Finance

Georgian companies showed solid growth on the LSE last week

In particular, Lion Finance Group (BGEO LN) shares closed at 77.75 British pounds sterling (GBP), +5.35% compared to the previous week and +1.97% compared to the previous month. Trading volume amounted to more than 313 thousand shares, in the range of GBP 74.90 - 78.45. Over the past 4 weeks, the average daily trading volume amounted to 48 thousand shares.TBC Bank Group (TBCG LN) shares closed at 42.65 British Pounds Sterling (GBP), up 3.65% from the previous week and down 3.07% from the previous month. Trading volume was over 472K shares, in the GBP 40.95 - 43.45 range. Over the past 4 weeks, the average daily trading volume was 87K shares.Georgia Capital (CGEO LN) shares closed at 25.20 British Pounds Sterling (GBP), up 7.23% from the previous week and up 5.88% from the previous month. Trading volume was over 147K shares, in the GBP 23.90 - 25.35 range. Over the past 4 weeks, the average daily trading volume was 40K shares.

1761648947

Total volume of deposits increased by GEL 2.58 BLN

As of the document, the total volume of deposits (excluding interbank deposits) in the country′ s banking sector increased by 4.09% or by 2.58 billion GEL (exchange rate effect excluded volume of deposits increased by 3.78%), compared to the end of August 2025 and constituted 65.56 billion GEL by the end of September 2025. The YoY growth rate of deposits, excluding exchange rate effect, was 13.65%. In September, the volume of term deposits increased by 1.18 billion GEL (by 4.00%; exchange rate effect excluded volume of term deposits increased by 3.74%). Demand deposits increased by 1.40 billion GEL (by 4.17%; exchange rate effect excluded volume of demand deposits increased by 3.82%).The larization ratio of total non-bank deposits constituted 50.76% by the end of September 2025 and increased by 0.48 percentage point (exchange rate effect excluded increased by 0.63 percentage point) compared to the end of August 2025.The market interest rate on term deposits constituted 6.94%. In particular, the market interest rate for national currency denominated deposits was 9.25% and the market interest rate for foreign currency denominated deposits was 2.66%.The share of the US dollar in the total volume of foreign currency denominated deposits equals 79.73% and the share of the Euro equals 18.57%.

1761648780

GCAP Bought Chain of Gormed Clinics

Gormed is expected to generate GEL 4.5 million EBITDA in 2025. This bolt-on acquisition is expected to enhance revenue growth, deliver strong efficiency gains and improve profitability through operational synergies. The acquisition values Gormed at less than 4 times estimated 2026 EBITDA.According to GCAP, the acquisition will expand the healthcare services business footprint into Gori and surrounding areas and add approximately 80,000 new capitation patients to the Regional and Community hospitals. The integration is expected to generate significant efficiency gains through centralised procurement, consolidation of overlapping facilities and service expansion.Reminder, the Gormed network is a corporation of medical and diagnostic institutions in Georgia and is represented by 4 multidisciplinary clinics in Shida Kartli. Namely, Gori University Clinic; Regional Center for Mothers and Children "Iavnana"; Kareli Central Hospital and Khashuri Clinical Central Hospital.

1761648553

The volume of loans issued by commercial banks increased by 1.14% in S...

The volume of loans issued by commercial banks (excluding interbank loans) in September 2025 increased by 760.04 milion GEL or by 1.14% compared to the previous month (exchange rate effect excluded, increased by 0.85%) and constituted 67.52 billion GEL by the end of September 2025. The YoY growth rate of loans, excluding exchange rate effect, was 13.32%. The volume of loans in national currency increased by 561.08 milion GEL (1.46%) and the volume of loans in foreign currency increased by 198.96 milion GEL or by 0.70% in the same period (exchange rate effect excluded, increased by 0.03%).By the end of September 2025, the total volume of national currency denominated loans to resident legal entities issued by commercial banks amounted to 10.70 billion GEL (0.58% less compared to the previous month), and foreign currency denominated loans constituted 19.14 billion GEL (0.89% more; exchange rate effect excluded volume of lending in foreign currency increased by 0.23 %).During September 2025, the volume of lending to resident household sector increased by 1.59% or 549.96 milion GEL, and constituted 35.14 billion GEL by the end of September 2025.Larization ratio for total loans constituted 57.77% by the end of September 2025 and increased by 0.183 percentage point (exchange rate effect excluded, increased by 0.35 percentage point), compared to the end of August 2025.

1761648425

Cartu’s depositors prefer to save in USD

In August, the share of currency in the bank's clients' current accounts, term and demand deposits increased to 1.018 billion GEL (equivalent). At the end of July, it was 1.003 GEL equivalent in foreign currency. As of September, the dollarization ratio of the deposit portfolio is 81.2%.Due to high dollarization, Cartu has to reserve the most at the National Bank. The reserve requirement for funds attracted in foreign currency is adjusted to the larization framework.The capital requirement is also within this framework, according to the dollarization of the credit portfolio (unhedged currency credit risk buffer). The higher the amount, the more is required. Up to 40%, the risk weight is 40%. For each additional 1 percentage point, it is 3% more.Dollarization of Cartu loans is 57%. The bank's lending has increased by 9% annually, while profit - by 7%.Cartu's net profit for 8 months is 28.7 million GEL (01.09.2024 - 26.8 million; +7%Y.Y). S&P upgraded the bank's rating at the end of September.

1761562860

Eurocredit Increased The Profit

It received up to 23.5 million GEL in the 3rd quarter of this year. Last year's income for the first 9 months was 22.3 million GEL. According to MFO's report, 89% of the income - 20.9 million GEL - was received from pawnshops.It is mainly a car pawnshop, which is issued at an annual rate of 26% to 42% (effective up to 50%).According to MFO, loans in "Eurocredit" are issued for a period of up to 6 years, in an amount of up to 200,000 GEL. Including business loans, at an annual rate of 24-36% (effective up to 50%).

1761562560

Developers Count the Cost of Regulatory Relaxation

The recent challenge for developers is the lack of money, which is preventing them from completing projects. However, as lenders say, the problems are only faced by small developers.We spoke to several bankers about the trends in the real estate market, including Ucha Saralidze, Commercial Director of Isbank, who told us that the real estate market remains in high demand. Prices are stable. Small companies have had a little difficulty, but this has not been reflected in the market. Their cases have been taken over by branded companies.NBG President Natia Turnava excludes any easing of the rules. Because the regulator sees opportunities through the prism of financial stability.According to bankers, several combinations are being considered, including reviving a client's frozen funds in the bank. Expanding the collateral base, although the bank and the loan are still suitable for less risky clients, large, branded companies. For small businesses in need, there is still one solution - selling assets profitably. How much competition there is in this direction and how healthy it is, we will not ask. We will wait for the MPC meeting on November 5, and by then the NBG package will also be known.The NBG reduced the co-financing requirement, from 15% to 10% at the beginning of the year, although the bank still sets a limit of ≥15% for risky cases.

1761562200

Digital Lari Might Not Be Introduced

Varlam Ebanoidze, Head of the Financial and Supervisory Technology Development Department at the Securities and Exchange Commission, told journalists on Thursday that testing of the digital lari in a limited environment has been completed.He noted that now the general sentiment towards digital currencies around the world is relatively subdued, and experience in terms of experiments with digital tokenized money issued by the private sector is limited.The so-called target sandbox for tokenized deposits has been announced in the regulatory laboratory. According to him, the purpose of introducing the digital lari was to test technologies such as smart contracts."The final decision on the introduction of the digital lari has never been made. The country's legislation currently recognizes only one tax instrument," Ebanoidze said.Earlier, in February 2024, Natia Turnava, who was the acting president of the NBG at the time, was preparing to say that "CBDC has the potential to bring significant benefits to innovative business models, which will also have a significant impact on the well-being of society. Increase the efficiency of financial intermediation and accelerate the introduction of new financial technologies."Digital currency is an electronic substitute for cash that is stored, managed and exchanged in a digital (computer) system. Payments with digital currency are only possible electronically.

1761307144

Out of total assets, the volume of financial assets was 33.1 billion G...

In 2024, the volume of short-term assets out of the total financial assets was 6.6 billion GEL and the liquidity percentage was 56.0. At the end of 2024, liabilities of non-financial corporations amounted to 82.1 billion GEL (of which, short-term liabilities were 22.6 billion GEL). Out of total liabilities, liabilities in foreign currency amounted to 17.3 billion GEL1 . At the end of 2024, out of total debt, debt to non-residents (Foreign Debt) amounted to 12.0 billion GEL.In 2024, expenditures on debt service (repaying base debt obligation plus interest payment on loan) amounted to 12.8 billion GEL. Out of this amount, debt service as the interest payment was 2.0 billion GEL. Debt service provided by loans from individuals equaled 164.5 million GEL, and debt service provided by other non-financial corporations was 959.8 million GEL.

1761132427

Revenue from Russian travelers fell by more than 14%, while that from...

The largest share of this revenue came from travelers from Russia – USD 252.5 million. The European Union countries are in second place – with USD 238.2 million, and Turkey is in third place – with USD 195.7 million. This information was released by the National Bank of Georgia (NBG).According to the National Bank of Georgia, in the third quarter of 2025, Georgia received USD 1.66 billion in travel revenue, which is 6.6% more than in the same period last year.The share of EU countries in international travel revenues in the third quarter of 2025 was determined at 14.3% and amounted to USD 238.2 million - an increase of 13.3% compared to the same period of the previous year.According to statistics, revenues from Azerbaijan and Israel are distinguished by high growth rates, with annual growth rates of 36.3% and 28%, respectively.Revenues from Russia are characterized by a decreasing trend - in the third quarter of 2025, revenues from travel to Georgia from Russia decreased by 14.3%.

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GCAP Bought Chain of Gormed Clinics

1761648553 • Finance

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1761648425

Azerbaijani PM grateful to Georgia for supplying Azerbaijani gas to 10...

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Revenue Service: KAYSERI and the owner of the cargo that entered Kulev...

1761132589

Politics

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EU Delegation: EU Has Allocated Over €2 Billion in Grants to Georgia i...

According to the EU Delegation’s statement on social media, every euro invested was aimed at improving the daily lives of Georgian citizens, from modernizing roads, hospitals, and schools to strengthening local communities, entrepreneurs, and young innovators.“For more than 30 years, the EU has been helping Georgian citizens to seize new economic and social opportunities through programmes such as TRACECA, EU4Business, ENPARD, and EU4Youth,” the statement reads.

1761132589

Revenue Service: KAYSERI and the owner of the cargo that entered Kulev...

The response follows a Reuters report claiming that on October 6, the tanker KAYSERI delivered 105,340 metric tons of Siberian Light oil grade from the Russian Black Sea port of Novorossiisk to the Kulevi Oil Terminal.“All companies within the vessel’s ownership and management chain, as well as its insurance and classification society, fully comply with applicable international norms and regulations and are not subject to international sanctions.Accordingly, in order to conduct subsequent customs control procedures, the cargo was discharged into a temporary customs storage warehouse.The vessel operates on international routes, including ports in Asia and the Middle East, and its activities are fully consistent with international maritime practice and trade regulations.The Maritime Transport Agency of Georgia once again confirms that entry of vessels into all Georgian ports is strictly controlled in full compliance with international law and national legislation.Georgian ports are not used—by any party, including third countries—to evade international sanctions.The Revenue Service of the Ministry of Finance and the Maritime Transport Agency of Georgia jointly and continuously monitor and verify vessels and shipowners in relation to international sanctions.If a vessel or its owner is found on a sanctions list, it is denied entry to Georgian ports and is not permitted to undergo customs procedures,” the Maritime Transport Agency stated.The Revenue Service of the Ministry of Finance also issued a separate statement confirming that the ship, its owner, and the companies sending and receiving the cargo have passed sanctions screening.“On October 2, the Panamanian-flagged tanker KAYSERI entered the port of Kulevi from a Russian Federation port, carrying up to 10,000 tons of crude oil intended for import customs procedures. The cargo was shipped by a Russian company, whose name is not disclosed due to tax secrecy regulations.The inspection confirmed that neither the vessel nor its owner, nor the companies sending or receiving the cargo, are subject to international sanctions. Following the inspection, the cargo was unloaded into a temporary storage customs warehouse for further customs control procedures.The Revenue Service and the Maritime Transport Agency continuously monitor ships and shipowners for compliance with international sanctions. Any vessel or owner listed under sanctions is denied entry to Georgian ports and barred from undergoing customs procedures.We declare with full responsibility that the information disseminated serves to mislead the public,” the Revenue Service stated.

1760616162

Georgian MFA expresses concern over Elina Valtonen's visit, issues pro...

In its note verbale to the OSCE Secretariat, the Foreign Ministry states that, beyond the OSCE Chairperson-in-Office (CiO) program, Minister Elina Valtonen joined a street protest organised by a small group of anti-government activists who had been freely, though illegally, blocking the main avenue of Tbilisi on October 14. Public statements made by Minister Valtonen, which do not reflect the reality, constitute a deliberate attempt to mislead the international community regarding the situation in Georgia.“The Embassy of Georgia to the Republic of Austria, Permanent Representation of Georgia to the OSCE and other International Organisations in Vienna presents its compliments to the OSCE Secretariat and Missions/Delegations of the Participating States to the OSCE and has the honour to express concerns of the Government of Georgia regarding the visit of the Minister for Foreign Affairs of the Republic of Finland, H.E. Elina Valtonen, to Georgia in her capacity as the OSCE Chairperson-in-Office (CiO).Beyond the CiO program, which included the meeting with the Minister of Foreign Affairs of Georgia, H.E. Maka Botchorishvili, a visit to the occupation line, and a meeting with a few representatives of civil society, Minister Elina Valtonen joined a street protest organized by a small group of anti-government activists who had been freely, though illegally, blocking the main avenue of Tbilisi on October 14. Public statements made by Minister Valtonen, which do not reflect the reality, constitute a deliberate attempt to mislead the international community regarding the situation in Georgia.These actions contradict the spirit of cooperation under the OSCE and could be considered a clear abuse of the CiO mandate, undermining credibility and the expected neutrality.They are incompatible with universally recognised principles of international law, including respect for sovereignty and non-intervention in internal affairs, as reflected in the Helsinki Final Act, UN Resolution AJRES/20/2131, Rules and Procedure of the OSCE, and the spirit of the Vienna Convention on Diplomatic Relations,” reads the note verbale of Georgia’s Ministry of Foreign Affairs.On October 14 and 15, the OSCE Chairperson-in-Office, Elina Valtonen, who is also the Minister of Foreign Affairs of Finland, visited Georgia. On October 14, after meeting with the Minister of Foreign Affairs of the Georgian Dream government, Maka Bochorishvili, she joined the ongoing protest in front of the parliament, which has been taking place since November 28 of last year.On October 14, she met with representatives of civil society in Tbilisi, and on October 15, she was at the occupation line.On October 15, Kobakhidze’s press service issued a statement that due to the presence of the Finnish Foreign Minister on Rustaveli Avenue, the Prime Minister of the Georgian Dream government canceled the planned meeting with him.According to the Finnish newspaper Helsingin Sanomat, the Finnish Foreign Minister himself canceled the meeting with Irakli Kobakhidze and informed the host country about it on Tuesday, October 14th night.In a telephone comment to Helsingin Sanomat, Elina Valtonen explained that her “meeting with Prime Minister Kobakhidze was canceled not at the initiative of Georgia, but at the initiative of Finland, due to a change in the schedule, and the Georgians were informed about it the night before.”Today, October 16th, it became known that the Georgian Ministry of Internal Affairs fined the Finnish Foreign Minister 5,000 GEL for his presence at the October 14th rally - he is accused of “artificially blocking the road”.

1760614560

Venice Commission publishes Opinion over Law on registration of foreig...

According to the statement, at the request of the Monitoring Committee of the Parliamentary Assembly of the Council of Europe, the Venice Commission, at its latest plenary session, adopted its Opinion on the Law of Georgia on registration of foreign agents (GEOFARA), the amendments to the Law on grants and other Laws relating to “foreign influence”.The statement reads that the Venice Commission has analysed these legislative acts through a systemic approach, in order to take into account the combined effect of simultaneously applicable laws on the same entities and individuals. In that context, the Commission recalled its earlier recommendation that where existing provisions of domestic legislation have proved to be insufficient to achieve a legitimate aim, the authorities should seek to amend and improve them, rather than adopting new laws.The Commission observed that the lack of clarity and precision of GEOFARA undermines the principle of legal certainty. The obligations imposed by the law contain open-ended formulations and are disproportionate. According to the Commission, the Anti-Corruption Bureau in charge of enforcement of the law is entrusted with excessively wide discretion, and it lacks sufficient guarantees of independence. Regarding criminal liability foreseen by the law, the broadly framed provisions describing the offence permit loose interpretation and lack the requisite justification, while criminal sanctions fail to meet the standard of proportionality.As regards the amendments to the Law on grants, the Commission observed that they introduced a general requirement of prior governmental approval for foreign grants, which lacked a demonstrated justification in terms of necessity and proportionality. The Commission noted, in particular, that the amendments provided no clear and objective criteria for refusal of grant applications and they lacked adequate safeguards.The Commission noted with concern that instead of considering less intrusive alternatives, the amendments to the Law on broadcasting introduced a blanket ban on foreign funding for broadcasters without distinguishing between funding that genuinely threatens democratic integrity and funding that supports legitimate journalistic and civic activities, which fails the standards of necessity and proportionality.In the Commission’s view, this new legislative framework risks undermining the rule of law, civic space, and democratic freedoms. The Commission therefore recommended repealing these legislative acts and improving the already existing framework instead. It further called for future law-making in this field to follow a systemic and inclusive approach, ensuring its legitimacy and broad acceptability.The Venice Commission reconfirmed that it remains open to dialogue with the authorities to address these shortcomings.

1760527967

Kobakhidze Cancels Meeting with Finnish Foreign Minister

According to the Georgian government, the cancellation was due to Valtonen’s participation in an unauthorized rally and her allegedly false statements.Elina Valtonen attended an ongoing protest in front of the Parliament on October 14. Commenting on the demonstration, she wrote on X:"Peaceful protestors have gathered in front of the Parliament Building in Tbilisi, Georgia, to voice their concern over the repressive direction of their country. They have every right to democracy, to freedom of expression and basic human rights. We are here to support them."