Construction Cost Index up by 6% year-on-year in September

“The National Bank first initiated investments in monetary gold in 2024. Diversifying reserve assets and managing them effectively remains one of the NBG’s strategic priorities. Investing in monetary gold aims to diversify international reserves and safeguard them against volatility across global financial markets,” the statement read.Alongside the expanding gold portfolio, Georgia’s gross international reserves hit an all-time high of USD 8.25bn in October 2026. This represents a 47.2 per cent increase year-on-year and a month-on-month rise of USD 82.6m.Reserve adequacy metrics have also strengthened significantly. Under the International Monetary Fund’s Assessing Reserve Adequacy (ARA) metric, Georgia’s reserves stand at 130 per cent, comfortably surpassing the IMF’s recommended benchmark of 100 per cent.The central bank reiterated its long-term policy of accumulating international reserves while maintaining efficient asset management and diversification. The NBG actively replenishes foreign exchange reserves when market conditions are favourable, reporting net market purchases of USD 3,370.7m over the first nine months of 2026 (January–September).The NBG is scheduled to publish its next updated reserve figures on 7 December 2026.

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The 3Q 2026 Dividend will be payable in Pounds Sterling to ordinary shareholders of TBC Group on the register of members at the close of business on the record date of 8 January 2027, pursuant to the following timetable: Ex-Dividend Date: 7 January 2027 Record Date: 8 January 2027 Currency Conversion Date: 15 January 2027 Payment Date: 5 February 2027 The Georgian Lari to Pound Sterling exchange rate that will apply to the 3Q 2026 quarterly dividend payments on the conversion date of 15 January 2027 will be the average exchange rate of the National Bank of Georgia for the period of 11 January 2027 to and including of 15 January 2027 (5 days average).

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Regarding the index components, future business expectations significantly outperform the assessment of the current situation. Specifically, the index for the current business situation stood at 29.7 points, while the index for expectations over the next six months reached 68.6 points. Both figures fall within the positive zone (on a scale from +100 to -100), indicating that the share of companies with a positive outlook exceeds that of companies with a negative outlook.By sector, the employment barometer rose by 3.8 points compared to the second quarter. The highest expectations for employment growth were recorded in the construction (+44.8) and manufacturing (+22.2) sectors. In contrast, a downward trend in employment was observed in the services (-9.8) and trade (-2.6) sectors.According to the survey, the majority of the companies polled also hold an optimistic outlook regarding investment activity. 68% of the companies expect an increase in total investments in 2026, 27% believe that investments will remain unchanged, while only 4% forecast a decline.The BAG Index is a joint project of the Business Association of Georgia (BAG), the PMC Research Center, and the German ifo Institute for Economic Research, published on a quarterly basis.The survey in question was conducted between September 1 and September 16, 2026.

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Present in 53 countries worldwide, Erborian is known for brings together Korean skincare expertise, French sophistication and advanced cosmetic technologies. Founded in 2007, the brand gained international recognition through its iconic BB and CC creams, which combine skincare and makeup benefits. Today, Erborian continues to expand its portfolio with innovative formulas designed to meet evolving skincare needs.Inspired by Korean beauty traditions, Erborian incorporates ingredients such as Ginseng, Centella Asiatica, Bamboo, Yuzu and Korean snow mushroom into its innovative skincare formulations.The brand's arrival in Georgia further expands PSP's K-beauty portfolio. Since introducing its first Korean skincare brand, Mizon, to the Georgian market in 2018, PSP has become the official and exclusive local partner of more than 10 Korean beauty brands: Mizon, Missha, A'pieu, Village 11, Dermafirm, Manyo, Round Lab, COSRX and Beauty of Joseon.Erborian’s arrival in Georgia marks another step in expanding access to internationally recognized K-beauty brands for local consumers. Georgian consumers can now discover Erborian's skincare range across PSP's pharmacy network."As Georgia's leading pharmacy brands, PSP continues to introduce Georgian consumers to leading international K-beauty brands and emerging skincare innovations. With Erborian now available in our network, customers can discover the brand and explore its range of products.With its distinctive blend of Korean skincare heritage, French sophistication and contemporary innovation, Erborian continues to bring its unique beauty philosophy to consumers around the world. Now, Georgian consumers can experience it through PSP's pharmacy network”, - PSP representatives stated.(R)

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DemandIn Sep-26, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 4,330 units (+8.0% y/y), of which: Sales on the secondary market increased slightly by 2.1% y/y to 2,163 (up 14.0% y/y in 9M26). Sales on the primary market, where data are impacted by delayed registrations, were up 14.5% y/y to 2,167 (up 19.9% y/y in 9M26). According to the survey of developers, which captures current trends on the primary market, showed that demand on the primary market remained solid despite a 26.6% y/y decline from the high base of Sep-25. Cumulatively, the number of apartments sold on the primary market was up 20.6% y/y in 9M26. In total, 35,033 transactions were registered in Tbilisi in 9M26, bringing the residential market value to US$ 3.2bn (+26.3% y/y).Supply In Sep-26, the area of issued permits continued to decline, down 39.6% y/y to 117,252 sq.m in 19 construction projects. Cumulatively, living area of permits issued in 9M26 declined by 7.6% y/y.Prices In Sep-26, primary market price increased moderately, up 0.2% m/m at US$ 1,434 per sq.m (+6.7% y/y). The average price on the secondary market (for new buildings built with permits issued from 2013) was down 0.9% m/m after two months of strong growth, reaching US$ 1,387 per sq.m (+5.9% y/y).Rents In Sep-26, price for renting an average (50-60 sq.m) apartment in Tbilisi increased by 8.6% m/m to US$ 11.3 per sq.m, reflecting a temporary rise in demand at the start of the academic year, lifting rental yield to 9.4%.

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The main theme of the summit was "Developing Regional Financial Corridors at the Intersection of Policy, Finance, and Technology." The event was co-organized by the National Bank of Georgia, the Ministry of Economy and Sustainable Development of Georgia, and the Singapore-based Global Finance & Technology Network (GFTN).The summit brought together high-ranking officials from various countries, leaders of central banks and investment firms, and heads of international financial institutions and leading technology companies. Their participation provided a platform for discussing global financial trends, technological innovations, and prospects for regional cooperation.Over the course of the two-day summit, participants discussed key trends shaping the global financial sector, opportunities to strengthen regional financial connectivity, the development of cross-border payments, digital currencies, artificial intelligence, open banking, financial technologies, and ways to maintain financial stability amid geopolitical challenges. Particular attention was devoted to the development of regional financial corridors and the deepening of international cooperation.During the summit, the Governor of the National Bank of Georgia, Natia Turnava, spoke about the significance of the international event, noting that meetings of this scale provide Georgia with an opportunity to showcase its macroeconomic stability, economic growth, and investment potential to international partners. In her assessment, the summit was highly successful, particularly in terms of expanding opportunities for attracting international investment, given the participation of international investors and investment funds.The Vice Governors of the National Bank of Georgia, along with representatives of various NBG departments, actively participated in the summit. During panel discussions, they addressed the interoperability of regional payment systems, the development of cross-border payments, prospects for the banking sector, and the strengthening of regional financial ties. A key focus of these sessions was enhancing cooperation with international partners and exploring new opportunities for financial sector development.A major highlight of the Tbilisi Finance Summit was the signing of memorandums of understanding and the launch of new initiatives aimed at deepening international cooperation.Specifically, a Memorandum of Understanding on establishing a scholarship program for future leaders in financial technology was signed by Tbilisi State University, Pave Bank, a digital asset and institutional bank, and the Singapore-based Global Finance & Technology Network (GFTN). The agreement provides for the launch of a Georgia-Singapore exchange program, offering Georgian students the opportunity to study at Singapore Management University (SMU) and gain exposure to the international fintech ecosystem.The summit also featured AIFC Connect: Tbilisi 2026, an event organized by the Astana International Financial Centre, the National Bank of Georgia, and GFTN, with the support of the Embassy of the Republic of Kazakhstan. The meeting aimed to deepen financial cooperation between Georgia and Kazakhstan, expand mutual access to capital markets, and facilitate cross-border investments.The summit also hosted the Global Use of RMB event, organized by Bank of China, the National Bank of Georgia, and GFTN. The event aimed to promote international investment and financing opportunities in Chinese yuan (RMB) and strengthen financial cooperation between China, Georgia, and other countries.During the summit, the National Bank of Georgia and Bank of China signed an agreement under which Bank of China will provide the NBG with essential services for conducting operations in the China Interbank Bond Market (CIBM). This will enable the National Bank of Georgia to expand its investment operations in the Chinese bond market.The event also hosted the Demo Day of the international Fintech Hackathon, during which local and international participating teams presented technological solutions to challenges facing the financial sector. Teams that won in various categories received cash prizes awarded by GITA, along with opportunities to attend global technology events in Dubai and Singapore.The Tbilisi Finance Summit is an important international platform that strengthens the global positioning of Georgia's financial sector, promotes regional cooperation, fosters innovation, and creates new investment opportunities. The summit is set to become an annual event, continuing to foster international dialogue and strengthen cooperation across the financial sector.

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As part of the assessment, the Agency examined the relevant product markets for the construction of residential and non-residential buildings, as well as the construction of hydroelectric power plants. The GCCA also evaluated potential horizontal overlaps in the market for the construction of solar power plants.The market analysis established that the target undertaking is not currently active in the construction of solar power plants, maintaining only a prospective project in this sector. Consequently, the transaction is not expected to alter the market’s Herfindahl-Hirschman Index (HHI). Furthermore, solar power plant construction accounted for a negligible share of LLC “Peri”’s aggregate service volume in Georgia in 2025. In view of these findings, the Agency concluded that a more detailed assessment of this market was unnecessary.Regarding the construction of hydroelectric power plants, the overall market volume reached GEL 596,476,037 in 2025, with an HHI of 525.8, indicating a low-concentration market structure. The Agency's evaluation confirmed that the concentration results in no change to the market structureRegarding the market for the construction of residential and non-residential buildings, 286 undertakings operated in the sector in 2025. Total market volume amounted to GEL 3,521,049,167, with an HHI of 938.85, reflecting a moderately concentrated market. The Agency confirmed that the proposed transaction will not alter the market structure or competitive dynamics.On the basis of this analysis, the Agency concluded that the concentration does not significantly affect competition in the relevant markets and is compatible with the competitive environment.FYI: In accordance with Georgian legislation, concentration is subject to notification to the Agency if the aggregate (total) joint income of its participants on the territory of Georgia, exceeds 20 million GEL and the joint income of at least two persons participating in the concentration exceeds 5 million GEL for the previous financial year. In case of bypassing the Competition Agency subject to the mandatory notification, before the Agency reviews the notification or despite the negative conclusion, the person with the obligation to submit the notification shall be fined.In 2026, the GCCA approved a total of 13 concentrations.

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For violations of AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) legislation, the largest fine - 98,000 GEL - was imposed on "Moneto Change" LLC (owned by Ana Gegelia), which failed to record 14 transactions in the electronic system.The violations and misconduct by the other five entities ("Pagaa," "Moneta," "Tetri," "Lobzhanidze," and "Mariamidze") are nearly identical. The regulator accuses these market participants of violating rules concerning monitoring, record-keeping, and reporting.In most cases, transactions at these currency exchange points were not archived or entered into the electronic system. Furthermore, services were repeatedly provided without proper verification.This year, the NBG has announced sanctions against approximately 70 currency exchange booths. Some of these entities are now forced to exit the market or downsize their networks.Currently, there are 671 such points remaining in the market (compared to 720 previously).

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