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Tag Archives: NBG

Commercial Banks’ Net Profits Grow by 13.2%

In 2015 net profits of Georgia-based commercial banks marked 527.394 million GEL, up 13.2% compared to 2014. Namely, the net profits of commercial banks made up 474.808 million GEL in 2014, according to the statistics of the National Bank of Georgia (NBG). In 2015 revenues of commercial banks constituted 3.454 …

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Georgia’s Renewed Banknotes Will Circulate From Today

Renewed banknotes will appear in Georgia from February first, 20, 50 and 100 GEL banknotes are changed in color and size. The new money will depict the same iconic faces but will have a vastly different and more vibrant look with additional elements. The 20 GEL note has brighter red color, …

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Online Credit Companies Issue Credits with 1100% Interest Rate

Online credits in Georgia yield annual efficient interest rates from 500% to 1100%. However, these credit organizations do not lack clients and borrowers, anyway. The fact points to financial ignorance of the population and the fact extremely impoverished residents do not care for outcomes while trying to gain today’s piece …

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Turmoil around Financial Supervision Agency

Disputes around introducing the Financial Supervision Agency have surfaced again. The Constitutional Court of Georgia has abstained from passing a rush decision on the suspended agency. Essential court discussion has not been appointed yet. Meanwhile, the jobless staff of the Agency asks the Parliament to tackle issues with salaries and working conditions. …

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Foreign Exchange Reserves of Georgia Totals to 2.5 billion

Foreign exchange reserves georgia

Georgia owns Foreign exchange reserves of 2.5 billion USD by January 1, 2016. The growth amounts to 1,6% in December. While decline of 6,6% has been fixed year-over-year. NBG made intervention of $20 million in December, while brought $20-20 million in November and October. However, $26 960 000 were sold …

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The President Plans to Name Board Members of NBG Until the End of January

The President continues consultations for selection of board members of NBG and supposedly, it should be finished until the end of January, – George Abashishvili, head of Presidential Administration has declared about it to the reporters. The new candidate should replace George Kadagidze, president of National Bank of Georgia on …

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Georgia’s Banking Sector Looks to 2016 with Optimism

The Fitch rating for the Georgian bank sector is “Stable”. This signifies considerable reserves of commercial banks will compensate the quality of assets affected by the GEL depreciation. The 36% devaluation was the main challenge in 2015. The bank sector has showed steadiness amid the GEL depreciation, GDP growth slowdown …

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Economist Assesses Georgia’s Devaluated Economy in 2015

GEL Devaluation

The GEL exchange rate depreciation is considered a main economic event in 2015. Until October 2015, the national currency was volatile and vulnerable to devaluation in relation to both EUR and USD. The GEL devaluation process broke out in autumn 2014. In the end, the national currency volatility period ended …

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NBG Strengthens Its Policy Rate By 50 Basis Points To 8.0%

The Monetary Policy Committee (MPC) of the National Bank of Georgia met on December 16, 2015 and decided to increase the refinancing rate by 50 basis points to 8.0 percent. The monetary policy decision is based on the macroeconomic forecast, according to which the tightening of the monetary policy by …

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National Bank of Georgia Launches Legal Document Search Program

National Bank of Georgia has launched online search portal to allow people to search for latest bank information and legal documents in the financial sector. The document search system will enable customers to search for documents by entering their required information into a search bar and several filters including status, …

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