching new products and further connecting millions of consumers with an increasing number of businesses. This includes the launch of Novvot, the cross-ecosystem loyalty programme, while issuance of the daily banking Salom card now tops 1.5 million.The Group’s consistent profit generation and the strong capital position of our banks in both Georgia and Uzbekistan (CET1 ratios of 17.0% and 21.4% as of 30 September 2026, respectively, both well above the regulatory minimums) enable us to continue returning capital to TBC shareholders. As such, the Board has declared a quarterly dividend of GEL 1.75 per share for the third quarter (GEL 5.25 for the nine months ended 30 September 2026, up 5% year-on-year). I am also pleased to announce the launch of a GEL 50 million share buyback programme.

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“The National Bank first initiated investments in monetary gold in 2024. Diversifying reserve assets and managing them effectively remains one of the NBG’s strategic priorities. Investing in monetary gold aims to diversify international reserves and safeguard them against volatility across global financial markets,” the statement read.Alongside the expanding gold portfolio, Georgia’s gross international reserves hit an all-time high of USD 8.25bn in October 2026. This represents a 47.2 per cent increase year-on-year and a month-on-month rise of USD 82.6m.Reserve adequacy metrics have also strengthened significantly. Under the International Monetary Fund’s Assessing Reserve Adequacy (ARA) metric, Georgia’s reserves stand at 130 per cent, comfortably surpassing the IMF’s recommended benchmark of 100 per cent.The central bank reiterated its long-term policy of accumulating international reserves while maintaining efficient asset management and diversification. The NBG actively replenishes foreign exchange reserves when market conditions are favourable, reporting net market purchases of USD 3,370.7m over the first nine months of 2026 (January–September).The NBG is scheduled to publish its next updated reserve figures on 7 December 2026.

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The 3Q 2026 Dividend will be payable in Pounds Sterling to ordinary shareholders of TBC Group on the register of members at the close of business on the record date of 8 January 2027, pursuant to the following timetable: Ex-Dividend Date: 7 January 2027 Record Date: 8 January 2027 Currency Conversion Date: 15 January 2027 Payment Date: 5 February 2027 The Georgian Lari to Pound Sterling exchange rate that will apply to the 3Q 2026 quarterly dividend payments on the conversion date of 15 January 2027 will be the average exchange rate of the National Bank of Georgia for the period of 11 January 2027 to and including of 15 January 2027 (5 days average).

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The main theme of the summit was "Developing Regional Financial Corridors at the Intersection of Policy, Finance, and Technology." The event was co-organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Singapore-based Global Finance & Technology Network (GFTN).The summit brought together high-ranking officials from various countries, leaders of central banks and investment firms, and heads of international financial institutions and leading technology companies. Their participation provided a platform for discussing global financial trends, technological innovations, and prospects for regional cooperation.Over the course of the two-day summit, participants discussed key trends shaping the global financial sector, opportunities to strengthen regional financial connectivity, the development of cross-border payments, digital currencies, artificial intelligence, open banking, financial technologies, and ways to maintain financial stability amid geopolitical challenges. Particular attention was devoted to the development of regional financial corridors and the deepening of international cooperation.During the summit, the Governor of the National Bank of Georgia, Natia Turnava, spoke about the significance of the international event, noting that meetings of this scale provide Georgia with an opportunity to showcase its macroeconomic stability, economic growth, and investment potential to international partners. In her assessment, the summit was highly successful, particularly in terms of expanding opportunities for attracting international investment, given the participation of international investors and investment funds.The Vice Governors of the National Bank of Georgia, along with representatives of various NBG departments, actively participated in the summit. During panel discussions, they addressed the interoperability of regional payment systems, the development of cross-border payments, prospects for the banking sector, and the strengthening of regional financial ties. A key focus of these sessions was enhancing cooperation with international partners and exploring new opportunities for financial sector development.A major highlight of the Tbilisi Finance Summit was the signing of memorandums of understanding and the launch of new initiatives aimed at deepening international cooperation.Specifically, a Memorandum of Understanding on establishing a scholarship program for future leaders in financial technology was signed by Tbilisi State University, Pave Bank, a digital asset and institutional bank, and the Singapore-based Global Finance & Technology Network (GFTN). The agreement provides for the launch of a Georgia-Singapore exchange program, offering Georgian students the opportunity to study at Singapore Management University (SMU) and gain exposure to the international fintech ecosystem.The summit also featured AIFC Connect: Tbilisi 2026, an event organized by the Astana International Financial Centre, the National Bank of Georgia, and GFTN, with the support of the Embassy of the Republic of Kazakhstan. The meeting aimed to deepen financial cooperation between Georgia and Kazakhstan, expand mutual access to capital markets, and facilitate cross-border investments.The summit also hosted the Global Use of RMB event, organized by Bank of China, the National Bank of Georgia, and GFTN. The event aimed to promote international investment and financing opportunities in Chinese yuan (RMB) and strengthen financial cooperation between China, Georgia, and other countries.During the summit, the National Bank of Georgia and Bank of China signed an agreement under which Bank of China will provide the NBG with essential services for conducting operations in the China Interbank Bond Market (CIBM). This will enable the National Bank of Georgia to expand its investment operations in the Chinese bond market.The event also hosted the Demo Day of the international Fintech Hackathon, during which local and international participating teams presented technological solutions to challenges facing the financial sector. Teams that won in various categories received cash prizes awarded by GITA, along with opportunities to attend global technology events in Dubai and Singapore.The Tbilisi Finance Summit is an important international platform that strengthens the global positioning of Georgia's financial sector, promotes regional cooperation, fosters innovation, and creates new investment opportunities. The summit is set to become an annual event, continuing to foster international dialogue and strengthen cooperation across the financial sector.

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For violations of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) legislation, the largest fine - 98,000 GEL - was imposed on "Moneto Change" LLC (owned by Ana Gegelia), which failed to record 14 transactions in the electronic system.The violations and misconduct by the other five entities ("Pagaa," "Moneta," "Tetri," "Lobzhanidze," and "Mariamidze") are nearly identical. The regulator accuses these market participants of violating rules concerning monitoring, record-keeping, and reporting.In most cases, transactions at these currency exchange points were not archived or entered into the electronic system. Furthermore, services were repeatedly provided without proper verification.This year, the NBG has announced sanctions against approximately 70 currency exchange booths. Some of these entities are now forced to exit the market or downsize their networks.Currently, there are 671 such points remaining in the market (compared to 720 previously).

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