The NBG continues to focus on reserve accumulation, taking advantage of favorable market conditions throughout 2025. From January to November, net purchases totaled $2.07 billion, including monthly buys such as $101.7 million in March, $266.4 million in April, $245.4 million in May, $266 million in June, $416.9 million in July, $199.6 million in August, $100 million in September, $167.4 million in October, and $308.2 million in November. December’s data will be officially published on January 26, 2026.The NBG emphasizes that international reserves are a key guarantee of macroeconomic stability. Its long-term policy focuses on accumulating reserves and managing them efficiently. As of December 2025, gold accounts for 16.3% of total reserves ($1.002 billion). Thanks to rising gold prices, the value of monetary gold doubled since acquisition, adding $502.3 million to the reserves, highlighting the effectiveness of the NBG’s diversification strategy.Updated official data on Georgia’s international reserves will be released by the National Bank on February 6, 2026.
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According to the National Bank of Georgia’s interactive statistics, as of December 1, 2025, annual growth reached 11%, compared to just under 10% in the same period last year.The share of problematic mortgages has decreased. The non-performing loan ratio stands at 1.2% in GEL (last year: 1.5%), 1.6% in USD (L/Y – 2%), and in EUR-denominated housing loans for purchase or renovation, the share of non-performing loans fell by 0.3 percentage points.As of December 1, 2025, banks’ mortgage portfolios total GEL 13.2 billion, of which 31% are in foreign currency.
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According to Galt & Taggart, the bond’s current Z-spread stands at 196.9 bps. The improvement in position is linked to the shortening of its remaining maturity. The 5-year bonds will mature in April 2026, and discussions with potential investors are already underway. The President of the National Bank and the Minister of Finance met with representatives of around 15 investment firms.Meanwhile, Georgia Railway’s (GR) Eurobond (GRAIL), listed in London, traded last week at 94.4 with a 6.58% yield. As previously noted, GR’s $500 million bonds, issued on the London Stock Exchange in 2012 with a 10-year maturity and a 7.75% coupon, were redeemed early in 2021 with 7-year green Eurobonds carrying a 4% coupon.
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TBC Bank Group (TBCG LN) shares closed at GBP 39.80, down 0.87% week-on-week and 3.16% month-on-month. Over 152,000 shares changed hands within a range of GBP 39.65–40.95. The average daily traded volume over the last four weeks was 59,000 shares, representing 0.27% of TBCG’s market capitalization.Georgia Capital (CGEO LN) shares closed at GBP 30.90, gaining 1.64% week-on-week and 8.04% month-on-month. More than 154,000 shares traded in the range of GBP 30.30–31.50. The average daily traded volume over the past four weeks was 45,000, equivalent to 0.44% of CGEO’s market capitalization.Overall, while BGEO and CGEO posted weekly and monthly gains, TBCG was the only Georgian stock on the London Stock Exchange showing a decline both weekly and monthly. Trading activity remained moderate across all three companies relative to their market capitalizations.
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During the same period, residents accounted for 19% of total non-cash hotel spending, while non-residents made up 81%.Breaking it down further, residents’ non-cash hotel spending grew 11% annually, with an average transaction of 196 GEL. Non-residents’ spending surged 38%, with an average transaction of 579 GEL.Non-cash spending in restaurants also rose 34% year-on-year, with the average transaction amounting to 35 GEL. Residents accounted for 70% of restaurant spending, averaging 26 GEL per transaction, reflecting a 24% annual growth.Non-residents’ restaurant spending, on the other hand, jumped 66% compared to last November, with an average transaction of 136 GEL—nearly five times higher than the resident average.The data highlights the continued growth of cashless payments, particularly driven by foreign visitors, in both Georgia’s hospitality and dining sectors.
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Lion Finance Group (BGEO LN) shares closed at GBP 91.15/share (-1.46% w/w and +4.53% m/m). More than 83k shares traded in the range of GBP 90.85 - 92.60/share. Average daily traded volume was 59k in the last 4 weeks. The volume of BGEO shares traded was at 0.19% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.15/share (-0.62% w/w and +0.12% m/m). More than 71k shares changed hands in the range of GBP 40.05 - 40.70/share. Average daily traded volume was 70k in the last 4 weeks. The volume of TBCG shares traded was at 0.13% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 30.40/share (+0.66% w/w and +12.80% m/m). More than 72k shares traded in the range of GBP 30.05 - 30.95/share. Average daily traded volume was 44k in the last 4 weeks. The volume of CGEO shares traded was at 0.21% of its capitalization.
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The most satisfied shareholders are the Bank of Georgia Group. ROE for every 100 GEL invested is more than >30 GEL.A return on capital of 20-25% is considered optimal for shareholders. Their satisfaction is reflected in the market, and ultimately in the price of money. Lending rates should also be passed on, although with the recent uncertainty (be it the country's foreign exchange rate or the mood of public groups), risks have increased and the market is also hedging itself.
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As of December, the sector has earned 378 million GEL from currency exchange operations (L/Y - 704 million GEL).
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In November, the volume of term deposits increased by 224.67 million GEL (by 0.72%; exchange rate effect excluded volume of term deposits increased by 0.91%). Demand deposits decreased by 93.17 million GEL (by 0.27%; exchange rate effect excluded volume of demand deposits increased by 0.00%).The larization ratio of total non-bank deposits constituted 52.09% by the end of November 2025 and increased by 0.87 percentage point (exchange rate effect excluded increased by 0.75 percentage point) compared to the end of October 2025.The market interest rate on term deposits constituted 6.82%. In particular, the market interest rate for national currency denominated deposits was 8.98% and the market interest rate for foreign currency denominated deposits was 2.43%.The share of the US dollar in the total volume of foreign currency denominated deposits equals 78.68% and the share of the Euro equals 19.85%.
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The YoY growth rate of loans, excluding exchange rate effect, was 13.75%. The volume of loans in national currency increased by 652.59 milion GEL (1.65%) and the volume of loans in foreign currency increased by 292.08 milion GEL or by 1.02% in the same period (exchange rate effect excluded, increased by 1.58%).By the end of November 2025, the total volume of national currency denominated loans to resident legal entities issued by commercial banks amounted to 11.04 billion GEL (2.05% more compared to the previous month), and foreign currency denominated loans constituted 19.35 billion GEL (1.40% more; exchange rate effect excluded volume of lending in foreign currency increased by 1.96 %).During November 2025, the volume of lending to resident household sector increased by 1.25% or 444.53 milion GEL, and constituted 35.97 billion GEL by the end of November 2025.Larization ratio for total loans constituted 58.18% by the end of November 2025 and increased by 0.151 percentage point (exchange rate effect excluded, increased by 0.02 percentage point), compared to the end of October 2025.
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Deposit volume increased by 13.9%
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Banks' income from buying and selling currencies has decreased
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BOG - 30.1%, TBC - 22.7% - Banks with ROE
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Georgian Wine Exports to the EU Grow by 13% in First Nine Months of 20...
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Consultations Held on Georgia–GCC Free Trade Agreement
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