PM ignores the statement of the Helsinki Commission Chairman

At IOSCO’s invitation, David Abesadze also joined a workshop on market development initiatives, where he shared Georgia’s recent successes in developing the corporate bond market with representatives of GEMC member organizations.In his presentation, David Abesadze highlighted the "Capital Market Support Program," implemented during 2022-2023. This program, co-initiated by the National Bank of Georgia and executed by the European Bank for Reconstruction and Development (EBRD) with funding from the European Union, included both educational and financial components. Notably, within the financial component, issuers were supported by funding for transaction costs associated with the public issuance of securities. David Abesadze emphasized the importance of raising issuers’ awareness of capital market instruments and underlined how financial incentive mechanisms significantly contributed to the program’s success.The event also featured the inaugural meeting of the GEMC Sustainability Reporting Standards Implementation Network. This new network, which the National Bank of Georgia has joined, aims to assist member organizations in adopting the reporting framework developed by the International Sustainability Standards Board (ISSB).Since becoming a full IOSCO member in 2021, the National Bank of Georgia has actively participated in the organization’s activities. The NBG is represented on both the European Regional Committee and the Emerging and Developing Markets Committee. Additionally, as of November 2024, the NBG has been a member of GEMC, the largest IOSCO committee, which includes 91 jurisdictions, 10 of which are G20 members.

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Journalist Nizfa Arshba writes that restoration work began two weeks ago at the Vardnil HPP in the Gali district: “The power plant has been cleaned, new equipment has been installed, pontoons have been raised from the river.”People at the power plant say that restoration work at the facility was started two weeks ago by Rezo Zantaria, a member of the so-called parliament of occupied Abkhazia. They say that the facility is his property. However, the separatist authorities of occupied Abkhazia have not released information about the sale or lease of the facility.Journalists are demanding that the so-called Prosecutor’s Office investigate the corruption deal surrounding the facility.

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According to the statistics of the National Bank of Georgia, in November the net profit of banks increased by 260 million GEL (10/24 +279 million m-o-m; 09/24 +275 million m.m).The total profit for 11 months (of profitable banks) is up to 2.870 billion GEL. Among the 13 profitable banks is the sanctioned subsidiary of VTB.Silk Bank and digital banks that have not yet started full-fledged operational activities are at a loss (Hash, Paysera, Pave).The TOP-7 has changed: Cartu Bank with Georgian capital moves to 6th position, and the banking group of German capital - ProCredit Bank - to 7th.TOP-11 (+2) Of Profitable Banks 

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“I have such an offer to the “government”.While “Trump is fighting the Deep State”, let’s stop paying your salaries and bonuses and reimburse your expenses.A group of unrecognized, sanctioned and unconstitutional people who are playing the government, with orders, inaugurations and meaningless comments, it seems that you have no other function than to annoy and provoke citizens.The economy is entering a crisis, development projects are suspended and people will start starving in a few months!In this situation, instead of offering us ways to overcome the crisis, first give us until January 20, then say "it will take a little more time" and now "if".Remove all the privileges that you have received from the pockets of already needy citizens with a 40% tax.When you say "we will stand firm", the people of Rustaveli will show you this," - wrote the director of "Expo Georgia", Resan Kikava on the social network.

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A yellow security level will be in effect during the Presidential inauguration ceremony, restricting public access to the Parliament building. Media outlets seeking to cover the event must obtain special accreditation, with a maximum of two crews allowed per outlet.The Parliament will set up a dedicated media space in the Rustaveli Hall (B Block, ground floor) where journalists can watch the inauguration and record interviews.The Parliament will provide a broadcast signal for live coverage of the ceremony.Members of the electoral college, representatives of the government and constitutional bodies, and representatives of the Orthodox Church - a total of 300 people - have been invited to the inauguration.On December 14, the elections for the sixth President were held in the Parliament building of Georgia. 224 delegates of the Georgian Dream voted for the sole candidate, Mikheil Kavelashvili.Georgian President Salome Zurabishvili called the election of Mikheil Kavelashvili as president, a “provocation” and a “parody.”A rally was held in front of the parliament in parallel with Kavelashvili’s presidential election.For the 29th day, demonstrators in the capital and regions have been protesting the decision made in the “Georgian Dream,” according to which Georgia will not put the issue of opening negotiations for accession to the European Union on the agenda until the end of 2028.Since November 28, police have detained more than 400 participants of the rally, including more than 40 people who were arrested under criminal law and face several years in prison.

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Songulashvili highlighted the importance of the share of agriculture in development of the Georgian economy, and expressed interest in sharing Turkey's experience, while also emphasising that existing “friendly and partnership relations” between the two countries were a “basis for effective cooperation”.The Minister also pointed out the importance of diversifying Georgia's markets, with the parties also discussing deepening of the cooperation in fisheries, livestock, irrigation, forestry and waste management, and agricultural mechanisation.On his part, Orbai noted the countries were “connected by historical friendship and partnership”, which he said represented an “important prerequisite for deepening cooperation in various directions”.The meeting also noted the importance of increasing exports of Georgian products to Turkey, as well as deepening cooperation between Georgian wine producers and the HoReCa, hotels, restaurants and cafés sector of Turkey.

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As of the document, in November, the volume of term deposits increased by 655.88 million GEL (by 2.53%; exchange rate effect volume of term deposits increased by 2.14%). Demand deposits decreased by 216.29 million GEL.The larization ratio of total non-bank deposits constituted 48.32% by the end of November 2024 and decreased by 0.98 percentage point (exchange rate effect excluded decreased by 0.83 percentage point) compared to the end of October 2024.The market interest rate on term deposits constituted 6.61%. In particular, the market interest rate for national currency denominated deposits was 9.47% and the market interest rate for foreign currency denominated deposits was 2.75%.The share of the US dollar in the total volume of foreign currency denominated deposits equals 78.85% and the share of the Euro equals 19.48%.

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International currency reserves are an important guarantor of the country’s macroeconomic stability. Accordingly, NBG is always focused on replenishing reserves, which is confirmed by the bank’s stated policy: at a 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 the 11 months of 2024 as follows:• January - Net purchase through Bmatch $8.1 million• February - Net purchase through Bmatch $77.5 million• March - Net purchase through Bmatch $127.9 million• April - Net purchase through Bmatch $73.1 million• May - Sale through foreign exchange auction of $108.7 million and net sale through Bmatch of $9.1 million• June - Sale through foreign exchange auction of $60 million and net sale through Bmatch of $42 million• July - Net purchase through Bmatch $1.9 million• August - Net purchase through Bmatch $41 million• September - Net sale through Bmatch $106.5• October - Sale of $213.4 million via foreign exchange auction and net sale via Bmatch of $377.7• November - Net purchase via Bmatch of $124.5The National Bank of Georgia will publish updated data on operations carried out in the foreign exchange market on January 25, 2025.

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