GD Chair Irakli Garibashvili announces retirement from politics

The forum focused on sharing best practices in central bank governance, with particular emphasis on strengthening institutional frameworks, transparency, and accountability.One of the key themes of the forum was the digital transformation of financial systems.Nino Jeladze took part in the discussion where the forum participants emphasized the importance of robust risk management frameworks in the face of increasing global financial uncertainty. She underscored the pivotal role central banks play in maintaining economic stability and advocated for enhanced institutional dialogue and international cooperation to address shared challenges.With the support of the IMF Regional Office for Saudi Arabia, the Ninth High-Level Forum of Central Banks was held in Riyadh, the capital of Saudi Arabia. The event brought together central bank governors from around the world to examine the emerging challenges facing central banks and to redefine their role in today’s evolving economic landscape.

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According to the NBG, international currency reserves are an important guarantor of the country's macroeconomic stability. Accordingly, the NBG is always focused on replenishing reserves, which is confirmed by the bank's stated policy at the given moment – ​​when the market allows it, the National Bank increases the country's international reserves.In addition, the foreign exchange interventions carried out by the NBG in 2025 look like this: January-February - No net purchases were made through Bmatch March - Net purchases of $101.7 million through Bmatch The National Bank of Georgia will publish updated data on operations carried out in the foreign exchange market on May 27.

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According to TBC Capital, the decrease was mainly due to a 52.2% decrease in thermal power plant output and a 22.6% decrease in wind power plant output. At the same time, hydroelectric power plant output increased by 14.4% and reached 831 GWh.Electricity generated by thermal power plants in March amounted to 189 gigawatt hours (GWh), while wind power plant output amounted to 6.5 GWh.In total, electricity generation in 1Q25 decreased by 15.6% (y.y) and amounted to 2,809 GWh.Against this backdrop, in March, consumption increased by 4.2% year-on-year (y.y) to 1,232 GWh. Retail consumption increased by 2.5% to 693 GWh, while direct consumer consumption increased by 16.6% to 285 GWh.Consumption in the Autonomous Republic of Abkhazia decreased by 3.1% to 253 GWh.Year-to-date, in 1Q25, consumption increased by 1.3% to 3,656 GWh, which the investment bank said reflects changes in market supply and demand dynamics.

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On the monthly basis, in March 2025 the price of balancing electricity increased by 1.4%.Georgia continued to import electricity totaling 252 GWh. Import from Russia, Azerbaijan and Armenia was distributed as 72%, 21% and 7%, respectively.In March 2025, Georgia spent approximately USD 4.5 million on imported electricity.

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It should be mentioned that 2024 resulted in the negative natural increase (-4 488) and positive net migration (14 386).As of January 1, 2025, 61.5 percent of the population lives in urban settlements. At the same time, approximately one third of total population lives in Tbilisi.As of January 1, 2025, the share of persons aged 0-14 equals 19.2 percent, the share of the working-age population (15-64 years old) – 64.2 percent, while the share of elderly (65 years and older) – 16.6 percent.As of January 1, 2025, the male population equaled 1 774.5 thousand persons, and the female population was 1 920.1 thousand persons. In Georgia, 48 percent are male and 52 percent are female population.Compared to previous year, in 2024 the life expectancy at birth remains almost unchanged and equals 74.9 years, including 70.5 years for males and 79.3 years for females.As of January 1, 2025, the median age of population equals 39 years.In 2024, the number of emigrants totals 121 425 persons increasing by 50.5 percent compared to the previous year. The number of immigrants increased by 34.0 percent, amounting to 135 811 persons.In the same time period, 85.6 percent of immigrants and 85.8 percent of emigrants represent the working-age population (15-64 year age group).In 2024, 48.2 percent of immigrants and 53.2 percent of emigrants are citizens of Georgia.

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Turnava briefed Li on Georgia’s efforts to maintain a sustainable fiscal position and ensure price stability.The two sides discussed regional and global challenges, emphasizing the importance of cooperation.Bo Li reaffirmed the IMF’s commitment to continue supporting Georgia and assisting the NBG with various reforms.The meeting was also attended by NBG Vice Presidents Ekaterine Mikabadze and Ekaterine Galdava, Deputy Finance Ministers Giorgi Kakauridze and Ekaterine Guntsadze, and Deputy Minister of Economy and Sustainable Development Vakhtang Tsintsadze.

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The average export price of hazelnuts also increased by 13% during the reporting period and amounted to 6.29 USD per kilogram.Georgian hazelnuts are mainly exported to the markets of the European Union, namely Italy, Spain, Germany, France, Poland and the Czech Republic. In addition, hazelnuts were exported to Armenia, China, Turkey, Israel, Russia, Algeria, and Morocco.

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In terms of international travel revenue in the first quarter of 2025, a high percentage increase was recorded from Azerbaijan - 19.8% and from Saudi Arabia - 12.3%. At the same time, according to statistics, travel revenue from Israel stands out with a high growth rate, which in the first quarter of 2025 showed a 73.7% increase compared to the same period of the previous year and amounted to $114.2 million.The share of EU countries in international travel revenue in the first quarter of 2025 was determined at 12.5% ​​and amounted to $103.2 million.Travel revenue from Russia is characterized by a decreasing trend - in the first quarter of 2025, travel revenue from Russia to Georgia decreased by 17.2%.Georgia's tourism revenue in the first quarter of 2025 is distributed as follows: Azerbaijan  -  USD 48.6 million Belarus - USD  15.9 million Turkey – USD 107.1 million Iran – USD  27.2 million Israel – USD 114.2 million Russia – USD 141.8 million Saudi Arabia – USD 8.7 million Armenia – USD 28.2 million Ukraine – USD 33.7 million European Union – USD 103.2 million Other countries – USD 197.4 million

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