NBG warns about financial scams

Of the total financial assets, short-term assets amounted to GEL 8.9 billion, with a liquidity ratio of 50.6%. Meanwhile, non-financial corporations’ total liabilities stood at GEL 92.5 billion at the end of 2025, including GEL 23.8 billion in short-term liabilities.Foreign-currency liabilities totaled GEL 18 billion, while debt owed to non-residents, classified as external debt, reached GEL 11.2 billion. During 2025, non-financial corporations incurred GEL 3.3 billion in interest expenses and generated total revenues of GEL 24.8 billion.Debt servicing costs amounted to GEL 13.2 billion last year, covering both principal repayments and interest payments. Interest-related debt servicing accounted for GEL 2.1 billion, while repayments on loans from individuals totaled to GEL 172 million and those on loans from other non-financial corporations reached GEL 983 million.

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According to Geostat, international postal and courier services accounted for the largest share of revenue, at 67%, while domestic services accounted for 33.0%.Parcel deliveries generated 76.8% of the total revenue of postal and courier companies. Of this amount, 70.3% came from international shipments and 29.7% from domestic deliveries.Meanwhile, written correspondence accounted for 17.3% of the companies’ total revenue. International correspondence represented 57.8% of this category, while domestic correspondence accounted for 42.2%, according to the agency’s report.In 2025, postal and courier companies handled 16.4 million parcels and 7.0 million pieces of written correspondence.The average annual number of people employed by postal and courier companies stood at 4,600 in 2025, including 1,800 couriers and postal workers.

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According to the National Bank of Georgia, geopolitical tensions in the Middle East have persisted longer than anticipated, prolonging the supply-side shock and, consequently, increasing inflationary pressures. As a result, the deviation of inflation from its 3 per cent target in Georgia continues to be driven largely by exogenous factors. In September 2026, annual inflation stood at 5.6 per cent, of which approximately 2 percentage points were attributable to energy prices. Moreover, disruptions to international transportation and shipping, coupled with higher energy prices, are increasing production and transportation costs, creating additional inflationary pressures through indirect effects on the prices of other goods and services. Against this backdrop, particular attention should be paid to developments in the stickier components of inflation, which provide a better gauge of the anchoring of longer-term inflation expectations. In this regard, core and services inflation remain below headline inflation, standing at 3.5 per cent and 3.7 per cent, respectively. Accordingly, the impact of the supply-side shock on inflation expectations remains moderate at this stage. However, given the prolonged nature of the shock, this remains an important risk to monitor.Amid more persistent inflationary pressures than previously anticipated and taking into account global developments, the NBG has revised its central inflation forecast for 2026 upward by 0.2 percentage points to 5.4 per cent. All else equal, inflation is expected to gradually converge toward its 3 per cent target from the second half of 2027, averaging 3.5 per cent for the year.Economic activity has remained stronger than expected. According to preliminary data, economic growth stood at 6.3 per cent in August 2026, averaging 7.6 per cent over the first eight months of the year. Notably, growth continues to be driven largely by high-productivity sectors, which offset demand-side inflationary pressures. According to the NBG’s updated central forecast, the economic growth projection for 2026 has been revised upward from 6.5 per cent to 7.2 per cent, while, all else equal, growth in 2027 is expected to be around 5.5 per cent.Uncertainty surrounding the further evolution of geopolitical developments and the magnitude of their impact on the economy remains elevated. Accordingly, alongside the central scenario, the Monetary Policy Committee (MPC) considered both high-inflation and low-inflation risk scenarios.In the event of the realisation of the high-inflation risk scenario, fundamental processes require a higher trajectory of the monetary policy rate than the central scenario. The key risk underlying the high-inflation scenario is a further escalation and prolongation of the conflict in the Middle East, which, amid additional disruptions to oil supply and refining, would push energy prices even higher. Moreover, disruptions to supply chains and the shift to alternative transportation routes would increase production and transportation costs. As a result, heightened global inflationary pressures would spill over to the domestic economy through imported inflation and tighter global financial conditions, requiring further monetary policy tightening and the maintenance of a restrictive stance for a longer period.On the other hand, under the low-inflation risk scenario considered by the MPC, the realisation of the risks would allow a faster normalisation of monetary policy stance compared to the central scenario. Specifically, under this scenario, strong economic growth, driven largely by high-productivity sectors, would prove more persistent than previously projected. This, in turn, would lead to a sustained improvement in the external position and an upward revision to the assessment of long-term growth potential. These developments would support a fundamental appreciation of the exchange rate and limit inflationary pressures stemming from aggregate demand. In addition, the scenario envisages a de-escalation of the conflict in the Middle East, resulting in lower energy prices compared to the central scenario. Consequently, inflation would converge toward its target more rapidly.“Taking into account the current macroeconomic environment and prevailing risks, the Monetary Policy Committee decided to keep the monetary policy rate unchanged. The moderately tight monetary policy stance aims to minimise the risks of rising inflation expectations and second-round effects, ensuring that inflation returns swiftly to its 3 per cent target once the supply shock dissipates. Should the prolonged supply shock 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 normalise its monetary policy stance,” the press release reads.The next meeting of the Monetary Policy Committee will be held on December 16, 2026.

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During the proceedings, some representatives of the respondent side requested the recusal of the entire bench, while others sought the recusal of specific individual judges. Ana Tsitlidze, a representative of the "Unity - National Movement" party, stated that the lawsuit in question is aimed not only at banning opposition political parties but also at undermining the sovereignty and freedom of Georgia. Representatives of the plaintiff, "Georgian Dream," opposed the recusal motion, following which the court retired to deliberate. Following the rejection of a motion, the substantive review of a lawsuit filed by the ruling team has officially begun in the Constitutional Court. The lawsuit seeks to have five opposition parties declared unconstitutional, banned, and their registrations revoked. The case is being heard by the Plenum of the Constitutional Court, composed of seven judges. Substantive hearings are scheduled for October 21, 22, and 23.The lawsuit submitted to the Constitutional Court is signed by 88 members of the 11th convocation of Parliament. Based on this filing, the Court is tasked with considering the potential declaration of unconstitutionality and the banning of the following five political entities: "Unity – National Movement"; "Coalition for Change – Gvaramia, Melia, Girchi, Droa"; "Strong Georgia – Lelo, For the People, For Freedom!"; "Federalist Party"; "The party "Gakharia for Georgia." Arguments of the Plaintiffs and the Conclusion of the Temporary Investigative CommissionAttached to the constitutional lawsuit is the conclusion of a temporary investigative commission established within the 11th convocation of Parliament. According to the plaintiffs, the named political entities have, since 2016—in a virtually continuous manner—rejected the political legitimacy of Georgia’s incumbent government and the ruling party, both in terms of domestic and foreign policy. The authors of the lawsuit assert that these parties have operated for years as a unified coalition, engaging in unconstitutional actions, including acts of sabotage against the state.The lawsuit cites the formation of an "Opposition Alliance" on March 2, 2026—intended for "joint work to achieve common goals"—as a recent example of this coalition. The plaintiffs point out that a declared principle of this alliance is the rejection of the legitimacy of elected bodies and public officials. Furthermore, the lawsuit highlights platforms established through the mediation of former President Salome Zourabichvili, as well as the cooperation between the "ENP" [United National Movement] and the party "Gakharia for Georgia" within the municipal councils (*sakrebulo*) of Chkhorotsqu, Tsalenjikha, Rustavi, Zugdidi, and Senaki following the 2021 local self-government elections. Furthermore, the lawsuit notes that although other small or fictitious parties are closely linked to the aforementioned entities (for example: "Elene Khoshtaria – Droa," "Yes to Europe – Strategy Agmashenebeli," "European Georgia," "Republican Party," "Freedom Square," "National Democratic Party," "Girchi – More Freedom," etc.), there is currently no apparent necessity to ban them, as they do not exert any substantial influence on politics; however, the question of their unconstitutionality may arise at a later stage.Human Rights Violations and the August 2008 WarA significant portion of the lawsuit is dedicated to the period of the "United National Movement’s" governance from 2004 to 2012. According to the plaintiffs, a system involving the torture and inhumane treatment of inmates within penitentiary institutions was established and developed during this period. The lawsuit states that fundamental rights guaranteed by the Constitution and the European Convention on Human Rights have been violated—including the rights to life, health, privacy, property, and media freedom.Furthermore, the lawsuit focuses on the 2008 Russo-Georgian War and related events. The MPs assert that, during its time in power, the "National Movement" systematically carried out actions that facilitated the occupation of Georgian territories and strengthened the political position of the occupying force.The plaintiffs claim that between 2019 and 2025, there were six direct attempts to overthrow the constitutional order of Georgia and alter it through violence. Consequently, the authors of the lawsuit, signed by 88 MPs - are requesting that all five named political parties be declared unconstitutional, that their activities be banned, and that their registration in the Public Registry be revoked.Proceedings in the Constitutional Court are currently ongoing.

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The merger will not affect the TBC Capital brand, its team, or the terms of service. Existing clients will continue to receive services without interruption, while the consolidation of resources between the Bank and the investment division will streamline procedures for opening accounts and updating documentation."This merger will make it easier for clients to access investment services and will provide us with greater opportunities to develop new products," noted Giorgi Tkhelidze, General Director of TBC Bank.TBC Capital has been operating since 1999, offering clients services in investment, brokerage, capital markets, research, and M&A advisory. In 2026, Euromoney recognized the company as the best investment bank in Georgia for the second time.Approval for the structural change has already been received from the National Bank of Georgia, and the merger process will be completed in approximately two months.

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The prices for mining and quarrying decreased by 0.1 percent compared to August 2026, resulting in a -0.01 percentage point contribution to the overall monthly PPI change. In the same period, the prices for manufactured products decreased by 0.1 percent, contributing -0.05 percentage points to the monthly index change. Besides, the prices increased for electricity, gas, steam and air conditioning by 0.4 percent, contributing 0.04 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 12.6 percent higher, contributing 0.88 percentage pointsto the overall annual index change. Within the group, the prices were higher for the subgroup ofmetal ores (12.1 percent); Manufactured products: the prices increased by 4.1 percent, contributing 3.22 percentagepoints to the overall annual index increase. There was a notable increase in the prices for foodproducts (4.1 percent) and basic metals (8.5 percent); Electricity, gas, steam and air conditioning: the annual price increase amounted to 3.2 percent,which contributed 0.34 percentage points to the annual index change; Water supply, sewerage, waste management and remediation services: the annual priceincrease amounted to 5.8 percent, which contributed 0.18 percentage points to the annual indexgrowth.

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AAWE statistics show that in the first eight months of 2026, total US wine imports fell from $4,498 million to $3,786 million. The primary drivers of this global decline were the largest suppliers: imports from France dropped by $245.25 million (−13.8%), while those from Italy decreased by $240.34 million (−16.5%). Significant percentage declines were also recorded among other leading producers: Australia: −33.5% (to $100.68 million) Chile: −34.0% (to $71.32 million) Argentina: −25.2% (to $98.62 million) South Africa: −33.1% (to $15.99 million) Among the top 30 suppliers, the sharpest declines were seen in Moldova (−81.5%) and the United Kingdom (−79.8%). New Zealand remained relatively stable, with a decline of 5.3% ($302.44 million).Against the backdrop of an overall negative trend, only a few smaller suppliers showed growth. These include Lebanon (+23.4%), Switzerland (+11.8%), the Dominican Republic (+6.2%), Georgia (+2.1%) and Slovenia (+2.1%).As a result, Georgia moved to 16th place among countries exporting wine to the U.S. (up from 18th position the previous year).

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Over the first three quarters combined, the country recorded nearly $3.8 billion in revenue, representing a 4.4% year-on-year growth. This information was released by the National Bank of Georgia (NBG).According to NBG data, EU countries accounted for 16.6% of total revenue from international travel in the third quarter of 2026, amounting to $310.2 million - a 30.2% increase compared to the same period last year.Statistics indicate growth in revenue from Russia, Israel, Azerbaijan, and Ukraine, with year-on-year increases of 32.3%, 24.8%, 18.6%, and 52.5%, respectively, reaching $334.2 million, $234.9 million, $78.8 million, and $68.4 million. Against the backdrop of war in the Middle East, travel-related revenues from Iran and Saudi Arabia have declined by 21.3% and 31.9% year-on-year, falling to 33.8 million USD and 58.5 million USD, respectively.In the third quarter of 2026, Georgia’s travel-related revenues, broken down by country, are distributed as follows:

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