Banks’ Rating By Installments

The annual inflation rate was mainly influenced by price changes for the following groups:Food and non-alcoholic beverages: the prices in the group increased by 7.5%, contributing 2.57 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fish (21.2%), fruit and grapes (13.4 %), bread and cereals (9.6%), meat (9.6 %), oils and fats (7.7 %), sugar, jam, honey, chocolate and confectionery (5.3 %), vegetables (4.9 %), milk, cheese and eggs (4.5 %), coffee, tea and cocoa (3.8 %), mineral waters, soft drinks, fruit and vegetable juices (2.1 %);Transport: the prices for the group increased by 4%, contributing 0.49 percentage points to the overall index. Within the group the prices increased for transport services (7.3 %) and operation of personal transport equipment (5.7%);Miscellaneous goods and services: the prices for the group increased by 9.8 percent, contributing 0.48 percentage points to the overall index. Within the group, the prices were higher mainly for the following subgroups: personal effects (58.1%), insurance (8.5%), personal care (4.3%);Alcoholic beverages and tobacco: the prices increased by 6.2%, with the relevant contribution of 0.39 percentage points to the overall annual inflation rate. The prices increased for both tobacco (8%) and alcoholic beverages (4.6%).

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Based on a judge's ruling, those arrested include the directors of Aladashvili & Co LLC, its subcontractor companies - Guide, Bade and Alioni, and one employee.According to the investigation, in 2023-2026, 12 contracts were signed between LLC “Aladashvili & co” and the administrations of four districts of Tbilisi (Isani, Chugureti, Mtatsminda, Krtsanisi), with a total value of more than 26.5 million GEL. The aforementioned procurement envisaged free food services for socially vulnerable citizens.According to the State Anti-Corruption Commission, the defendants improperly served 14,451 beneficiaries and fraudulently appropriated 3,529,000 GEL belonging to the state by falsifying documents.“The company’s director, together with subcontractors, improperly fulfilled their obligations. By falsifying product acceptance and delivery acts, the defendants fraudulently appropriated a large amount of state funds,” the agency’s statement says.The investigation is underway under Article 180 of the Criminal Code of Georgia (fraud in large amounts), which provides for a sentence of 6 to 9 years in prison.The Anti-Corruption Agency states that it continues to work to prevent such crimes and calls on entrepreneurs and public officials to conduct their activities in good faith.

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According to Papuashvili, the dialogue between the Georgian Prime Minister and the US Secretary of State is a sign that bilateral relations have moved to a higher political level. According to him, the Georgian side expects concrete steps as early as April of this year.The speaker emphasized that Tbilisi’s goal is not to restore the old format, but to sign a “content-rich” new framework agreement that will be based on the national interests of both countries.“Our proposal is that this be a framework saturated with content, where, based on the interests of both nations, we will agree on specific expectations and goals from this partnership,” Papuashvili said in a conversation with journalists.The speaker of parliament criticized the previous US administration, noting that they had brought relations to an “absolutely unacceptable” level. He also questioned the effectiveness of the Strategic Partnership Charter signed in 2009, calling it a “consolation prize” for then-President Mikheil Saakashvili.“Before, strategic partnership was somewhat of an epithet, since it was not very loaded with content... Now we want a new strategic partnership,” he added.According to Papuashvili, the start of a dialogue with Washington provides grounds for optimism and Georgia is ready for an agreement that equally reflects the interests of the American and Georgian people.

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During a meeting with journalists on Friday, April 3, the speaker clarified Bidzina Ivanishvili’s previous statement – ​​“What do the Americans want in the Black Sea?” According to Papuashvili, this statement was referring to the lack of economic interest.“It was a deliberate attempt to interest not only American investors, but also the US government... Unfortunately, we failed to arouse interest. This is exactly what the statement about the extent to which the US could have an economic interest in the Black Sea meant,” Papuashvili said.The Speaker of the Parliament emphasized that in the case of any strategic project, including the Anaklia port, the priority of the Georgian government is to protect national interests. According to him, all agreements are concluded in such a way that the state holds a majority and has the decisive say.Papuashvili also added that the Anaklia port is a very important part of the “middle corridor”, which is in the interests not only of Georgia, but of the entire region in terms of connecting Europe and Asia.According to the Speaker, the dialogue with the new US administration is taking place without setting conditions, on the basis of mutual interests, and Georgia is still open to American investments.

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The decision, which will come into effect tomorrow, April 3, will be in effect for 12 months and will only apply to holders of official passports. The rules for visa-free travel to the Schengen area for other Georgian citizens remain unchanged.According to the Federal Council, the move is related to the implementation of the EU’s revised visa suspension mechanism.“The EU has strengthened the visa suspension mechanism for third countries, which allows visa requirements to be imposed on the basis of a deterioration in foreign relations or a violation of fundamental rights. The EU decided to apply these provisions to Georgia due to legislative changes adopted last year,” the statement said.The Swiss side stressed that as a member of the Schengen area, it is obliged to reflect the changes in EU legislation in its own regulations. As part of the decision, several articles of the visa facilitation agreement between Switzerland and Georgia have also been suspended.The EU has suspended visa-free travel for Georgian diplomats and civil servants for a period of one year after certain legislative initiatives adopted in Georgia have drawn criticism from Western partners.

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Retail tariffs are set by the Georgian National Energy and Water Supply Regulatory Commission (GNERC) under a predefined and transparent methodology. The current increase is mainly driven by two factors: higher investment plans and rising electricity procurement costs.The tariff increase directly raises utility costs for both households and those businesses that purchase electricity on the retail market. In our view, the change will also have several additional effects:  The tariff increase will add around 0.7 percentage points to the overall price level (inflation). Higher investment spending will support infrastructure upgrades and help reduce outage frequency, especially in the regions. More expensive electricity will strengthen business interest in self-generation, as was seen after the sharp tariff increase in 2021. Rehabilitation of the transmission network and substations may also reduce grid-connection costs for small power plants. It is important to note that the change in the retail tariff does not determine the selling price of power plants. Given the structure of Georgia’s electricity market, generation assets sell electricity on the wholesale market, while the retail tariff is formed on the basis of those underlying costs. Accordingly, wholesale prices change first, and the retail tariff then reflects these changes.The retail tariff mainly consists of 3 parts - the transmission infrastructure tariff, the electricity procurement cost, and state taxes. The first two components made the largest contribution to the increase in the final retail tariff.1. Infrastructure componentThe infrastructure component reflects the cost of rehabilitation, reinforcement, and expansion of transmission lines, substations, and the distribution network. Accordingly, in both distribution areas, a significant part of the tariff increase is linked to higher investment in the grid.In the regions, a major factor is Energo-Pro Georgia’s 2026-30 investment plan. During this period, the company will invest about GEL 200 mn per year on average, amounting to more than GEL 1 bn in total. The main purpose of these investments is to rehabilitate the network, improve service quality, and reduce outages.In Tbilisi, more than GEL 400 mn of investment is planned in the Telasi network over the next 5 years. These funds will be directed toward connecting new districts to the grid, replacing old meters, and upgrading existing infrastructure.In addition, an important part of the infrastructure component is the tariff of the Georgian State Electrosystem (GSE), which was already increased in 2025 and remains in force through end-2026. At the same time, GSE plans to update its investment plan this year, which may become an additional, though relatively small, source of tariff pressure in the coming years.2. Electricity procurement costThe second main component of the tariff is the price at which suppliers purchase electricity. This component increased for several reasons: Electricity consumption is rising, and additional demand is met by relatively expensive resources. Another important factor is the increase in the Enguri and Vardnili tariffs. Their tariff rose by 66% from January 2025. These plants are among the cheapest resources in the system and play an important role in keeping household tariffs relatively low. However, the share of Enguri-Vardnili in meeting retail consumption has been declining over time, driven by higher consumption, hydrological conditions, and demand dynamics in Abkhazia. In addition, the tariffs of Khrami 1 and Khrami 2 increased from 2026. These plants’ government-agreed tariff 4 Georgia │ Energy Retail tariff growth April 1, 2026 arrangements expired, and they moved under GNERC regulation, which resulted in higher tariffs. The price and volume of balancing electricity purchases also increased. This was driven by the removal of gas subsidies for thermal power plants, more expensive imports, and the commissioning of new plants. Accordingly, the increase in the retail tariff cannot be explained only by grid investment costs - a key factor is also the rise in electricity procurement costs. 3. VATThe final retail tariff also includes value added tax, which is directed to the state budget. 

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The Central Banking Meetings forum in Kuala Lumpur brought together central bankers and senior representatives from Japan, Malaysia, India, Turkey, Romania, Azerbaijan, New Zealand, Switzerland, South Korea, Singapore, Saudi Arabia, China, and other countries.According to the National Bank of Georgia, the event was designed to facilitate the sharing of practical experience amongst central bank leaders and to deepen cooperation, with a view to developing joint strategies, strengthening regional integration, and introducing innovative solutions.Speaking during the panel discussions, Ekaterine Galdava drew attention to the reforms undertaken by the National Bank of Georgia and to the importance of regional payment integration.She noted that the foundation of a successful, interoperable payments ecosystem rests upon modern domestic payments infrastructure, shared technical standards, and effective regional coordination.“The National Bank of Georgia is actively working on upgrading its Real-Time Gross Settlement (RTGS) system. The upgraded system will have the technical capacity to operate on a 24/7 basis and will support multi-currency transfers. Furthermore, the introduction of an Instant Payment System (IPS) is planned for the end of 2026, which will enable users to carry out transactions within seconds, at any time of day. Both systems will be built on the ISO 20022 messaging standard, which will significantly improve the interoperability of payment systems both domestically and at the international level,” said Ekaterine Galdava.The NBG Vice President also spoke about Georgia’s strategic location and the significance of the Middle Corridor, noting that the country is well-positioned to become a regional financial hub between Europe and Asia.“Georgia’s strategic location affords us a unique opportunity to become the region’s financial hub between Europe and Asia. Real-time payments and the integration of payment systems will, in turn, facilitate trade growth, reduce transaction costs, and strengthen regional economic ties,” she stated.During the panel discussion held as part of Central Banking Meetings, Ekaterine Galdava also addressed the introduction of financial innovations in Georgia, underlining that the National Bank of Georgia is actively fostering financial innovation across both regulatory and technological development fronts.She further noted that the NBG has already introduced a regulatory framework for digital banks and virtual asset service providers, established regulatory and technical sandboxes, and developed a fintech development strategy, all of which serve to ensure the safe integration of artificial intelligence within the financial sector.The panel discussion held as part of the Central Banking international conference also featured the participation of Aleksandre Ergeshidze, Head of the Specialised Risks Department at the NBG. The panel addressed cyber threats facing the financial sector and the means to tackle them, as well as practical strategies for cyber risk management and the role of central banks in this regard.

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Debating a report of the Congress fact-finding visit to Georgia on 24-25 September 2025, presented by Stewart Dickson (United Kingdom, ILDG), the Congress deplored the fact that the  local elections held on 4 October 2025 were affected by a lack of political dialogue and competitiveness, widespread boycotts, frequent and problematic changes to electoral law, underrepresentation of women, and attempts to ban, intimidate and arrest leaders and candidates of opposition parties.It regretted that dissenting voices – notably the youth, civil society, and the media – faced growing intimidation, arrests and criminal proceedings, restricting fundamental freedoms, and that for the first time in decades, the 2025 local elections were held without credible international and domestic observation missions, including by the Congress, while the rights of observers were restricted.In its resolution and recommendation, the Congress stressed that the Georgian authorities failed to foster dialogue and build the necessary trust in the 2025 electoral process, turning the elections into single-party contests in half of the municipalities with allegations of pressure of opposition candidates in the rest. At the same time, attempts to ban opposition parties, as well as arrests and criminal proceedings against opposition representatives further silenced political pluralism.The Congress believes that the corrosive effect of all these issues did not provide the democratic conditions for inclusive, free and fair elections and further estranged Georgia from its European commitments, notably the European Charter of Local Self-Government.Congress members called on the Georgian authorities to urgently resume political dialogue at all levels of government, through an inclusive political process which engages all stakeholders, to reduce polarisation and restore the checks and balances essential in a pluralist democracy. The authorities were also urged, inter alia, to stop criminalising opposition voices and rescind the amendments facilitating the ban of opposition parties; implement outstanding Congress Recommendations and Venice Commission opinions and rebuild genuine local democracy in line with the European Charter of Local Self-Government; and repeal amendments to the Election Code that are in contradiction with European democratic standards and those restricting election observation, as well as all legislation in breach of human rights.The Congress highlighted its commitment to continue political dialogue with the Georgian authorities, notably via the urgent organisation of a mission to monitor the application of the European Charter of Local Self-Government in Georgia.

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