Category: Finance

In a remarkable achievement, TBC Bank Group PLC, Georgia’s largest bank, has successfully exceeded its 2023 target for sustainable financing. According to the bank’s latest sustainability report, TBC’s sustainable portfolio expanded by an impressive 57% year-on-year, reaching GEL 1.2 billion (US$380 million). This milestone not only surpasses the initial goal of GEL 1 billion but also underscores the bank’s commitment to fostering sustainable development and innovation in the financial sector.…

In a significant move to bolster consumer rights within the financial sector, the National Bank of Georgia has announced pivotal changes set to take effect from July 1. This development marks a substantial shift in the landscape of financial consumer rights, promising enhanced protections and greater control for consumers over their financial agreements. Empowering Consumers Through Informed Decisions The forthcoming adjustments are designed to empower consumers, granting them the right…

As the world’s economies intertwine, the price of oil continues to be a critical factor influencing global markets. Recent trends have shown a marked increase in oil prices, sending ripples through stock exchanges worldwide. This article explores the multifaceted impact of this surge and its broader implications. The Economic Pulse The ascent of oil prices acts as a barometer for economic health, affecting various sectors differently. For countries heavily reliant…

In a decisive move, the National Bank of Georgia (NBG) has reduced the Monetary Policy Rate by 0.75 percentage points, bringing it down to 8.25%. This strategic decision comes as the country continues to maintain a low inflation environment, with headline inflation falling well below the targeted figures. Economic Indicators and Monetary Adjustments The reduction in the Monetary Policy Rate is a response to a sustained period of low inflation.…

Giorgi Tukhashvili, the co-founder and CEO of Kernel, a successful Georgian startup that helps small and medium enterprises digitize their invoices, died in a tragic skiing accident in Bakuriani on January 22, 2024. He was 36 years old and is survived by his mother, wife, and children. A Passionate Entrepreneur and Innovator Tukhashvili was a prominent figure in the Georgian startup ecosystem, as he co-founded and led Kernel, one of…

The Georgian lari (GEL) has been gaining strength against the US dollar (USD) and the euro (EUR) in recent days, reaching new highs in 2023. According to the latest data from the National Bank of Georgia, as of January 9, 2024, one USD was worth 2,6879 GEL, while one EUR was worth 2,9408 GEL. This means that the lari has appreciated by about 0.1% against both currencies since December 28,…

Heavy snowfall and strong winds disrupt train services in western Georgia The Georgian Railways company has issued a statement about the delays and problems caused by the bad weather in western Georgia. According to the statement, heavy snowfall and strong winds have affected the railway infrastructure and the movement of trains in the region. The company said that it has mobilized all its resources and personnel to deal with the…

The loyalty penalty in banking Millions of customers who have been loyal to their banks for years are being exploited by low interest rates on their savings accounts. This is the conclusion of a recent report by the Financial Conduct Authority (FCA), the UK’s chief financial regulator, which warned that the “harm” caused by this practice has worsened as interest rates have risen. The FCA said it had challenged some…

Fintechs have been disrupting the financial services industry for years, offering innovative solutions to customers’ needs and challenges. However, as the market becomes more competitive and regulated, fintechs may find it harder to grow and scale on their own. That’s why partnering with banks could be a strategic move for fintechs in 2024, as it could bring mutual benefits and opportunities for both parties. The benefits of fintech-bank partnerships Fintechs…

The Australian Competition and Consumer Commission (ACCC) has released a report on the retail deposit market, calling for reforms to improve competition and consumer outcomes. The report found that banks use pricing strategies and product design to reduce the cost of their deposit funding, while creating barriers for customers to switch to better deals. Banks exploit consumer inertia and biases The ACCC report, which was commissioned by Treasurer Jim Chalmers…