Finance

NBG issues Microbank License No. 2

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Tbilisi (GBC) – MFO "Crystal" has received a license from the National Bank of Georgia.

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.

სიახლეები ამავე კატეგორიიდან

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Turnava met with representatives of the World Bank expert mission

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Staff Costs Increased to the banking sector

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Beka Dochviri appointed as NBG Executive Director

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Inflationary expectations have increased in business circles

Other news

Turnava met with representatives of the World Bank expert mission

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, Capital Finance International publications highlight...

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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Georgia takes over Energy Community presidency in ceremony in Vienna

The event was attended by the Director of the organisation, Artur Lorkowski, representatives from the body’s secretariat and diplomatic missions of member states.Genadi Arveladze, Georgia’s Deputy Economy Minister, addressed the event to emphasise the importance of the leadership role.“This is not only a responsibility but also an opportunity to encourage regional cooperation, strengthen energy security, and advance the process of transition to green energy”, he said.In his address, Arveladze highlighted focal points for Georgia’s term, including energy efficiency, alignment of legislative frameworks with EU energy regulations, and enhancement of overall energy security. He underscored the role of energy in ensuring economic stability and fostering investments and regional partnerships.“Our commitment to modernising the energy sector, aligning it with European standards, and promoting regional cooperation remains unwavering. In 2024, we made a significant advancement towards our goal for the country’s electricity market by launching day-ahead and intraday markets. This step lays the groundwork for a smooth transition to a competitive electricity market”, he said.The Deputy Minister further elaborated on ongoing projects, specifically the Black Sea submarine cable, an international project that aims to create a new transmission route to deliver green energy from the South Caucasus to Europe. He said progress was being made with the involvement of participating countries.In his turn, Lorkowski praised Georgia’s recent energy reforms and its “leading position” among member states in implementing energy initiatives.Georgia joined the Energy Community in 2017.

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PPI Up By 1% In January M-O-M

The prices for mining and quarrying decreased by 3.8 percent compared to December 2024, resulting in a -0.24 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products increased by 0.9 percent, contributing 0.69 percentage points to the monthly index change. Within the group, a noteworthy price increase was registered for food products (0.7 percent) and chemicals and chemical products (5.2 percent). Besides, the prices increased for electricity, gas, steam and air conditioning by 5.3 percent, contributing 0.55 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 24.1 percent higher, contributing 1.36 percentage points to the overall annual index change. Within the group, the prices were higher for the subgroup of metal ores (28.0 percent); Manufactured products: the prices increased by 6.1 percent, contributing 4.89 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: beverages (8.8 percent) and basic metals (14.9 percent); Electricity, gas, steam and air conditioning: the annual price increase amounted to 8.0 percent, which contributed 0.87 percentage points to the annual index change; Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 2.5 percent, which contributed 0.06 percentage points to the annual index growth.

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Prices for electricity, gas, steam and air conditioning increased by 5...

In the mentioned period, the prices for electricity, gas, steam and air conditioning increased by 5.6 percent.Compared to January 2024, the DPPI increased by 3.8 percent. The prices went up for mining and quarrying by 11.1 percent, for manufactured products by 2.8 percent, for electricity, gas, steam and air conditioning by 8.8 percent and the prices for water supply, sewerage, waste management and remediation services remained unchanged.

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Staff Costs Increased to the banking sector

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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Cartu's profit decreased

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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The Unemployment Rate In Georgia Increased In 4Q24 Y-O-Y

In 4Q2024, compared to the corresponding period of the previous year, the number of hired employees increased by 20.1 thousand persons (2.1%) and reached 978.5 thousand, while the number of self-employed – by 19.7 thousand (4.8%) and equaled to 433.5 thousand. In the same period, the number of unemployed decreased by 14.7 thousand (5.9%) and equaled 233.9 thousand.In 4Q2024, the labour force participation rate (share of the labour force in the total population aged 15 and older) increased by 0.6 percentage points compared to the corresponding period of the previous year and became 54.9 percent, while the employment rate increased 1.1 percentage points and amounted to 47.1 percent. In urban settlements, the labour force participation rate increased by 0.2 percentage points compared to the corresponding period of the previous year, while in rural settlements – 1.2 percentage points. The employment rate increased by 1.0 percentage points in urban settlements, in rural settlements – 1.4 percentage points and equaled 48.5 and 45.2 percent, respectively.In 4Q2024, compared to the corresponding period of the previous year, the share of hired employed in the total number of employed decreased by 0.5 percentage points and equaled 69.3 percent.In 4Q2024, compared to the corresponding period of the previous year, the unemployment rate decreased in urban settlements by 1.4 percentage points while in rural settlements – by 0.6 percentage points.Traditionally, the unemployment rate is higher for men than for women. In the IV quarter of 2024, compared to the corresponding period of the previous year, this rate decreased by 2.4 percentage points for women and by 0.1 percentage points for men, equaling 11.1 and 16.7 percent, respectively.The labour force participation rate is higher for men than for women. In the IV quarter of 2024, the indicator for women was 45.1 percent and for men – 66.3 percent. The labour force participation rate for women increased by 0.7 percentage points, while for men it increased by 0.4 percentage points, compared to the corresponding period of the previous year.In the IV quarter of 2024, the employment rate for women increased by 1.7, while for men – by 0.4 percentage points, compared to the corresponding period of the previous year.

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Politics

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Eggs were thrown at Salome Zurabishvili at the airport after Gakharia

A video of the incident is circulating on social media.The video shows a citizen approaching Salome Zurabishvili, calling her a traitor, and then throwing eggs at the 5th President.One person is heard saying to Salome Zurabishvili, “Do you bring the money in cash or is it transferred to your account?”The footage shows several eggs hitting the 5th President.For reference, early yesterday morning, Giorgi Gakharia was also met with eggs thrown at him upon his return from Munich at Tbilisi International Airport. The For Georgia party claims that this was a pre-organized “special group” arranged by Georgian Dream at the location.US Congressman Joe Wilson writes on X: “the brutal Ivanishvili regime has attacked Legitimate Georgian President Salome Zourabichvil & former Georgian PM Giorgi Gakharia. Enough! Georgia is descending into a nightmarish dictatorship aligned fully with US adversaries. We need immediate sanctions & free and fair elections”.

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Okuashvili blames the shutdown of the "Main Channel" on its "informal...

“At a time of crisis in Georgia, while I am engaged in legal proceedings in London and Stockholm against Ivanishvili and his government, Nika Gvaramia (Co-Chairman of political party “Ahali”) through a deliberate campaign, is forcing me to issue public responses.The suspension of Mtavari Arkhi’s broadcasting was carried out under Gvaramia’s orders and through an unlawful decision by the channel’s current General Director, falsely claiming that I ordered the shutdown, to discredit me.Prior to the shutdown and statement, Mtavari Arkhi proposed paying an initial amount of 1 million on the condition that my appointed director, Giorgi Kurdadze, would declare to the National Bank of Georgia and the General Prosecutor’s Office that he no longer believed illegal activities occurred at the channel. Additionally, Kurdadze was being pressured to sign unlawful documents they had prepared. They threatened a new smear campaign against me if he refused.As the founder, my demand is clear: the ongoing illegal financial operations, fraud, and money laundering at Mtavari Arkhi must cease immediately. The General Director Giorgi Gabunia, must be replaced. Rather than Giorgi Gabunia, a professional, credible individual—trustworthy to the public—should be appointed. Nika Gvaramia’s proposal to appoint his wife, Sopho Liluashvili, is not acceptable for me.Mtavari Arkhi must continue broadcasting lawfully and without obstruction. The unlawful shutdown, ordered by Nika Gvaramia, who acts as the channel’s informal manager, and carried out in violation of the law and the channel’s statute, will be addressed by my legal team of British and American attorneys”, - the statement reads.

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UK does not recognize the legitimacy of the so-called presidential ele...

The United Kingdom reaffirmed its full support for the territorial integrity and sovereignty of Georgia.“The United Kingdom does not recognize the legitimacy of the so-called presidential elections held in the Abkhazian region of Georgia on February 15, 2025.We reaffirm our full support for the territorial integrity and sovereignty of Georgia within its internationally recognized borders,” reads the statement.The so-called presidential elections were held in occupied Abkhazia on February 15. Five “candidates” were running for the “presidency”: Badra Gunba, Adgur Ardzinba, Oleg Bartsits, Robert Arshba, and Adgur Khurkhumali.A second round of the so-called early presidential elections will also be held in occupied Abkhazia, in which Badra Gunba and Adgur Ardzinba will face each other.

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Salome Zurabishvili will participate in the Munich Security Conference

According to Zurabishvili’s press office, she will hold high-level bilateral meetings with European leaders and the U.S. delegation.Additionally, meetings are planned in Munich with representatives of the European Union and other international organizations.Salome Zurabishvili will take part in panel discussions at the Munich Conference, including "Georgia in the Spotlight" and "Russia's Hybrid Tactics," where she will discuss the current situation and challenges in the country.According to the press office, Zurabishvili will also meet with representatives of the Georgian diaspora in Munich.

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ISSA survey: Up to 60% of respondents support protests, 76.3% support...

According to the survey: The majority of respondents (up to 62%) indicate that the country is moving in the wrong direction. 82.1% of respondents consider the current situation in the country to be a political crisis, while up to 78% hold the Georgian Dream party primarily responsible for the political crisis. The population identifies the following as the most acute problems facing the country: a) high prices and b) unemployment. In addition, the following are among the acute problems: emigration of Georgians, the spread/use of drugs, poverty, unfairly conducted parliamentary elections, crime and insecurity, etc. 67.1% consider the statement made by Irakli Kobakhidze on November 28, 2024, about suspending European integration until 2028 unacceptable. The majority (up to 55%) believes that the Georgian Dream’s foreign policy serves the interests of Russia/countries close to Russia (China, Iran, etc.). In addition, 30.1% believe that the Georgian Dream pursues a balanced foreign policy and does not specifically pursue the interests of any country. Only 7% are convinced that the Georgian Dream is on the path of integration with the West (Europe, USA) and Western structures (EU, NATO). The majority of respondents (up to 67%) negatively assess the severance of strategic relations with the USA. Georgia’s accession to the European Union is supported by a large majority – 86.3%, and NATO – by 74.2%. Despite this, more than half of the respondents (up to 53%) are in favor of Georgia not joining any political/military international structure and maintaining neutrality. The majority of the population (54.2%) finds the statements of the Georgian Dream about the anti-Georgian influence of the “Deaf State” and the “Global War * Party” unconvincing; a quarter (25.3%) finds it difficult to express a position on the credibility of these statements. Up to 60% of respondents support the ongoing protests in Georgia; 45% of respondents are active supporters of the protests. The October 26, 2024 elections were held unfairly, according to approximately 43% of respondents, and according to an additional 16% – equally fair and unfair (“50/50”). More than half of the respondents (51.3%) declare that they voted for an opposition political force in the elections, while approximately a third (32%) confirm that they voted for the “Georgian Dream”. Up to 17% do not reveal their choice. Up to 48% consider the presence of the “Georgian Dream” in power illegal/illegitimate, and 39.2% consider it legal/legitimate. The majority agrees with the main demands of the ongoing protests; in particular, 62% support the appointment of new parliamentary elections, and 76.3% – the release of prisoners. In the event of new parliamentary elections being called, the vast majority (within 80%) have a high willingness to participate. Among those who do not rule out participating in new elections, support for the Georgian Dream (by allocation) is 31.5%. The majority of respondents (up to 55%) do not share the view that if the Georgian Dream does not remain in power, the risk of Georgia getting involved in a war with Russia will increase. 35.5% of respondents see such a risk more or less; however, only 15.3% are sure of this. When assessing the activities/events of various actors in recent months, the most positive attitude is towards the activities of Salome Zurabishvili (49%). The share of those who positively assess the activities of non-governmental organizations in recent months (up to 36%) exceeds the share of those who evaluate them negatively (up to 30%). Those who negatively assess the activities of opposition political parties after the October 26 elections (up to 38%) outnumber those who positively assess them (33.2%); while more than half (53.2%) negatively assess the activities of the Georgian Dream after the October 26 elections. A negative assessment was received by the election of Mikheil Kavelashvili as President of Georgia (57.2%). Up to 52% of respondents consider the sanctions imposed by the US against Bidzina Ivanishvili to be fair, and almost the same number – against senior officials of the Ministry of Internal Affairs. Respondents mainly receive information about the socio-political events in the country from Georgian television channels and social media. Among television channels, Imedi (up to 42%), Main Channel (up to 38%) and TV Pirveli (33.4%) are in the lead by a small margin. Among social media, Facebook is the undisputed leader. The quantitative study was conducted by the Institute for Social Research and Analysis (ISSA). Fieldwork was conducted between January 18-30, 2025, and 2,000 respondents were interviewed face-to-face. The adult (18+) population of Georgia was surveyed. The margin of error is +- 2.2%, with a 95% confidence level. The Institute for Social Research and Analysis (ISSA) is a research organization that has been operating since 2000. The organization conducts both quantitative and qualitative research.