Kobakhidze on Germany: Government lacks resources and sovereignty to manage processes

The central bank reported a USD 613 million month-on-month surge in international reserves, accompanied by improvements across reserve adequacy metrics.“The current level of foreign exchange reserves surpasses the 100 per cent threshold defined by the International Monetary Fund’s ARA metric, standing at 128.2 per cent.International reserves serve as a vital guarantor of the country’s macroeconomic stability.Accordingly, the long-term policy of the National Bank of Georgia remains focused on reserve accumulation and the efficient management of reserve assets. Whenever foreign exchange market dynamics and macroeconomic conditions permit, the central bank replenishes its reserves.As a result of the NBG’s policy, reserve volumes have doubled over the past two years compared to October 2024. Throughout 2026, favourable market conditions enabled net foreign currency purchases totalling USD 2,566.6 million between January and July. Net purchase statistics for August 2026 will be published on 25 September.Notably, in 2024, the NBG took a strategic decision to diversify its reserve holdings by making its inaugural investment in gold. Subsequent appreciation in gold prices has contributed to further growth in gross international reserves. In June 2026, the NBG acquired an additional USD 100 million in monetary gold. Driven by market price movements, the total value of monetary gold reserves grew by USD 135 million month-on-month to reach USD 1,149.2 million as of August 2026, accounting for 14.1 per cent of gross international reserves.The National Bank of Georgia will release updated international reserve figures on 7 October 2026,” the National Bank’s statement read.

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According to Kobakhidze, the 10-year plan envisages doubling the capacity of railways and halving the time for transporting cargo. It is also planned to double the capacity of ports and triple the capacity of international airports.As of  the Prime Minister, certain projects have already been launched within the framework of the plan. He said that in 2026, more than 1 billion GEL will be invested in the modernization of the Georgian railway infrastructure and rolling stock.According to Kobakhidze, 75% of the construction of the East-West International Highway has already been completed.According to the Prime Minister, against the backdrop of the diversification of global trade routes and the increase in the sustainability of supply chains, it is important for Georgia to use the opportunities of the Middle Corridor.According to him, according to the World Bank, with appropriate investments and increased efficiency, cargo flows in the Middle Corridor could triple by 2030, and transportation time could be halved.The Georgian International Maritime Forum is being held in Batumi on September 7-8.

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According to the statement, Girchi has always been a party of free people.“We originally named ourselves ‘Girchi’ [Pinecone] to encapsulate the concept of liberty within a neutral, everyday symbol that would be easy for people to remember. In that respect, it was perhaps overly successful, given that in recent years two separate political factions have adopted the same name, despite neither having any genuine connection to liberty.Our opponents have exploited this confusion to the full, attributing various alien positions and statements to us. On occasion, individuals with no connection to our movement or to the cause of freedom have been falsely portrayed as our allies or activists.All of this creates a distorted impression among the public and undermines the foundational principles upon which our party was established. We have decided to put an end to this ambiguity and turn over a new leaf in our political journey by naming ourselves what we truly are, always have been, and will continue to be: the Free People’s Party,” the statement read.

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According to the company, the main operational results for January-August 2026 were distributed as follows:Container shipments: A total of 464,605 ​​TEU containers were processed, which is 7.5% more than in the same period last year. The peak figure for the year was recorded in July - 65,759 TEU. Ships received: The port received 291 container ships in 8 months (239 ships in 8 months of 2025). Of these, 38 ships entered in August alone. General cargo: 297,361 tons of general cargo were processed, which is a 55% increase compared to the previous year. Ferry traffic: The volume of cargo received by ferry ships amounted to 143,454 tons (113,060 tons in 8 months of 2025).

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It is noteworthy that citizen applications to the Commission have increased significantly in recent times, driven by legislative amendments. According to these changes, the maximum threshold value of a dispute subject within which the Commission is authorized to review consumer complaints was raised from GEL 50,000 to GEL 100,000. Complaints submitted by consumers primarily relate to payment transactions executed from accounts that consumers dispute.Furthermore, in accordance with the favorable decisions issued by the Commission, the total volume of funds actually reimbursed/credited to consumers stands at GEL 426 thousand.At present, the total value of ongoing disputes is GEL 400 thousand, while the remaining amount to be reimbursed by providers to consumers pursuant to the Commission's decisions totals GEL 393 thousand.In total, the aggregate amount claimed across all complaints received throughout the entire period of the Commission's operation amounts to GEL 1 million 645 thousand.The Dispute Resolution Commission under the National Bank of Georgia provides consumers with a fast, efficient, and free mechanism for dispute resolution. The goal of the Commission is to protect the rights of payment service consumers, ensure their fair treatment, and strengthen consumer trust in digital payments.The Commission operates as an independent body, and its establishment stems from the commitments undertaken by Georgia under the Association Agreement between Georgia and the European Union.Consumers are entitled to submit a complaint to the Dispute Resolution Commission operating under the National Bank of Georgia if they believe there has been an unauthorized transaction (executed without their consent) via payment card, internet banking, mobile banking, or other channels, a violation of the payment transaction execution deadline, an incorrectly executed transaction, an erroneous transaction fee debit, or other similar cases.

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As Vesti.az reports, Berset stated that Europe’s geopolitical center is shifting eastward along the 39th parallel north, and this axis passes through four Council of Europe member states – Azerbaijan, Armenia, Georgia and Turkey.“Europe’s geopolitical center is shifting eastward, along the 39th parallel north. This axis passes through four member states,” Berset said.Georgia's Growing Role in European SecurityAccording to the Secretary General of the Council of Europe, Georgia, Azerbaijan, Armenia and Turkey are located at the intersection of several important geopolitical processes at the same time.According to him, these processes include the war in Ukraine, conflicts in the Middle East, as well as the ongoing political and economic changes in Central Asia, the scale of which Europe has not yet fully understood.In this context, Georgia's location is particularly important, as the country represents one of the important connecting links between Europe and the South Caucasus and participates in the transport, energy and trade processes taking place in the region.Relations between Baku and YerevanBerse also paid special attention to relations between Azerbaijan and Armenia.According to him, one year after the signing of the Washington Declaration, Baku and Yerevan have a real opportunity to turn the progress achieved into sustainable peace.In addition, he said, Armenia and Turkey have also taken steps towards normalizing relations.European security is unthinkable without TurkeyThe Secretary General of the Council of Europe also emphasized the special role of Turkey. Turkey is the most numerous state among the member states of the Council of Europe and has the second largest armed forces among NATO members.“A serious discussion on security, including democratic security, on this continent is impossible without Turkey,” said Berce.In his assessment, an agreement between governments alone is not enough for sustainable peace. This requires trust between societies, respect for human rights and the existence of institutions that can support the reconciliation process.Berce also warned the member states of the Council of Europe that the strength of the common European legal space depends on the equal observance of its norms by all states. He said that this also requires trust, transparency and the absence of double standards.

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According to the NBG's interactive statistics, the annual growth of total lending is 14.7%Y.Y. Consumer loans have increased by 20.74% annually. In GEL +21.7%Y.Y, in foreign currency +10.3%.The share of consumer loans in the total portfolio of banks is still growing. According to the NBG's financial sector review, it is 21.8% (L/Y – 19.2%) out of GEL 16.473 billion, only GEL 1.243 billion is equivalent in foreign currency.

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The value of output produced by the business sector also increased. In Q2 2026, output totaled GEL 25.7 billion, up 10.7% compared with the same period last year.According to Geostat, large businesses accounted for 69.8% of total business-sector turnover in the second quarter, while medium-sized businesses accounted for 11.6% and small businesses for 18.6%.The distribution was different in terms of total output. Large businesses accounted for 48.6% of output, medium-sized businesses for 23.6%, and small businesses for 27.8%.Meanwhile, enterprises purchased a total of GEL 32.5 billion worth of goods and services during the reporting period, 4.9% more than in the second quarter of 2025. Purchases of goods and services intended for resale amounted to GEL 19.4 billion, up 9.3% year-on-year.The average number of people employed in the business sector reached 828,400 in Q2 2026, an increase of 4.1% compared with the same period last year. Women accounted for 43.8% of total employment, while men accounted for 56.2%.Large businesses employed 42.6% of the total workforce, medium-sized businesses 19.7%, and small businesses 37.7%.The total number of employees hired during the reporting period stood at 768,600, up 3.1% year-on-year. Total personnel expenses amounted to GEL 5.8273 billion, an increase of 10.3% compared with the same period of 2025.The average monthly salary of employees in the business sector reached GEL 2,471.5 in the second quarter, GEL 153.8 higher than a year earlier. The average monthly salary for women stood at GEL 1,944.9.By business size, average monthly salaries were GEL 2,622.8 in large businesses, GEL 2,918.9 in medium-sized businesses, and GEL 1,972.3 in small businesses.Arts, entertainment and recreation accounted for the largest share of business-sector turnover in Q2 2026, at 36.5%. Wholesale and retail trade, including the repair of motor vehicles and motorcycles, ranked second with 32.4%.Manufacturing accounted for 8.1% of turnover, followed by transportation and storage at 4.8%, construction at 4.8%, and information and communication at 3.4%. The remaining sectors accounted for 10%.In terms of total output, manufacturing held the largest share at 20.5%, followed by trade at 18%, construction at 14.4%, transportation and storage at 9.8%, and information and communication at 8.9%. Other sectors collectively accounted for 28.4% of total output.Trade employed the largest share of the business-sector workforce in Q2 2026, at 29.5%, followed by manufacturing at 11.3% and human health and social work activities at 9.1%.Transportation and storage accounted for 8.1% of employment, construction for 7.6%, information and communication for 6.4%, and accommodation and food service activities for 5.7%, according to Geostat.

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