According to the document, the volume of loans issued by commercial banks (excluding interbank loans) in June 2024 increased by 966.17 million GEL or by 1.71% compared to the previous month (exchange rate effect excluded, increased by 1.67%) and constituted 57.34 billion GEL by the end of June 2024.The volume of loans in national currency increased by 785.90 million GEL (2.56%) and the volume of loans in foreign currency increased by 180.28 million GEL or by 0.70% in the same period (exchange rate effect excluded, increased by 0.60%).By the end of June 2024, the total volume of national currency denominated loans to resident legal entities issued by commercial banks amounted to 9.36 billion GEL (4.21% more compared to the previous month), and foreign currency denominated loans constituted 16.55 billion GEL (1.05% more; exchange rate effect excluded volume of lending in foreign currency increased by 0.94%).During June 2024, the volume of lending to resident household sector increased by 1.31% or 382.81 million GEL, and constituted 29.52 billion GEL by the end of June 2024.Larization ratio for total loans constituted 54.83% by the end of June 2024 and increased by 0.45 percentage point (exchange rate effect excluded, increased by 0.48 percentage point), compared to the end of May 2024.

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According to the document, the total volume of non-bank deposits in the country′ s banking sector increased by 3.49% or by 1.85 billion GEL (exchange rate effect excluded volume of deposits increased by 3.36%), compared to the end of May 2024 and constituted 54.83 billion GEL by the end of June 2024. In June, the volume of term deposits increased by 885.53 million GEL (by 3.84%; exchange rate effect excluded volume of term deposits increased by 3.69%). Demand deposits increased by 965.10 million GEL (by 3.23%; exchange rate effect excluded volume of demand deposits increased by 3.10%).The larization ratio of total non-bank deposits constituted 50.95% by the end of June 2024 and increased by 0.74 percentage point (exchange rate effect excluded by 0.80 percentage point) compared to the end of May 2024.

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Business lending remains a key strength for Basisbank, solidifying their position among the top three lenders in the country. The credit portfolio for legal entities reached over 1.85 billion GEL, demonstrating their commitment to supporting businesses.  Individuals also benefited from Basisbank's growth, with the personal loan portfolio reaching 828 million GEL.Deposits showed similar positive trends. The overall deposit portfolio grew by 461 million GEL year-over-year to reach 2.37 billion GEL. This growth was driven by both businesses and individuals, with deposits from legal entities increasing by 143 million GEL and deposits from individuals increasing by 318 million GEL compared to the same period last year.Basisbank's subsidiaries, BB Leasing and BB Insurance, also performed well. BB Leasing's credit portfolio exceeded 34.9 million GEL, reflecting a remarkable 59% growth year-over-year. BB Insurance mirrored this success with premiums collected reaching 14.8 million GEL, representing a significant 57% increase compared to the same period last year.Overall, Basisbank's profitability remained strong. Their net profit exceeded 41 million GEL as of June 30, 2024, with a healthy Return on Assets (ROA) of 2.31% and a Return on Equity (ROE) of 14.61%."Basisbank is committed to achieving stable development and solidifying its position within the financial market," stated David Tsaava, General Director of Basisbank. "The robust growth in our financial indicators is a testament to the strength of our credit portfolio. Supporting businesses is a core strategic focus, as it contributes to the nation's economic vitality. We are proud of the growing number of businesses we partner with and remain dedicated to their success. With a 30-year legacy of growth and development, Basisbank is firmly established as a leading financial institution, promoting financial accessibility. The recent confirmation of our long-term credit rating at 'B+' with a 'positive' outlook by Fitch Ratings underscores the high level of trust placed in Basisbank. As a growth-oriented institution, Basisbank remains committed to delivering exceptional banking experiences for our customers in the years to come."

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The placement and payment and calculation agent of the aforementioned bond issuance is "Alpha Capital Advisory" LLC. The legal advisor of the transaction is "BLC Law Firm" LLC."Liberty Bank continues to advance its institutional development, evolving into a complex and sophisticated financial institution. As we progress, the bank is poised to attract interested investors, offering them the opportunity to become integral to our success story.The results of our core transformations in recent years are evident, as reflected in the bank's profitability. We are confident that by issuing subordinated bonds, Liberty Bank will further solidify its position in the financial market, advancing with increased momentum and innovative products. On behalf of the management team and the supervisory board, I extend my gratitude to our agent, Alpha Capital Advisory, and the entire Liberty team for making this achievement possible." – Vato Babunashvili, the CFO and Deputy CEO of JSC Liberty Bank."It should be noted that this debt security is the first inaugural, public issuance of the company in the capital market of Georgia. JSC "Liberty Bank" is one of the first banks that will seek financing in the local capital market through public bond issuance. The aspiration of Liberty Bank to provide business growth financing through the capital market is welcomed, which in turn, we believe, will contribute to deepening further diversification of funding and capitalization in the banking sector - and in turn strengthening the sector.We hope that in order for the company to achieve its goals, the activity of qualified investors will be high. I would like to thank the management, supervisory board and shareholders of JSC "Liberty Bank" for their contribution to the development of the sector and the capital markets of Georgia. Lastly, this transaction represents the third security transaction in the banking sector by Alpha Capital Advisory, as an independent player in the capital markets of Georgia. As an independent player in the market, we hope to contribute to the development of the capital markets through many more interesting and innovative transactions and introducing new issuers to the market." – announced Irakli Elashvili, the managing partner of Alpha Capital Advisory LLC.

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"During the inspection period, there were 2 (two) cases of incorrect submission of requested information/documentation by the microfinance organization to the National Bank of Georgia during the inspection period. In accordance with Article 3, Clause 3, Sub-Clause "P", the microfinance organization is fined in the amount of 2,000 (two thousand) GEL for each violation. And, for 2 (two) cases of the mentioned violation, a total of 4,000 (four thousand) GEL.In total, Microfinance Organization "Family Credit" LLC was fined - 10,000 (ten thousand) GEL," - NBG statement reads.The owners of Microfinance Organization "Family Credit" LLC are: Vitaly Rulevsky (25%, citizen of Ukraine), Vasyl Antemiichuk (25%, citizen of Ukraine), Nino Dzhelzedze (17%), Lia Maghularia (17%) and Vakhtang Khetsuriani (16%). The director of the microfinance organization is Diana Balkhamishvili.

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Furthermore, TBC Capital favored measure of sentiments – the daily estimates for the structure of the deposits by the currencies, recently looks to be another important driver of the GEL regaining its value together with recently relatively higher EUR/USD, - according to Weekly Update From Chief Economist.As of the document, it difficult to project if GEL strengthens further, despite the net inflows are strong, the sentiments are volatile."Nevertheless, what we can say is that if there are expectations for the GEL depreciation to take place after the elections, to a large extent those should be priced in earlier. As for the other 2 GEL pillars, we stick to the REER as broadly neutral, with the same holding for the inflation one.Therefore, we keep an overall broadly neutral stance as a baseline with some marginal and temporary weakening, if needed, the NBG having room to intervene to support the GEL. However, also keeping in mind that unless the USD slides further, further possible appreciation pressures will probably result in higher central bank international reserves, rather than material GEL appreciation against the USD", - the document reads

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Founded in 2021 by directors Mariam Khachvani and Teimuraz Chkhvimiani, the Svaneti Film Festival has grown to be a significant cultural event in Georgia and a recognized part of the global film festival circuit. This year, Mestia welcomed filmmakers from around the world.Among the distinguished guests was Swedish director Ruben Ostlund, a Cannes Palme d'Or winner and Oscar nominee, who received the festival's honorary award.The festival's competition program showcased international short films and featured presentations of international full-length and short-length projects.The festival's main award, the Goddess Dali Prize, was given in two categories:- Best Film: "It's Not Far Here," directed by Temur Chopliani (Georgia)- Best Director: Kim Torres for "The Moon Will Protect Us" (Costa Rica)Additional awards included:- Award for Best Project: "Redeem Me" by Rachel Hananashvili (Israel)- Georgian Project Award: "Gravity" by Tea Vatsadze (Georgia)- Special Mention: "Abastumani" by Mariam Karkashadze (Georgia)

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Nestled on Green Cape within an ecological haven, Greenwood Hotel offers proximity to the Batumi Botanical Garden. The hotel's 74 meticulously designed rooms provide guests with a choice of captivating sea or garden vistas, many complemented by private verandas and indulgent Jacuzzis. Each accommodation boasts a contemporary aesthetic, seamlessly blending refined details with modern conveniences, including high-speed internet. Greenwood Hotel's luxurious accommodations, coupled with its rejuvenating spa, inviting pool, and exceptional culinary offerings, create an idyllic retreat for a tranquil escape."Greenwood Hotel is an idyllic Black Sea retreat, where nature's splendor, invigorating air, and breathtaking vistas converge to create unforgettable memories. The harmonious blend of forest and sea, coupled with the hotel's inviting ambiance, fosters an irresistible desire to return. I am thrilled that Basisbank was an essential partner in bringing this remarkable project to fruition and am confident that our collaborative journey, supported by the bank's exceptional team, will flourish," expressed Greenwood General Manager Sofiko Megrelishvili."Basisbank is a steadfast supporter of Georgia's booming hotel industry. Our strategic investment in these projects underscores our unwavering commitment to fostering a robust private sector, a cornerstone of the nation's economic prosperity. We take immense pride in our role as catalysts for growth in the dynamic Adjara region and reaffirm our dedication to serving as a dependable financial partner," declared Gigi Gabunia, Commercial Director of Basisbank.

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The panel focused on how AI and innovation can boost productivity and create opportunities for inclusive economic growth. Mikabadze highlighted the potential of these technologies to transform the economy, while acknowledging the challenges they present."Strategic use of AI and innovation can significantly increase productivity and drive inclusive economic growth," Mikabadze said. "AI automates tasks, provides data-driven insights, and enables new business models, fostering efficiency and innovation across industries. However, to ensure everyone benefits from AI, strategies for inclusive growth, digital inclusion, workforce development, and ethical use principles are crucial. Through collaboration and thoughtful policy reforms, we can build a promising future in the age of AI."Ekaterine Mikabadze emphasized data privacy and security as paramount challenges in the age of AI.  She highlighted the need for rigorous adherence to privacy standards when processing personal data with AI. Additionally, new types of model and operational risks emerge with AI, necessitating the development of clear risk management frameworks by regulators.The discussion also addressed the rising investments in AI research and development by financial institutions. These institutions are actively developing novel AI-based business models and implementing automation solutions within their organizations.Mikabadze shared information about the National Bank of Georgia's own AI initiatives.

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In June 2024, the volume of money transfers from abroad constituted USD 281.1 million (GEL 794.3 million), which was 20.9% (USD 74.3 million) less than the amount in June 2023.96.5% of the total money transfers from abroad came from 25 largest partner countries, with the volume of transfers from these countries each exceeding USD 1 million in June 2024. In June 2023 the share of these 25 countries constituted 96.6% of the total volume of money transfers.Remittance Statistics For June 2024 - Top 20 CountriesRussian Federation - USD 49 million; decline of 62% y-o-yUSA - USD 48 million; decline of 22% y-o-yItaly - USD 46 million; decline of 6% y-o-yGermany - USD 22.4 million; decline - 9% y-o-yGreece  - USD 21.8 million; decline - 6% y-o-yIsrael - USD 20 million; decline - 0% y-o-yKazakhstan - USD 11 million; decline (-)37% y-o-yTurkey - USD 8 million; decline (-) 25% y-o-ySpain - USD 6 million; decline of 15% y-o-yIreland - USD 5.5 million; decline of 28% y-o-yKyrgyzstan - USD 5.1 million; decline of 36% y-o-yFrance - USD 5 million; decline of 4% y-o-yUnited Kingdom - USD 4 million; decline (-4%) y-o-yAzerbaijan - USD 3.2 million; decline (-7%) y-o-yPoland  - USD 2.9 million; decline 7% y-o-yCanada - USD 2.3 million; decline of 2% y-o-yCyprus - USD 1.8 million; decline (-) 7% y-o-yUnited Arab Emirates - USD 1.8 million; declien of 7%Netherlands - USD 1.6 million; decline of 3% y-o-ySaudi Arabia - USD 1.4 million; decline of 7% y-o-y

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