Finance

systemic banks continue to reduce their capital

The total number of voting rights in TBC PLC as at 30 September 2024 is therefore 56,022,807 (the "Total Voting Rights").The Total Voting Rights figure may be used by shareholders as the denominator to determine if they are required to notify their interest in voting rights, or a change to that interest, in TBC PLC under the FCA's Disclosure Guidance and Transparency Rules.The above Total Voting Rights (44,701,983) figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in Bank of Georgia Group PLC under the FCA's Disclosure Guidance and Transparency Rules.

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Georgia marked the 29th anniversary for lari, the country’s national c...

Its name was inspired by terms used in historical Georgian kingdoms, with lari signifying treasure and property and tetri adopted as the fractional currency based on a historical coin from the Middle Ages.The NBG’s board authorised ₾ as the currency's symbol, based on the letter ‘L’ of the Georgian alphabet, on July 7, 2014.The Bank said collector coins would be issued in 2025 to commemorate the currency's 30th anniversary.

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Banks made a profit of half a billion from currency exchange

The consolidated index already includes digital banks' sales.The most, 292,000 GEL, comes from Paysera. Hash Bank and Pave have losses. Liberty has a loss of up to a million (GEL 959,000), which is one of the exceptions among large-asset banks.Banks With Profit From Currency Exchange (GEL)

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Roundtable Discussion on Commoning and Informal Education

Guest Speakers:- Wato Tsereteli, Center of Contemporary Art - Tbilisi (CCA)- Data Tsintsadze, Napirze, Rustavi- Levan Asatiani, Street School, TbilisiRoundtable Discussion on Commoning and Stewardship for Cultural HeritageCultural heritage is crucial in shaping community identity and helping people connect with their past, fostering a sense of belonging. Today, historic buildings and neighborhoods face the risk of being reduced to mere images, losing the collective practices that reflect shared interests. How can critical care and maintenance for the build environment contribute to placemaking and new forms of collective ownership? In this discussion, we will explore two neighborhood revitalization initiatives and examine how both tangible and intangible cultural heritage can inform the social and material regeneration of our cities.Guest speakers:- Nika Gabiskiria, Kibe project- Lia Bokuchava, ICOMOS, Betlemi NeighborhoodModerated by Stefan Gruber and Tinatin Gurgenidze

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Commercial Banks’ Foreign exchange reserves has increased in the NBG

Up to 1 billion GEL is placed on the correspondent accounts of the banks in the regulatory body.The increase in reserves is related to increased foreign currency acquisitions by banks and the increase in dollarization of deposits.According to the NBG supervisory norms, the reserve requirement for funds raised in foreign currency is 20%. Banks are required to reserve according to the dollarization of the deposit portfolio. The bank has to press the upper limit at the dollarization ratio of 70% or more. Between 40-70%, it decreases proportionally and linearly.

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Commercial Banks’ Profit Exceeds GEL 2 BLN In 8M24

GEL 7 million out of GEL 13 million losses, which are distributed among 5 banks, accounts for Silk Bank. The net loss of the sanctioned VTB exceeds GEL 3 million.TOP 5 Banks By Net Profit 01.06.2024/01.09.2024

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International Investment Position Of Georgia Improved Compared To The...

International assets totaled 16.2 billion USD (45.4 billion GEL) by June 30 2024, increased by 157.0 million USD compared to the previous quarter.Liabilities increased by 622.0 million USD during the quarter totaling 45.6 billion USD (128.2 billion GEL), down by 622.0 million USD quarterely.

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The Ministry of Finance sold 5-year GEL 85.0mn last week

Total demand was 2.1x higher and the weighted average yield was fixed at 8.465%, down by 0.308ppts from previous auction held in Aug-24.The nearest treasury security auction is scheduled for October 1, 2024, where GEL 20.0mn nominal value 6-month T-bills and GEL 50.0mn nominal value 3.3-year Benchmark Bonds will be sold.

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An Atlas of Commoning: Places of Collective Production

Opening: Friday, October 4, 18:00-20:00Symposium Commoning Tbilisi and Curator’s Tour: Sat. October 5, 14:00-19:00Exhibition Duration: October 4 - November 15, 2024Opening Hours: Monday–Saturday, 10:00-20:00Curatorial Team:Anh-Linh Ngo, Mirko Gatti, Christian Hiller, Max Kaldenhoff, Christine Rüb (ARCH+); Elke aus dem Moore (ifa); Stefan Gruber (CMU)Research Partners:School of Architecture, Carnegie Mellon University (CMU) Pittsburgh, Remaking Cities Institute,Prof. Stefan Gruber, and Technische Universität Berlin, Institute of Architecture, Prof. Rainer HehlCurators of Tbilisi Edition:Stefan Gruber (CMU), Tinatin Gurgenidze (TAB), Mariam ShergelashviliSocial media and other platforms whose business models are based on the commercialization of social relationships, have transformed words like “community,” “sharing” or “we” into empty concepts that no longer represent solidarity or a progressive social agenda, but rather form the basis for an emerging platform capitalism. This economic development is accompanied by a global political shift fueled by traditional community notions of identity and affiliation, exclusion and discrimination. Against this background, the exhibition and publication project An Atlas of Commoning aims to reclaim and redefine the open and emancipatory space of “we” as a concept. The project focuses on urban commons—here commons are to be understood as a set of practices dealing with the collective production and governance of (material and immaterial) resources and spaces in general, rather than with the resources themselves, hence “commoning,” the verb, takes center stage. Commoning is a process of dealing with differences and conflicts between the individual, the community and society. A process of spatial organization in the relations between production and reproduction, ownership and access to resources. A process that brings together solidarity networks and redefines individual and collective rights. The project questions the prevailing social and political structures and seeks new forms of collective, yet pluralistic, governance.With contributions from:Morehshin Allahyari & Daniel Rourke; clemens krug architekten & Bernhard Hummel Architekt (Team: Oliver Clemens, Anna Heilgemeir, Bernhard Hummel, Emma Williams); Assemble & Granby Workshop; Iwan Baan; Brandlhuber + Christopher Roth; DAAR Decolonizing Architecture Art Residency; Theo Deutinger; Eureka; Manuel Herz; Sandi Hilal, Philipp Misselwitz & Anne Misselwitz; Immo Klink; Kotti & Co; Kuehn Malvezzi; Angelika Levi; Golan Levin (F.A.T. Lab) & Shawn Sims(Sy–Lab); Makoko Waterfront Community; Tukano Maloca; Miethäuser Syndikat; National Union of Sahrawi Women; NLÉ Architects; PlanBude Hamburg, Svenja Baumgardt & Sylvi Kretzschmar; Common Ground e.V. & Nachbarschaftsakademie; Quest – Florian Köhl / Christian Burkhard; Martha Rosler; Harald Trapp / Robert Thum; Urban-Think Tank, Chair of Architecture and Urban Design ETH Zürich; WiLMa GmbH; Samson Young.The “Atlas of Commoning” also includes works by:Airbnb; ARGE ifau | HEIDE & VON BECKERATH; Atelier d’Architecture Autogérée; BARarchitekten; Bau- und Wohngenossenschaft Spreefeld Berlin eG; Carpaneto Schöning Architekten; City in the Making; FATkoehl Architekten; Die Zusammenarbeiter; El Campo de la Cebada; Genossenschaft Kalkbreite; Genossenschaft Kraftwerk1; Go Hasegawa and Associates; IBeB GbR; Müller Sigrist Architects; Refugee Accommodation and Solidarity Space City Plaza; Schneider Studer Primas; Stiftung House of One – Bet- und Lehrhaus Petriplatz Berlin; Gemeinde Yoshino; ZUS [Zones Urbaines Sensibles].Tbilisi initiatives include the Betlemi Neighborhood Revitalization, Birzha, the Center of Contemporary Art Tbilisi, Napirze in Rustavi, the Kinbe Project, the Save the Rioni River Movement and Street School.For more information, visit www.biennial.ge

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NBG named the main risks of financial stability

Risks of possible prolongation and escalation of geopolitical conflictsRisks arising from the Russia-Ukraine war and geopolitical conflicts in the Middle East remain at a high level. This causes macroeconomic vulnerability both globally and in trade partner countries. Prolongation of geopolitical tension in the region can become a source of inflationary pressure, which is also facilitated by the current events in the Red Sea. In addition, the turbulent geopolitical environment may negatively affect investor sentiment in the region and lead to an overestimation of the country's sovereign risk.Slow normalization of monetary policy by leading central banksAgainst the background of prolonged maintenance of globally tightened monetary policy, global inflation began to decrease gradually. However, it should be noted that the uncertainty related to the dynamics of inflation remains at a high level, which prompts the leading central banks to caution and slows down the pace of withdrawal from the tightened monetary policy. The increase in uncertainty related to price dynamics may lead to additional tightening of monetary policy and/or longer maintenance in its tightening phase.Cyclical downturns in the real estate marketAs a result of the war, the demand for real estate increased significantly due to increased migration to the country. In the wake of stopping the effect of migration, demand from the foreign sector has been replaced by domestic demand, which has been facilitated by strong economic growth. On the back of sustained strong demand, supply also increased, which was reflected in the increase in permits issued. Since the said demand is largely cyclical in nature, in the event of a significant reduction in economic activity, excessive concentration of labor force and investments in these sectors may lead to a sharp increase in unemployment and difficulties in servicing debt, which will negatively affect financial stability and the economy as a whole.Deterioration of external factorsThe Russia-Ukraine war had an uneven impact on Georgia's main trade partner countries. On the one hand, the economic situation in the countries directly involved in the war significantly worsened. On the other hand, a number of countries in the region saw an increase in remittances due to increased migration, which was reflected in their improved economic growth. In case of deterioration of the geopolitical situation in the region, a rapid outflow of capital from the mentioned countries is expected, which will worsen the economic growth of the mentioned countries. This will have a negative impact on Georgia's food demand and, therefore, on economic growth.

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systemic banks continue to reduce their capital

1728127107 • Finance

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Politics

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Blackmail continues against Bidzina Ivanishvili, to take a step that i...

Prime Minister Kobakhidze noted that the purpose of such steps is to force Bidzina Ivanishvili to take a step that is against the national interests of Georgia."The blackmail against Mr. Bidzina Ivanishvili continues. You know that he is already under de facto sanctions, he has 2 billion US dollars frozen in Europe, but now the blackmail continues in a different form, you hear threats to impose formal sanctions. Their goal is - they want to force Bidzina Ivanishvili to take a step that is against Georgia's national interests what doesn't work won't work even after years. Therefore, this blackmail is also doomed to failure," said the Prime Minister.

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Georgia abstained from the UN resolution on the withdrawal of Israeli...

Voting result In favor: In favor: 124 Against: 14 Abstain: 43 Georgia refrained from supporting the resolution. Germany, Australia, Albania, Ethiopia, Ukraine, Slovakia, Great Britain and others also abstained.It should be noted that the UN resolution was supported by all four neighboring states of Georgia.

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NBG: Georgian financial sector operates in full compliance with sancti...

In a statement, the bank emphasized that financial institutions in Georgia strictly adhere to these requirements.“As per the instructions of the National Bank of Georgia, financial sector representatives operating in the country comply with international sanctions. Furthermore, the President’s Order No. 208/04, issued on August 4, 2023, established specific guidelines for enforcing sanctions regimes on entities under the supervision of the National Bank.According to the order, the sanctions regime applies to Georgian citizens only when a court in Georgia has issued a legally binding guilty verdict in connection with the sanctions. This general principle of enforceable sanctions is clearly outlined in the order.The National Bank of Georgia systematically oversees the application of international sanctions and ensures that financial sector participants comply with national regulations and legislation.We reiterate that the Georgian financial sector operates in full compliance with the sanctions regime. Georgia has never been, and will not become, a place for sanction evasion,” the National Bank concluded.

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European Union & USAID are United in Support for the People of Georgia

EU Delegation and USAID officials visited a range of initiatives devoted to education, social and civic issues, and economic growth and job creation. A key highlight included meeting with civil society representatives and local civic leaders. It underscored the critical role of grassroots involvement in delivering assistance, particularly to the most vulnerable Georgians, and at a moment when some have been victims of increasing acts of harassment in an increasingly difficult operational environment. This engagement not only showcased the tangible outcomes of EU and USAID investments but also provided a valuable opportunity to connect directly with programme participants, hear their stories, and better understand the lasting impact of development programmes.The visit also highlighted the strategic importance of Georgia's regions, for EU and USAID development efforts. By focusing on projects that promote social inclusion, education, innovation, environmental sustainability, the initiative demonstrates how Georgia's partners are helping to build stronger, more resilient communities in Georgia's regions."The EU remains deeply committed to supporting the people of Georgia, where our partnerships with local communities in all the regions of Georgia are making a real difference," said Nicholas Cendrowicz, Head of Cooperation at the EU Delegation to Georgia. "This joint visit to Kakheti offers a first-hand view of the outcomes of our work, ensuring that the projects we support are both sustainable and impactful for Georgian citizens in these regions. We are proud to stand with our partners at USAID as we contribute together to the growth and prosperity of the people of Georgia."I was pleased to join our EU colleagues in visiting local partners across Kakheti – business owners, youth, civic leaders, and citizens – seeing firsthand how USAID and EU programmes are helping them make a positive impact in their communities," said USAID/Georgia Mission Director John A. Pennell. "USAID, on behalf of the American people, has partnered with Georgia and its people since 1992, supporting this country to become more secure, democratic, and prosperous as it moves closer to Europe. USAID is dedicated to continuing to work hand-in-hand with Georgians to build a stable democracy where all citizens have a voice in how their society is governed, and a stronger economy that delivers prosperity and opportunity to workers, families, and communities. This visit follows a first round of visits in Shida Kartli and Imereti regions in July. Both visits demonstrated the significant impact of collaborative efforts by the EU and USAID. This joint visit serves as a powerful reminder of the shared values and goals that underpin the EU's and USAID's efforts in Georgia. It is a compelling demonstration of how coordinated, long-term support can drive meaningful change in the lives of Georgia's citizens, ensuring inclusive and sustainable development across the country.

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Gov't To Establish State-Funded Grant Program For Georgian NGOs - PM

Kobakhidze noted that the registration process for NGOs under the “Transparency of Foreign Influence” law recently concluded. “Over 450 non-governmental organizations, many of which receive foreign funding, have applied to the Ministry of Justice. I want to thank these organizations for their civic responsibility. This proves that receiving foreign funding does not necessarily indicate negative foreign influence,” he remarked.He also pointed out that the government has decided to create a grant program to support non-governmental organizations.The necessary institutional and financial frameworks for the grant fund will be established over the next two months, with the first grants being distributed in January 2025.