Category: Finance

The Asian Development Bank (ADB) has made a significant investment of $15 million in BasisBank’s certified sustainability bond, marking the first such bond issued by a commercial bank in Georgia. This pioneering move is expected to bolster the country’s capital market and promote sustainable finance practices. The bond, which has a three-year maturity, aims to finance green and social sector projects, aligning with Georgia’s commitment to environmental sustainability and social…

The National Bank of Georgia (NBG) recently took part in a high-level meeting organized by the International Monetary Fund (IMF) and the World Bank. Held in Chisinau, Moldova, this annual gathering brought together central bank governors, finance ministers, regulators, and industry leaders from around the world. Representing Georgia, Vice-President Ekaterine Mikabadze emphasized the importance of international cooperation in addressing global economic challenges. The meeting focused on key issues such as…

TBC Bank Uzbekistan has achieved a significant milestone by securing a record $38.2 million equity investment from its shareholders. This substantial capital infusion is set to bolster the bank’s growth momentum and enhance its digital banking services in Uzbekistan. The investment highlights the confidence of shareholders in TBC Bank Uzbekistan’s strategic vision and operational excellence, positioning the bank for continued success in the rapidly evolving financial landscape of Central Asia.…

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…