Construction Permits for Residential Spaces Decline by 10% – TBC Capital

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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With regard to the annual core inflation, the prices increased by 4%, while the annual core inflation without tobacco amounted to 3.9%.The annual inflation rate was mainly influenced by price changes for the following groups:Transport: the prices for the group increased by 21.9 percent, contributing 2.54 percentage points to the overall index. Within the group the prices increased for operation of personal transport equipment (30.3 percent), transport services (14.5 percent) and purchase of vehicles (1.7 percent);Food and non-alcoholic beverages: the prices in the group increased by 3.1 percent, contributing 1.07 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fish (20.2 percent), meat (7.6 percent), oils and fats (7.0 percent), coffee, tea and cocoa (5.7 percent), vegetables (4.1 percent), bread and cereals (4.0 percent), milk, cheese and eggs (0.6 percent). At the same time, prices decreased for fruit and grapes (-4.5 percent), sugar, jam, honey, chocolate and confectionery (-3.3 percent), mineral waters, soft drinks, fruit and vegetable juices (-1.2 percent);Housing, water, electricity, gas and other fuels: the prices for the group increased by 10.1 percent, contributing 0.98 percentage points to the overall index. The prices were higher for the subgroups of actual rentals for housing (12.8 percent), maintenance and repair of the dwelling (11.9 percent), electricity, gas and other fuels (10.6 percent);Health: the prices increased by 8.4 percent, contributing 0.69 percentage points to the overall index. The prices were higher for the following subgroups: out-patient services (11.7 percent), medical products, appliances and equipment (9.4 percent);Education: the prices for the group decreased by 12.0 percent, contributing -0.53 percentage points to the overall annual inflation rate. The prices decreased for tertiary education (-32.9 percent). At the same time, prices increased for pre-primary and primary education (8.8 percent), secondary education (6.6 percent) and education not definable by level (5.5 percent).

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Lion Finance Group (BGEO LN) shares closed at GBP 120.30/share (-0.25% w/w and -16.28% m/m). More than 299k shares traded in the range of GBP 119.60 - 127.20/share. Average daily traded volume was 60k in the last 4 weeks. The volume of BGEO shares traded was at 0.70% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 45.48/share (-3.64% w/w and -15.54% m/m). More than 284k shares changed hands in the range of GBP 45.48 - 50.05/share. Average daily traded volume was 58k in the last 4 weeks. The volume of TBCG shares traded was at 0.51% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 43.60/share (+5.19% w/w and -7.33% m/m). More than 234k shares traded in the range of GBP 41.40 - 46.00/share. Average daily traded volume was 39k in the last 4 weeks. The volume of CGEO shares traded was at 0.71% of its capitalization.

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The International Conference on Digital Finance brings together representatives from the financial sector, the business community, international financial institutions, and technology companies. The event serves as a platform for discussing the development of digital finance, the implementation of innovations within the financial sector, and the deepening of international cooperation, as well as for sharing experiences.In her welcoming remarks, Nino Jeladze discussed the development of Georgia’s economy and financial sector, the country’s investment appeal, and its potential to emerge as a regional financial hub. Georgia’s geographical location and its historical role as a link between Europe and Asia offer the country the opportunity to become a significant hub for regional financial integration and cross-border cooperation."Georgia’s banking sector is well-capitalized and liquid, providing a solid foundation to support the country’s economic growth. Furthermore, Georgian banks are expanding their operations beyond national borders and strengthening their regional presence. In 2025, approximately 33% of the foreign direct investment (FDI) in Georgia was directed toward the financial sector - a testament to international investors' confidence in the development potential of both the sector and the country," noted Nino Jeladze.At the conference, the Vice-Governor of the National Bank of Georgia (NBG) discussed the steps taken by the NBG to foster the development of financial innovations.This includes the implementation of a licensing framework for digital banks, under which three digital banks are already operating in Georgia, as well as the establishment of a comprehensive framework for the mandatory registration and supervision of Virtual Asset Service Providers (VASPs), which has led to the registration of over 40 providers, including international operators. Nino Jeladze also highlighted the specific regulatory framework for the initial offering of stablecoins, which sets out requirements regarding market access, reserve backing, transparency, and consumer protection. According to her, the National Bank’s objective is to combine the promotion of innovation with clear regulations and effective supervision, thereby fostering trust in digital finance and ensuring the resilience of the financial system."The future of finance entails more than just the adoption of new technologies. It involves creating a financial system that is more accessible, efficient, sustainable, and reliable. At the National Bank of Georgia, we recognize that innovation and financial stability must go hand in hand. It is our responsibility to foster an environment where new ideas can emerge, businesses can thrive, and consumers can benefit from better financial services, all while ensuring the integrity, security, and stability of the financial system," noted Nino Jeladze.

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The number of employees in Research and Development increased by 2.2 percent and amounted to 16 552, of which 14 390 were researchers. 55.1 percent of researchers are women and 44.9 percent are men.67.5 percent of researchers have a doctoral or equivalent degree, 29.8 percent - a master’s or equivalent degree and 2.7 percent - a bachelor’s or equivalent degree.As for the distribution of researchers by age, the highest rate for women falls in the age group of 45-54 years (22.9%), while for men it falls in the age group of 65 years and older (24.4%).The largest share of researchers work in social sciences, totalling 3 250 (22.6%), while the smallest share work in agricultural and veterinary sciences, where 474 persons (3.3%) are employed.

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In September 2026, compared to the same period of the previous year, significant contributions to growth came from the following sectors: construction, information and communication, mining and quarrying, trade, and financial and insurance activities.A downward trend was observed in the manufacturing and the administrative and support service activities sectors.

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In 2025, the "travel" category accounted for the largest share of service exports, totaling $4.69 billion and representing 54.7% of total service exports. Transport services rank second with $1.74 billion (20.4% of total exports), while telecommunications, computer, and information services rank third with $1.37 billion (16%).In terms of service imports for 2025, transport services represent the largest category, amounting to $2.24 billion or 58.1% of total imports. Travel ranks second with $460.8 million (11.9% of imports), followed by "other business services" in third place with $340.2 million (8.8% of imports).In 2025, the top ten export destinations accounted for 54% of Georgia's total service exports. The largest export destinations are: Turkey – $958.6 million Russia – $899.2 million Israel – $686.3 million In 2025, the top ten import partner countries accounted for 46% of Georgia's total service imports. The largest import sources are: Turkey – $556.9 million China - $210.9 million USA - $182.6 million

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Highlighting established energy arteries and new clean energy ventures, Kobakhidze underscored the continental importance of the bilateral energy alliance.“Energy represents another critical dimension of the strategic relationship between Georgia and Azerbaijan. Jointly executed projects, including the Baku–Tbilisi–Ceyhan oil pipeline, the Baku–Tbilisi–Erzurum gas pipeline, the Baku–Supsa pipeline, and the Southern Gas Corridor, have for many years ensured the reliable transit of energy resources and strengthened both regional and European energy security.Furthermore, Georgia, alongside Azerbaijan, Romania, and Hungary, is actively developing the Green Energy Corridor, designed to transmit renewable energy and closely integrate the South Caucasus into the European energy market,” the Prime Minister added.Kobakhidze noted that the bilateral agenda encompasses extensive cooperation across defence, culture, education, agriculture, healthcare, tourism, and customs administration.“We stand ready to reinforce existing links and foster new joint initiatives. Prime Minister, today’s session allows us to review our shared achievements, examine current challenges, and agree on future priorities. I am confident that the commission’s work will advance concrete projects and unlock new opportunities for both our nations,” Kobakhidze concluded.

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