TOP-7 of Profitable Banks

According to Turnava, the Lari is one of the most vital symbols of Georgia’s economic independence and sovereignty.“On April 9, 1991, following the restoration of Georgia’s statehood, we established an independent monetary and credit system. Since that time, preparations have been underway to design, name, and define the technical parameters of our national currency. On October 2, 1995, the Lari was officially declared the sole legal tender throughout Georgia,” she recalled.Turnava further emphasized that the National Bank of Georgia, in collaboration with regional central banks, consistently addresses various challenges, including inflation. She noted that Georgia has successfully maintained low inflation rates despite the complexities of a small, open economy influenced by external factors.“Nevertheless, we recognize that Georgia’s economy is small and highly open, making us sensitive to external influences. Consequently, we focus heavily on risk management, prudent monetary policy, reducing high dollarization levels, fostering innovation through new financial technologies, and tackling other pressing issues,” she explained.The NBG president underscored the importance of strengthening regional cooperation among financial systems and regulators to effectively respond to challenges such as global fragmentation and regional integration.The international conference, attended by over 300 guests from 30 countries, is organized as part of the 30th anniversary celebrations of the Georgian Lari. Participants will engage in discussions on the challenges and opportunities facing the global financial system.

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The President emphasized that the national currency has evolved significantly over the years, with continuous improvements to banknotes of various denominations.“Over its three-decade history, the Lari has made remarkable progress. Since 2014, we have introduced a distinctive symbol that enhances its recognition internationally—a vital step in establishing Georgia’s monetary identity. The banknotes feature national symbols, historical figures, and cultural icons, reinforcing our sense of identity and filling us with pride. The primary role of the National Bank is to safeguard the country’s financial stability. In this mission, our economic team, and especially the National Bank, have achieved great success—despite facing unprecedented challenges such as pandemics, geopolitical tensions, war, and global instability. Through resilience and prudent management, our financial system has proven its strength, maintaining high international ratings,” Kavelashvili stated.He expressed heartfelt gratitude to the National Bank of Georgia, its leadership, and its staff for their exceptional contributions to the country’s financial stability and the ongoing development and fortification of the Georgian Lari.

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As of the document, the monthly average number of visitors has decreased by 1.2 percent and the number of visits decreased by 3.1%, compared to the respective period of the previous year.In 1Q2025 the monthly average number of tourist visits of Georgian residents amounted to 623.6 thousand, which is 9.4% lower than the corresponding indicator of the previous year.The majority of visitors, 36%, were from the age group of 31-50 and the number of women equaled 55% of the total number of visitors.According to the survey results, 35.6% of visitors are the residents of Tbilisi, 15.6% — Imereti, Racha-Lechkhumi and Kvemo Svaneti region, 9.1% — Adjara A/R, 9.1% — Kvemo Kartli region, while the rest of the regions are represented by the relatively lower shares.In 1Q2025, the main purpose of the majority of visits (53.6%) was visiting friends/relatives.In the reporting period majority of the visits were made in Tbilisi (on average 378.2 thousand visits per month) and Imereti region (on average 328.4 thousand visits per month). 

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In addition, 73.3 percent of enterprises used fixed-line means such as fiber-optic (FTTH), cable technologies, DSL connection (ADSL, SDSL, VDSL), etc. to provide internet connection.In 2024, 26.8 percent of employees used portable computers or smartphones provided by the enterprise that supported the internet connection (for business use only), while the share of enterprises using webpage or website was 13.9 percent.Enterprises used social media such as social networks (Facebook, LinkedIn, etc.) – 28.8 percent, while 70.7 percent of enterprises did not use any social media. 

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As of the document, in April 2025, compared to the same period of the previous year, the estimated real growth in following activities contributed significantly: Information and communication, Financial and Insurance activities, Mining and quarrying, Real estate activities, Transportation and storage.Decline was registered in Construction and Manufacturing.

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During the meeting, Turnava provided an overview of Georgia’s current economic landscape, highlighting the country’s stable macroeconomic environment and strong economic fundamentals factors that have enabled Georgia to effectively navigate global economic challenges.She emphasized the resilience and sustainability of Georgia’s financial sector, which continues to attract growing interest from international investors."Georgia’s stable macroeconomic environment and the resilience of its financial sector continue to attract international investors. A Japanese investor entering the financial sector is a strong endorsement for any country. Japan is known for its sound financial system and long-standing investment traditions, characterized by steady and consistent financing. Gojo & Company’s plans for Georgia reflect a long-term vision and commitment."Taejun Shin, whose company owns a 16.8% stake in Credo Bank, marking the first-ever Japanese investment in Georgia’s financial sector, praised the country’s economic trajectory.“We see Georgia as a country with strong growth potential,” said Shin. “Japanese investors value long-term partnerships and sustainable development. We intend to expand our investments in Georgia particularly in support of regional communities and we’re confident in Georgia’s continued progress.”Taejun Shin, founder and CEO of the Japanese social impact investment firm Gojo & Company, is in Tbilisi to participate in an international conference commemorating the 30th anniversary of the introduction of the Georgian lari, a key event highlighting the nation’s economic independence and financial resilience.

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In 2024, the absolute poverty rate in urban areas decreased by 1.6 percentage points, amounting to 7.8 percent, while in rural areas it decreased by 3.7 percentage points, amounting to 11.9 percent.In 2024, the absolute poverty rate decreased compared to the previous year across all age groups of the population. Specifically, the indicator was 12.1 percent in the age group under 18 years (-4.0 percentage points), in the 18-64 age group – 9.3 percent (-2.1 percentage points), and in the age group 65 and older – 6.7 percent (-1.3 percentage points).The absolute poverty rate decreased by 2.4 percentage points for both women and men, amounting to 9.0 percent and 9.8 percent, respectively.In 2024, the share of the population under 60 percent of the median consumption decreased by 0.9 percentage points, amounting to 18.9 percent, while the share of the population under 40 percent of the median consumption decreased by 0.7 percentage points, amounting to 6.7 percent.In 2024, compared to the previous year, the value of the Gini coefficient decreased by 0.02 based on both total incomes and total inflows, amounting to 0.35. However, it remained unchanged based on total consumption expenditures and total expenditures, amounting to 0.36 and 0.40, respectively.

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The total portfolio, as of May 1, exceeds 131 million GEL (L/Y 64.4 million. +104%Y.Y).In addition, lending in GEL is growing over foreign currency. The dollarization coefficient of the loan portfolio is 33.6% (01.05.2024 – 40.6%). Which also reduces the bank's reserve requirement. As you know, the reserve ratio is minimal for a portfolio dollarized less than 40%.The bank's losses have increased annually. Silk ended January-April with a loss of more than 7 million GEL (L:/Y – 2.5 million).

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