During the forum, the concept of the Georgian Financial Markets Development Program (GMAP) was presented to the public. The objective of GMAP is to expand access to risk management and hedging instruments across Georgian financial markets and foster a more liquid, internationally accessible securities market. Achieving this objective relies heavily among other initiatives on the implementation of modern treasury infrastructure, enabling local commercial banks to offer the market more accessible and diverse risk hedging instruments.A central focus of the event was the technological component of this market development initiative, carried out in collaboration with Nasdaq. Under the shared treasury management system implementation project, Bank of Georgia, TBC Bank, Liberty Bank, Terabank, and Basisbank will execute treasury operations using the Nasdaq Calypso platform, which covers the full end-to-end treasury lifecycle. This shared system serves as a practical tool enabling the Georgian banking sector to build the capabilities required to achieve the market development objectives set under GMAP.The forum was opened by Natia Turnava, Governor of the National Bank of Georgia, who highlighted that a modern, liquid, and internationally connected financial market is vital for the country's economic development."Our objective is to transform the foundations built to date for financial market development into tangible market activity introducing more hedging instruments, cultivating a more active and liquid market, and enabling local participants to forge closer ties with international investors and counterparties," noted Natia Turnava.According to Lasha Jugheli, Executive Secretary of the Georgian Financial Markets Treasuries Association, GFMTA's mission is to support initiatives that help Georgian financial markets become deeper and more dynamic, with the deployment of the shared Nasdaq Calypso treasury management system serving as a cornerstone technological pillar along this journey."In recent years, the steady growth of the Georgian banking sector has created the need for treasury infrastructure aligned with international standards. Implementing the Nasdaq Calypso platform will allow banks to manage treasury operations and core risks within a unified infrastructure aligned with international standards. The five participating banks represent a substantial share of the market; however, the project is designed for further expansion and the inclusion of additional participating banks in the future," stated Lasha Jugheli.Brad Wilmot, Senior Vice President at Nasdaq, stated that Nasdaq, as a technology partner, is proud to support this initiative by the National Bank of Georgia and GFMTA."The shared treasury management system provides all participating banks with access to the same institutional-grade technology and standards utilized by the world's leading markets. It is a great honor for Nasdaq to serve as the technology partner to the National Bank of Georgia and GFMTA on this important journey, and we look forward to continuing our collaboration," remarked Brad Wilmot.The international forum brought together local and international financial institutions and official representatives, including central banks, government agencies, commercial banks, market infrastructure providers, and market participants. Attendees reviewed the progress achieved under GMAP and discussed steps planned going forward. Discussions also covered international best practices in market development, the transformation of treasury operations at Georgian banks, legal frameworks and practical mechanisms for GEL-denominated derivatives, and issues related to enhancing bond market liquidity.The GMAP Forum is scheduled to take place annually. In addition, throughout the year, the National Bank of Georgia and GFMTA have planned a series of supplementary activities to support the program's strategic objectives.

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“At Nasdaq, we bring communities together. It is embedded in our company’s DNA and essence, given our history of managing financial markets. Here, Nasdaq’s financial technology is also providing the infrastructure to unite the Georgian financial sector to enhance its overall financial framework,” noted Vincent Lemaire.According to the National Bank of Georgia, organised by the NBG and the Georgian Financial Markets Treasuries Association (GFMTA) in partnership with Nasdaq, a two-day international event, the GMAP Market Development Forum 2026, was held in Tbilisi.At the forum, the Georgia Market Development Programme (GMAP) overarching concept was presented to the public.GMAP aims to expand access to risk management and hedging instruments in Georgian financial markets, fostering a more liquid and internationally accessible securities market. A central theme of the event focused on the technological component of the market development initiative, which is being executed in partnership with Nasdaq.

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On August 18, 2026, Stevens purchased 1,033 shares at an average price of £48.25 per share, for an aggregate value of £49,840.49. The transaction was executed on the London Stock Exchange.Stevens was appointed CFO of TBC Bank Group on July 13, 2026. He has nearly 30 years of experience in corporate finance within the financial services sector, having held senior positions at UBS Investment Bank, Deloitte Corporate Finance and Keefe, Bruyette & Woods.According to the group, Stevens has maintained a long-standing relationship with TBC Bank, including serving as a joint global coordinator for TBC Bank’s 2014 initial public offering (IPO).

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The Company hereby confirms that the National Bank of Georgia Georgian Lari/British Pounds Sterling average exchange rate for the period of 7 September to 11 September 2026 was 3.5348 and it shall be used to pay dividends to ordinary shareholders of the Company on 25 September 2026. Accordingly, the cash dividend payable will be approximately GBP 0.86284938 per ordinary share.Those shareholders who have not provided the appropriate bank account details to Computershare Investor Services PLC for payment of the dividend will be paid the dividend by cheque in British Pound Sterling.

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Lion Finance Group (BGEO LN) shares closed at GBP 136.70/share (+0.37% w/w and +8.23% m/m). More than 156k shares traded in the range of GBP 132.70 - 137.50/share. Average daily traded volume was 42k in the last 4 weeks. The volume of BGEO shares traded was at 0.36% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 51.85/share (+1.67% w/w and +6.95% m/m). More than 332k shares changed hands in the range of GBP 49.24 - 51.85/share. Average daily traded volume was 52k in the last 4 weeks. The volume of TBCG shares traded was at 0.60% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 45.15/share (+2.15% w/w and +2.38% m/m). More than 102k shares traded in the range of GBP 43.25 - 45.20/share. Average daily traded volume was 44k in the last 4 weeks. The volume of CGEO shares traded was at 0.30% of its capitalization.

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The Memorandum was signed by Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia, and Evgeniya Bogdanova, Chief Executive Officer of AFSA.The purpose of the MoU is to facilitate mutual access between the Astana International Financial Centre (AIFC) and the Georgian securities markets in specific areas of financial services. The agreement establishes a framework for closer cooperation and will help streamline the provision of financial services between the two countries.Under the Memorandum, AFSA and the National Bank of Georgia will work towards creating practical mechanisms for mutual access for market participants. In doing so, the respective legal and regulatory requirements of each jurisdiction will be fully taken into account.The new framework also entails strengthening supervisory cooperation and information exchange between the two regulatory authorities, which will facilitate expanded access to cross-border markets under appropriate supervisory mechanisms."The purpose of the Memorandum is to facilitate mutual access to financial services between the two countries and to strengthen regulatory and supervisory cooperation. This, in turn, will help expand opportunities for financial institutions and market participants in both jurisdictions and increase cross-border investments. Deepening cooperation between our markets is a prerequisite for the sustainable development of the securities market in the broader region," stated Ekaterine Mikabadze, First Vice-Governor of the National Bank of Georgia."Regional financial integration gains real significance when regulatory cooperation translates into practical opportunities for market participants. This agreement signed with the National Bank of Georgia is an important step in this direction. We aim to create new opportunities for financial institutions and investors, and to lay the groundwork for Central Asia and the South Caucasus to emerge as a more interconnected and attractive investment space for international capital," noted Evgeniya Bogdanova, Chief Executive Officer of AFSA.The agreement builds upon years of cooperation between AFSA and the National Bank of Georgia. The parties first signed a Memorandum of Understanding in 2018, which established a framework for regulatory cooperation and information exchange.The new Memorandum represents the next stage in the development of this partnership, shifting from general regulatory cooperation to practical mechanisms focused on strengthening ties between the AIFC and the Georgian securities markets.The signing ceremony of the MoU took place during a high-level event held as part of Astana Finance Days, titled "From Fragmentation to Integration: Regional Cooperation for Stronger Financial Markets."During the round-table discussion held as part of the event, high-ranking representatives of financial regulatory authorities and international organizations from Central Asia, the Caucasus, and other partner jurisdictions discussed practical approaches to regulatory cooperation, cross-border market connectivity, and financial integration.

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According to her, the processes taking place in international markets are also being transmitted to the Georgian economy, and annual inflation in August amounted to 5.6%. The deviation from the 3% inflation target is mainly due to supply-side shocks, including the increase in energy prices."It is important that the supply shock does not increase inflationary expectations. In this regard, one of the important indicators - core inflation - was 3.6% as of August, which indicates that this impact still remains moderate," - noted Tamta Sopromadze.According to the National Bank, the current dynamics of inflation are in line with the central forecast. According to the current scenario, in 2026 the average annual inflation will be within 5.2%, and in the medium term inflation will gradually return to the 3% target.At the same time, economic activity remains at a high level. According to preliminary data, economic growth in July 2026 amounted to 8%, and in the first seven months of the year it averaged 7.9%."The Monetary Policy Committee considered it appropriate to maintain a moderately tight monetary policy, the goal of which is to quickly return inflation to the 3% target after the impact of external factors has subsided," Tamta Sopromadze noted.According to the National Bank, the regulator will actively continue to monitor current events and the intensity of their transmission to the local economy. In the event of increased pressure on inflationary expectations as a result of a prolonged supply shock, a moderate increase in the monetary policy rate may continue, and after the inflationary shock has subsided, the NBG will gradually begin to normalize the policy.The National Bank of Georgia decided to keep the monetary policy rate unchanged at 8.25% at the September 9 meeting of the Monetary Policy Committee.The next meeting of the Monetary Policy Committee is scheduled for October 21, 2026.

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According to NBG, in August 2026, headline inflation in Georgia stood at 5.6 percent. The deviation of inflation from the target continues to be driven largely by supply-side shocks, with rising energy prices making a significant contribution. Renewed geopolitical tensions in the Middle East have increased uncertainty surrounding energy supplies and heightened volatility in international prices. At the same time, inflationary pressures stemming from international food markets have intensified. In addition to their direct impact on consumer prices, higher energy prices increase production and transportation costs and, through this channel, affect the prices of other goods and services. Accordingly, assessing inflation dynamics requires consideration of both the persistence of the supply shock and the extent to which it is transmitted to other components of inflation and becomes embedded in inflation expectations. In this regard, developments in the relatively sticky components of inflation warrant particular attention. Relatively sticky inflation indicators remain below headline inflation. In August, core inflation stood at 3.6 percent, while services inflation was 4.4 percent. These developments suggest that, despite the supply shock, its impact on inflation expectations remains moderate.However, a prolonged shock increases the risk of its transmission to inflation expectations, making second-round effects an important factor to monitor. According to the NBG’s assessment, recent inflation dynamics remain broadly in line with the central forecast. Under the central scenario, other things being equal, average annual inflation is projected at around 5.2 percent in 2026, before gradually converging to the 3 percent target over the medium term.Economic activity remains strong. According to preliminary data, economic growth stood at 8.0 percent in July 2026 and averaged 7.9 percent over the first seven months of the year. High-productivity sectors continue to make a significant contribution to economic growth, partly offsetting inflationary pressures stemming from strong aggregate demand.Uncertainty surrounding the evolution of geopolitical tensions and the extent of their impact on the economy remains high. Accordingly, alongside the central scenario, the MPC considered both high- and low-inflation risk scenarios.In the event of the realization of the high-inflation risk scenario, fundamental processes require a higher trajectory of the monetary policy rate than the central scenario. This scenario assumes that a prolonged period of heightened geopolitical tensions than in the central scenario, coupled with an increase in international food prices due to adverse climate conditions, would affect inflation expectations and amplify second-round effects. As a result, inflation would be higher and more broad-based than under the central scenario, requiring a tighter monetary policy stance.On the other hand, under the low-inflation risk scenario considered by the MPC, the realization of the risks would allow a faster normalization of monetary policy rate compared to the central scenario. Structural changes in the economy in recent years have increased the contribution of relatively high-productivity and less import-intensive sectors, which, on the one hand, enhances the economy’s productive capacity and, on the other, improves the country’s external position. If these structural shifts persist over the medium term, stronger productive capacity would moderate demand-driven inflationary pressures. At the same time, the improved external position, together with a lower sovereign risk premium, would support a stronger fundamental exchange rate, providing an additional disinflationary effects. As a result, headline inflation would converge to the target faster than under the central scenario.Taking into account the current macroeconomic environment and prevailing risks, the MPC decided to keep the monetary policy rate unchanged. The moderately tight monetary policy stance aims to minimize risks related to inflation expectations and second-round effects, ensuring that inflation returns rapidly to the 3% target once the supply shock dissipates. The NBG continues to closely monitor the current developments and the intensity of their transmission to the domestic economy. Should prolonged supply-side shocks lead to an upward trend in inflation expectations, which would amplify second-round effects, the MPC will continue to increase the monetary policy rate moderately. Once the inflationary shock dissipates, the NBG will gradually begin to normalize its monetary policy stance.The next meeting of the Monetary Policy Committee will be held on October 21, 2026.

1788954671

Lion Finance Group (BGEO LN) shares closed at GBP 136.20/share (+1.49% w/w and +13.50% m/m). More than 169k shares traded in the range of GBP 131.90 - 136.90/share. Average daily traded volume was 51k in the last 4 weeks. The volume of BGEO shares traded was at 0.39% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 51.00/share (+0.99% w/w and +2.57% m/m). More than 220k shares changed hands in the range of GBP 49.00 - 51.60/share. Average daily traded volume was 47k in the last 4 weeks. The volume of TBCG shares traded was at 0.40% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 44.20/share (+0.45% w/w and -1.78% m/m). More than 341k shares traded in the range of GBP 42.30 - 44.65/share. Average daily traded volume was 48k in the last 4 weeks. The volume of CGEO shares traded was at 0.99% of its capitalization.

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As of August, Georgia's total international reserves reached a new record level of $8.14 billion, which is $613 million more than in the previous month, and the annual growth is 56.4%. Reserve adequacy indicators have improved significantly - in particular, foreign exchange reserves currently exceed the 100% threshold defined by the International Monetary Fund methodology and remain at 128.2%.According to Ekaterine Mikabadze, during the first seven months of 2026, the National Bank purchased more than $2.5 billion in foreign exchange on the foreign exchange market."It is very important that the long-term policy of the NBG is aimed at accumulating reserves and effectively managing reserve assets. Therefore, when the macroeconomic situation and the foreign exchange market allow it, the NBG actively accumulates reserves," Mikabadze noted.The First Vice President of the NBG emphasized the strategic decision of the NBG and the diversification of international reserves into gold."The NBG's strategic decision to diversify its reserves into gold is quite positive. As a result of the significant increase in the price of gold, the value of monetary gold in the reserves has practically doubled and, as of August, amounts to 1 billion 149 million US dollars. Meanwhile, the share of gold in total international reserves is 14.1%," said the Vice President of the National Bank.

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