Pension Fund Portfolios Grow Modestly in November

According to the NBG, the aim of this change is to promote competition and improve efficiency in the country’s payment market.The NBG explains that having a settlement account will allow payment service providers to conduct transactions without the involvement of commercial banks, reducing dependence on banking institutions, lowering costs, and minimizing operational limitations. As a result, payment transactions for customers of registered providers will be processed more quickly and flexibly.The National Bank emphasizes that this reform marks an important step toward enhancing the competitive environment, which will support the development of innovative and customer-oriented financial products in Georgia.

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"We have initiated and facilitated discussions, thereby confirming our commitment to promoting a more stable and cooperative regional environment," the head of government said.According to Kobakhidze, the country continues to develop steadily and maintains macroeconomic stability, achieves impressive growth and demonstrates exceptional economic resilience.Georgia has maintained a stable trend of economic growth for several consecutive years. Between 2021 and 2024, Georgia recorded one of the highest economic growth rates in the world - an average of 9.8%. GDP per capita in USD has more than doubled compared to 2020. High economic growth is expected to continue in the coming years, a forecast supported by assessments from reputable international financial institutions," added Irakli Kobakhidze.In his remarks, the Head of Government of Georgia also highlighted the importance of the Middle Corridor and Georgia's role in promoting regional cooperation."Given the positive economic momentum, Georgia actively promotes regional cooperation, building both physical and diplomatic bridges across the region. The Middle Corridor, connecting Asia and Europe, is a central element of this vision. It is designed not only to facilitate trade, but also to strengthen mutual economic interdependence - the most durable foundation of trust among nations.Indeed, the Middle Corridor is more than a transport route; it is a corridor of trust, connecting people, businesses and cultures across the continent. Guided by a firm commitment to peaceful policy, we strive to contribute to regional stability by offering a neutral and reliable space for dialogue in the South Caucasus. We have initiated and supported discussions aimed at reducing tensions and establishing communication channels among neighbors, reaffirming our commitment to fostering a more stable and cooperation-oriented regional environment.Georgia remains fully committed to partnering with others to transform the ideals of the International Year of Peace and Trust into tangible and lasting progress. We believe that a sustainable future requires both dialogue and action, and that our shared goals rest on joint efforts. Together, we can create a safer, more stable and sustainable future for generations to come," concluded the Prime Minister of Georgia.The global forum dedicated to the International Year of Peace and Trust was opened by Serdar Berdimuhamedov, President of Turkmenistan.

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“It is outrageous that the husband of the GD regime appointed ambassador to U.S. is reportedly helping Russia to evade U.S. sanctions meant to cripple Putin’s war machine. US Treasury should look into this, and I look forward to following up,” Wilson wrote.The statement follows a report by OC-Media, which claims that David Kukhalashvili, husband of Ambassador Tamar Taliashvili, is the founder and managing director of a Moscow-based law firm advising clients on avoiding sanctions and asset freezes imposed by the US and European Union.

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The case concerns the June 20-21, 2019 protests in Georgia following the visit of Russian State Duma deputy Sergei Gavrilov, who chaired a session in the Georgian Parliament. During the protests, riot police used tear gas and rubber bullets, injuring several hundred demonstrators, including 38 journalists, with some losing their eyesight. Several participants were also arrested for alleged involvement in violence.The Grand Chamber ruled unanimously that Georgia violated the procedural aspect of Article 3 of the European Convention on Human Rights, which obliges states to conduct effective, independent, and timely investigations into alleged torture or inhuman treatment. The Court also found violations of Article 10 (Freedom of Expression) and Article 11 (Freedom of Assembly). The Government’s claim that domestic remedies had been exhausted was rejected.The Court awarded the victims a total of €646,000. The applicants included both ordinary demonstrators and journalists, while the State was ordered to cover €100,000 in legal costs.

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Under the amendment to the Organic Law of the National Bank, the NBG gains the authority to request and review information from VASPs during on-site and remote inspections. This includes monitoring minimum regulatory capital, risk management frameworks, asset and capital requirements, and other prudential standards.The National Bank of Georgia emphasizes that this change will enhance consumer and investor protection, ensure the technical and operational sustainability of VASPs, and align Georgia with international best practices.The NBG notes that the rapid growth of virtual asset services and their user base since 2023 necessitates stricter oversight. The expanded mandate includes prudential supervision, capital adequacy checks, consumer rights protection, and the introduction of cybersecurity and operational risk standards.

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Under the changes, the threshold for disputes handled by the National Bank’s Dispute Resolution Commission has been doubled. Consumers can now file complaints for cases where the value of the dispute does not exceed 100,000 GEL, up from the previous limit of 50,000 GEL.The amendments also clarify the legal procedures for delivering the Commission’s decisions, ensuring greater transparency and legal certainty.Operating since 2023, the independent Dispute Resolution Commission offers alternative mechanisms for resolving complaints related to unauthorized transactions, errors in payment execution, incorrect deductions, and other similar issues, supporting the development and reliability of Georgia’s financial sector.

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According to him, one of the obstacles hindering the development of the energy system is the debt accumulated by companies over recent years in the form of fines and penalties.“We have made a critically important decision to write off fines and penalties imposed on companies operating in the sector, subject to specific conditions. All energy sector companies involved in developing renewable energy projects will have their accumulated state fines, with the total amount reaching one billion lari, written off under specific conditions.As for the conditions: to ensure companies are not tempted to continue operating irresponsibly and accumulating new fines, but instead take the state’s sector reform initiative seriously, they will be fully liable for any newly accumulated penalties and fines should they breach the renewed deadlines. Moreover, the fines forgiven by today’s decision will be reinstated,” Kobakhidze stated.According to the Prime Minister, the conditional debt relief serves two simultaneous purposes.“On the one hand, companies must have the financial barrier removed in the process of implementing energy projects, and on the other hand, companies must retain maximum motivation to implement planned projects within the grant deadlines. Debt forgiveness should mark the beginning of a new process based on bilateral cooperation, yet imbued with responsibility. This means new agreements, new schedules, and new reasonable mutual obligations between the state and companies. We shall take a strict approach to any new unfulfilled obligations or new debts to the state budget. With our new approach, we are beginning to implement an energy policy that will be acceptable to companies involved in the energy sector and from which the country will derive maximum benefit,” Kobakhidze declared.As Irakli Kobakhidze stated at today’s briefing, today’s decision will provide fresh impetus for the development of the energy system.“Our decision today will provide fresh impetus for the development of the energy system, which is of decisive importance for the country’s economic development and the strengthening of economic independence. I thank Georgia’s Minister of Economy and Sustainable Development, Mariam Kvrivishvili, and the ministry’s team for preparing this critically important decision. I wish the energy companies success in the process of implementing renewable energy projects,” the Prime Minister stated.

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According to the Ministry of Finance, the purpose of the visit is to review Georgia’s macroeconomic and fiscal parameters and to discuss medium-term fiscal policy and forecasts. Khutsishvili briefed the mission on the 2025 budget performance and the key indicators of the 2026 state budget, which is expected to be approved by Parliament today.The sides also touched on preparations for the 2026 Article IV Consultation, a regular and comprehensive assessment conducted under the IMF Charter.Deputy Finance Ministers Giorgi Kakauridze and Ekaterine Guntsadze attended the meeting on behalf of the Georgian government.

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