MFOs’ Portfolio Has Increased – Rating

In 2025, TBC Bank advanced to the next stage of its data and AI transformation, transitioning from experimentation to large-scale impact through several key initiatives. GenAI-powered chatbots, launched in the third quarter of 2025, now handle over 100,000 interactions per month with a 50% offloading rate. Internally, more than 70 workflows, from document processing to reporting, are already automated or AI-assisted.In addition, TBC Bank Group deployed eight RAG-based (Retrieval-Augmented Generation) knowledge bases, which offer instant access to verified institutional knowledge across key functions, including risk, legal, operations, and HR.“Together, these advancements demonstrate how data and AI capabilities are now deeply embedded in TBC Bank’s operating model, delivering tangible impact across customer experience, efficiency, and decision making”, - TBC PLC declares.In addition, TBC further strengthened its cybersecurity capabilities to support resilient digital growth and expansion. Development teams were empowered through secure coding trainings, promoting a culture of secure-by-design engineering. The group-level Security Operations Centre capabilities were enhanced with advanced threat intelligence, enabling faster detection and response to emerging threats.

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Parliament Speaker Shalva Papuashvili said the ruling party would withdraw its old lawsuit and instead submit an expanded list that includes the Federalists party. The previous targets of the ban were the United National Movement, the Coalition for Change, and Lelo.Papuashvili said the lawsuit was amended following a declaration signed by opposition groups on March 2, 2026. According to him, this union aims to “not recognize constitutional institutions and undermine democratic processes.”“We are appealing to the Constitutional Court with a new, amended lawsuit, in which the number of parties has increased,” Papuashvili said. He called the opposition alliance a continuation of the “criminal regime” and noted that the government is monitoring both the parties’ “anti-constitutional goals” and their influence on political processes.Political temperatures in Georgia have been particularly high since the opposition and part of the West did not recognize the results of the October 2024 parliamentary elections as legitimate. The Georgian Dream, which has been in power since 2012, accuses its opponents of pursuing the interests of the “global war party” and attempting to destabilize the country.Critics and international human rights organizations believe that the possible ban on opposition parties would push the country toward one-party rule and ultimately distance it from its goal of integration into the European Union.If the Constitutional Court upholds the lawsuit, the country's leading opposition forces would be stripped of their electoral status, an unprecedented step in Georgia's modern history.

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In the clearance economic zone, out of 51 samples taken as a result of inspections of 22 companies, violations were detected in 6 samples from 3 companies.During the same period, 10 state supervisions were carried out in 4 companies, which aims to determine the compliance of the wine technological process in enterprises with the requirements specified by Georgian legislation. No violations were detected in 5 samples taken.As for the local market, 101 samples from 56 companies were checked within the framework of 6 controls. Violations were detected in 49 samples from 33 companies.The agency notes that compared to the same period last year, the number of violations has decreased, which indicates the effectiveness of the wine quality control system.According to the agency, the relevant departments of the National Wine Agency continue to continuously monitor the quality of alcoholic beverages so that Georgian wine fully meets international standards, maintains competitiveness and further increases demand in global markets.

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Lion Finance Group (BGEO LN) shares closed at GBP 116.00/share (+7.81% w/w and +17.41% m/m). More than 415k shares traded in the range of GBP 105.90 - 116.20/share. Average daily traded volume was 81k in the last 4 weeks. The volume of BGEO shares traded was at 0.96% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 51.80/share (+9.84% w/w and +22.60% m/m). More than 311k shares changed hands in the range of GBP 46.18 - 52.00/share. Average daily traded volume was 73k in the last 4 weeks. The volume of TBCG shares traded was at 0.56% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 40.80/share (+0.62% w/w and +13.65% m/m). More than 339k shares traded in the range of GBP 39.50 - 41.90/share. Average daily traded volume was 58k in the last 4 weeks. The volume of CGEO shares traded was at 0.99% of its capitalization. 

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Georgia's trade deficit in January-March 2026 amounted to $2.41 billion, which was 41.2% of foreign trade turnover.In January-March 2026, the share of the ten largest export partner countries in Georgia's total exports amounted to 71.6%.The top three exporters were as follows: China ($203.2 million) Kyrgyzstan ($190.9 million) Russia ($145.5 million) In January-March 2026, the share of the ten largest import partner countries in Georgia's total imports amounted to 70.2%. The top three include: Turkey ($657.3 million) Russia ($592.5 million) China ($487.6 million) In January-March 2026, the share of the ten largest trading partner countries in Georgia's total foreign trade turnover amounted to 67%. The country's largest trading partners are: Turkey ($802.1 million) Russia ($738 million) China ($690.7 million) According to Geostat, in January-March 2026, among the top ten export commodity groups, light vehicles took first place with $364.5 million, which is 21.1% of all exports. Second place is taken by oil and oil products with $208.1 million (12.1% of all exports), and third place is taken by precious metal ores and concentrates with $169.9 million (9.9%).The largest import commodity group in January-March 2026 was represented by passenger cars, whose imports amounted to $632.2 million and 15.3% of all imports. Second place is taken by oil and petroleum products with $338.6 million (8.2% of imports), and third place is taken by petroleum gases and other gaseous hydrocarbons with $204.1 million (4.9% of imports).

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The prices for mining and quarrying decreased by 0.1 percent compared to February 2026, resulting in a -0.01 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products increased by 1.8 percent, contributing 1.43 percentage points to the monthly index change. Within the group, a noteworthy price increasewas registered for beverages (4.7 percent) and coke and refined petroleum products (27.1 percent). Besides, the prices increased for electricity, gas, steam and air conditioning by 0.8 percent, contributing 0.08 percentage points to the monthly index change.The annual PPI rate was mainly affected by price changes for the following products: Mining and quarrying: the prices were 33.0 percent higher, contributing 2.11 percentage points to the overall annual index change. Within the group, the prices were higher for the subgroup of metal ores (42.8 percent) Manufactured products: the prices increased by 5.0 percent, contributing 4.03 percentage points to the overall annual index increase. There was a notable increase in the prices for food products (7.8 percent) and beverages (6.2 percent) Electricity, gas, steam and air conditioning: the annual price increase amounted to 2.0 percent, which contributed 0.22 percentage points to the annual index change Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 5.5 percent, which contributed 0.17 percentage points to the annual index growth

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The Ministry of Finance reported that Khutsishvili participated in a round table organised by the IMF, which centred on the regional economic review.“We have agreed with the International Monetary Fund to maintain a very active partnership, encompassing all significant reforms currently underway in Georgia’s fiscal and monetary sectors. We also reaffirmed that the reform of state-owned enterprises will proceed vigorously, with the IMF involved in both planning and implementation,” Khutsishvili stated.Throughout his visit, the Minister held fruitful discussions with the Managing Director of World Bank Operations, the Vice President for Europe and Central Asia at the World Bank, and the Bank’s Executive Director.“Important talks took place at the World Bank, where we explored potential projects to be launched in collaboration with the Bank shortly. These initiatives are vital for strengthening Georgia’s infrastructure, encompassing improved connectivity, the development of the Middle Corridor, and the funding of energy projects. Other institutions, such as the Asian Infrastructure Investment Bank and the Asian Development Bank, have also expressed keen interest and readiness to support these efforts, given their active presence in our region and specifically in Georgia,” Khutsishvili explained.The Minister also highlighted positive developments from discussions with rating agencies, noting an optimistic outlook for improving Georgia’s credit ratings.In parallel with the IMF and World Bank meetings, the Ministry facilitated meetings with international investors and investment firms.“Despite the current global challenges, international investors continue to show strong interest in Georgian securities. I am confident this enthusiasm will grow further. We are also working to attract investors to our local markets, particularly through discussions on GEL-denominated securities. Recently, international interest in this area has been high, and we believe our ongoing efforts will encourage even greater participation in the Georgian financial market,” Khutsishvili added.

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The authors conclude that Washington should no longer consider this area as a peripheral part, since its stability is directly related to Europe’s energy security.The Caucasus - Eurasia Economic BridgeThe study emphasizes that the war in Ukraine has accelerated the birth of a new Eurasian order. In this context, the South Caucasus is a key trade and transit corridor connecting Central Asia to European markets.However, analysts say this function is at risk as long as the North Caucasus remains under Russian dominance. The North Caucasus has been described as a “structural lock” that acts as a “sword of Damocles” on southern transit routes.Two key scenariosThe authors consider two main scenarios: Maintaining Russian control: Russia maintains its power projection and imposes a permanent “risk surcharge” on regional ties, which discourages investment and complicates economic planning. Weakening Russian influence: Weakening Moscow’s control over the North Caucasus frees the region from the blockade. This creates the opportunity for the Black Sea-Caspian region to become a fully integrated system, free from external constraints. The article concludes: “In this order, the protection of key points in the Black Sea-Caspian region becomes a strategic imperative for the West.” The authors urge politicians to start thinking about the region as a unified system now, so as not to miss the prospect of a Eurasia free from Russian influence.

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