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Money Transfers to Georgia Constituted 138 million USD in March

Money transfers to Georgia in March 2019 made up 138.4 million USD (371.4 million GEL), up 4.5% (+5.9 million USD), as compared to the same period of 2018. According to the official indicators of the National Bank of Georgia (NBG), Russia ranks first in terms of money transfers to Georgia …

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TBC Bank Withdraws all Court Cases Against the National Bank of Georgia

Over the last few days, we have had detailed discussions around events concerning TBC Bank. Regarding this, NBG announces the following: Announcement from TBC Bank  Since TBC Bank takes into account the possible damage to the country’s investment image and respects the role of the National Bank, as a qualified …

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Net Profits of Commercial Banks Totaled 119.1 million GEL in December

Net profits of the Georgian banking sector made up 119.1 million GEL in December 2018, down 22% compared to December 2017. According to the National Bank of Georgia (NBG), the sector’s net profits in December 2017 was 152.56 million GEL. Untaxed profits in December 2018 constituted 136.495 million GEL. A total …

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TBC Bank Being Investigated by Georgia National Bank

TBC Bank Group Plc said on Wednesday that its unit was being investigated by the National Bank of Georgia (NBG) and the country’s office of public prosecution, relating to certain transactions that took place in 2007 and 2008. The investigation alleges that certain transactions between TBC Bank’s unit in Georgia …

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Koba Gvenetadze: Competition Law should not Apply to Financial Sector

Koba Gvenetadze

The competition law should not be applied to the financial sector. The sector is regulated by National Bank of Georgia (NBG). Consequently, no additional regulations are required, the NBG President Koba Gvenetadze said. At the same time, Gvenetadze rejected the spread information as if the insurance supervision services had been …

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National Bank Buys 132.5 million USD at Currency Auction YTD

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

Starting January 2018 National Bank of Georgia (NBG) bought 132.5 million USD at currency auctions. This year the NBG purchased foreign currency 12 times, 8 times in 2017. The NBG has not sold USD over the past 2 years. In 2016, a total of 24 currency auctions were held and …

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The National Bank Of Georgia Became The Associate Member of IOSCO

NBG

For the National Bank of Georgia membership of the International Organization for Securities Commissions (IOSCO) is a significant step forward in terms of capital market development. International Organisation of Securities Commissions is an association of organisations that regulate the world’s securities and futures markets. Members are typically primary securities and/or …

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Finance Sector Regulations Postponed for 2019

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

According to BM.Ge information, the finance sector regulations will take effect on January 1, 2019. The regulations were to come into force on November 1, 2018. After consultations with the finance sector, the National Bank of Georgia (NBG) postponed the enforcement date for November 15, however, according to the last …

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