The summary meeting, led by Miguel Eduardo Sánchez Martín, the World Bank Programme Leader for Equitable Growth, Finance, and Institutions in the South Caucasus with Natia Turnava, the central bank Governor, centred on projects related to the payment system, with an emphasis on their benefits and integration with international systems.Participants expressed their commitment to continuing cooperation in both existing and emerging areas.As part of the mission, the World Bank experts conducted a series of workshops for NBG employees, focusing on aspects of the new instant payment system's implementation. The sessions were designed to equip staff with the necessary knowledge and tools to facilitate this transition.During their stay in Georgia, the experts also engaged with stakeholders from the domestic public and financial sectors, including commercial banks and payment service providers, to foster collaboration and share insights.
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Central Banking noted Turnava, appointed by Mikheil Kavelashvili, was the first woman to hold the position in the Bank’s history, while CFI highlighted her confirmation as a “clear commitment to policy continuity and financial stability”."A seasoned economist with extensive experience in both Government and the private sector, Turnava steps into the role at a pivotal moment, as Georgia seeks to navigate global economic and financial volatility”, the article reads.In her prior role as the Acting Governor of the NBG, she was credited with implementing “effective” monetary policies that led to “low inflation” rates and “financial stability”, CFI said."During her tenure as an Acting Governor, the Georgian lari maintained its stability - a particularly challenging task given that Georgia operates under a floating exchange rate regime”, CFI said.The British publication also emphasised the importance of Turnava’s governance in restoring investor confidence, which it said was seen as “key” for Georgia’s long-term economic resilience.
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The sector's staff maintenance cost in 2024 amounted to 1.294 billion GEL (2023 - 1.117 billion).This expense falls under the banks' non-interest expenses, which includes staff compensation along with inventory and operational costs, and amounts to 2.237 billion GEL as of 01.01.2025. The banking sector's staff cost (personnel expenses/income) is 22%.Banks with non-interest income (commissions, currency exchange)
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As of February 1, 667 million GEL equivalent loans were issued in foreign currency. Last year, it was 506 million GEL.The dollarization of deposits has also increased, although insignificantly. As of 01/2025, it is 83.5% (01/2024 – 83%).Cartu started 2025 with a profit of 1.6 million GEL (01/2024 -3.3 million: -51%Y.Y).
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Beka Dochviri, a qualified lawyer, has a diverse professional background, having served as Deputy Chairman of Sakpatenti (2021-2023), Parliamentary Secretary of the Government of Georgia and Deputy Head of Administration (2019-2021), and Head of the Legal Department at the Ministry of Internal Affairs and the Ministry of Economy and Sustainable Development in various years. He also held positions as Head of the Legal Service of the Office of the Economic Council and as an expert in legal issues in the Office of the Business Ombudsman. In addition, he worked as a lawyer at the Legal Aid Center and Media Center of the Georgian Young Lawyers Association from 2009 to 2013.This February, the President of Georgia appointed Natia Turnava as President of the National Bank of Georgia. The NBG Council, comprising nine members, had four new members approved by the Parliament of Georgia on February 6. As a result, Ekaterine Mikabadze was appointed First Vice President of the NBG, and Nino Jeladze took up the position of Vice President of the National Bank.
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According to the same survey, inflationary expectations for the three-year period have increased in January compared to December. On one hand, compared to December, there is an increase in the number of respondents who expect price changes within the range of 6%-8% growth over the next three years. On the other hand, there is a decrease in the number of respondents who expect price changes within the range of 2%-4% and 4-6%.As of the survey respondents, expectations for price increases on their own products/services over a 1-year period have decreased. Specifically, compared to December, there is a decrease in January in the number of respondents who expect price increases on their products to be more than 8%. At the same time, there is an increase in the number of respondents who expect price changes in a relatively lower interval, within the range of 4%-6%.According to the same survey, expectations for wage growth have decreased in January compared to December. Specifically, there is a decrease in the number of respondents who expect wage changes within the range of 10%-20%. At the same time, there is an increase in the number of respondents who expect wage changes within the range of -10%-0%.The respondents note, that the efficiency of resource utilization for production in companies (actual use of company resources compared to maximum utilization) has increased in January compared to December.
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Transfers from EU states constituted 45.09 percent of the total volume, increasing by 7.53 percent in the past month. Recipients also received $22.7 million, or 8.5 percent, less from senders throughout the world than in January 2024.Among countries of the bloc, remittances from Italy topped the amounts with $46.16 million (+3.50 percent y/y), followed by Germany with $19.35 million (+17.72 percent) and Greece with $18.99 million (+1.59 percent).The highest amount of remittances from other countries came from the United States ($47.31mln), Russia ($25.46mln) and Israel ($21.31mln).Overall, 95.3 percent of the total money transfers from abroad originated in 22 countries, with the volume of transfers from them each exceeding $1 million in January.In the same month, remittances leaving Georgia totalled $28.3 million, compared to $26.1 million in January 2024.
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Lion Finance Group (BGEO LN) shares closed at GBP 52.10/share (+8.20% w/w and +16.55% m/m). More than 222k shares traded in the range of GBP 47.85 - 53.20/share. Average daily traded volume was 48k in the last 4 weeks. The volume of BGEO shares traded was at 0.50% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.40/share (+14.12% w/w and +34.22% m/m). More than 873k shares changed hands in the range of GBP 34.85 - 42.00/share. Average daily traded volume was 89k in the last 4 weeks. The volume of TBCG shares traded was at 1.55% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 12.30/share (+2.50% w/w and +10.02% m/m). More than 255k shares traded in the range of GBP 11.98 - 13.12/share. Average daily traded volume was 59k in the last 4 weeks. The volume of CGEO shares traded was at 0.65% of its capitalization.
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As stated in the congratulatory letters, the central banks of the mentioned countries express their hope for deepening cooperation with the National Bank of Georgia and are confident that during the presidency of Natia Turnava, Georgia’s financial stability and development will be further strengthened.Natia Turnava’s appointment as NBG Governor was also congratulated by the Presidents of the Central Banks of Moldova, Azerbaijan, Armenia and Belarus, the Executive Director and Alternate Director of the International Monetary Fund, the Black Sea Trade and Development Bank, and the Korea Financial Telecommunications and Clearing Institute (KFTC).Last week, Mikheil Kavelashvili appointed Natia Turnava as NBG President. Natia Turnava’s candidacy was presented to Mikheil Kavelashvili by the NBG board, whose 4 new members were approved by the Georgian Parliament on February 6. The NBG board consists of 9 members.
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Before receiving the microbank license, JSC "Crystal" was one of the largest players in the microfinance market (with assets of up to 600 million GEL). Its main business direction is financing small entrepreneurs, which was the main condition for obtaining a bank license.The National Bank of Georgia hopes that microbanking will allow "Crystal" to provide comprehensive services and add products.In addition, inclusion in the real-time settlement system (RTGS) will allow it to increase its competitiveness and become an even stronger player in the financial sector.
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British-Georgian Academy Staff Protest Potential Change of the School...
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Staff Costs Increased to the banking sector
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Cartu's profit decreased
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Crystal Obtains Microbank License from the National Bank of Georgia
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45.4% of Retail Deposits Are Placed In Bank Of Georgia
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