Finance

Khutsishvili presented Georgia's strategic goals to AIIB governors at a business session

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Tbilisi (GBC) - During the Asian Infrastructure Investment Bank’s annual meeting, Minister of Finance Lasha Khutsishvili delivered a speech at the bank’s governors’ business session.

He highlighted Georgia’s recent economic growth, efforts to maintain macroeconomic stability, and progress in structural reforms.

Khutsishvili emphasised Georgia’s role as a founding member of the AIIB, underscoring the importance of ongoing cooperation with member countries. He reaffirmed Georgia’s commitment to active engagement with the bank.

“Georgia has demonstrated exceptional resilience and is steadily progressing towards its strategic goals, including completing key infrastructure projects, enhancing connectivity along the Middle Corridor, and developing human capital. Over the past four years, Georgia’s economy has grown at an average annual rate of over 9.5 per cent and is expected to maintain high growth into 2025. In this challenging environment, our priorities remain macroeconomic stability, mitigating adverse impacts, and ensuring the sustainability of structural reforms and strategic investments,” Khutsishvili stated.

The minister also outlined prospects for future collaboration, highlighting the significance of digital finance, climate-smart infrastructure, and measures to support the private sector.

Khutsishvili extended his gratitude to the Government of the People’s Republic of China for hosting the event, as well as to the AIIB and its leadership for their support of Georgia. He expressed readiness to deepen cooperation to advance shared objectives and strengthen Georgia’s role as a strategic connector between Europe and Asia.

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NBG Buys Another $245 Million on Bmatch

The volume of reserves as of 01.06.2025 is $4.6 billion.According to the regulator, the NBG is focused on replenishing its reserves. It buys dollars when the market allows for purchases.The foreign exchange interventions carried out by the NBG in 2025 look like this: January-February - No net purchases were made through Bmatch March - Net purchases through Bmatch 101.7 million USD April - Net purchases through Bmatch 266.4 million USD May - Net purchases through Bmatch 245.4 million USD The National Bank of Georgia will announce the June purchases at the end of July. Updated data will be published on July 25, 2025.

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Loan rates are rising

As of May, 1.054 billion GEL remains on the current accounts of foreign companies (01.04.2025 -1.231 billion), and of this, only 69 million (65.5%) are denominated in GEL. The share of foreign currency has decreased annually. In the same period last year, dollarization exceeded 88%.In April, there was a decrease of 200 million GEL on the balances.In the reporting month, the equivalent of up to 2.4 billion GEL of foreign currency was withdrawn (or transferred) from foreign currency accounts. 726 million GEL from the salary.Withdrawal should not be understood in a negative context, the company used it for a specific purpose. Maybe it was transferred to a deposit.

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Norway Accuses Georgian Government of “Unprecedented Attack on Democra...

In a statement published on social media platform X (formerly Twitter), Norway expressed serious concern over the political climate in Georgia, urging the authorities to respect fundamental freedoms and the rule of law.“Norway calls for the release of those unjustly detained and for an end to the repression of civil society, free media, and freedom of speech in Georgia,” the ministry stated. The recent arrests of several opposition leaders in Georgia represent an unprecedented attack on Georgia's democracy.Norway calls for the release of those unjustly imprisoned, and an end to repressive actions against civil society, free media, and freedom of speech in Georgia. — Norway MFA (@NorwayMFA) June 25, 2025 The criticism comes amid a wave of arrests of opposition leaders who failed to appear before the so-called “Tsulukiani Commission”, a parliamentary body set up to investigate alleged foreign influence and “anti-state activities.”A total of seven prominent political figures have been detained in recent weeks, including current and former leaders of major opposition parties: Giorgi Vashadze (Strategy Agmashenebeli) – arrested June 24, sentenced to 7 months Mamuka Khazaradze (Strong Georgia) – arrested June 23, sentenced to 8 months Badri Japaridze (Strong Georgia) – arrested June 23, sentenced to 8 months Nika Gvaramia (Coalition for Change) – arrested June 13, sentence not disclosed Nika Melia (Coalition for Change) – arrested May 29, sentence not disclosed Zurab Japaridze (Coalition for Change) – arrested May 22, sentence not disclosed Irakli Okruashvili (former Minister of Defense) – arrested May 14, sentence not disclosed

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Number of transactions of residential flats reflected 7.2% YoY increas...

As of May 2025 the weighted average price of newly-built flats in Tbilisi has increased by 13.5% in the suburbs compared to May 2024, 8.9% growth was observed in the wide centre , while in the city centre 6.8% increase was witnessed. The growth is mostly driven by the primary market, where weighted average price increased by 15.2% citywide (some primary transactions are registered late, resulting in a price growth trend that does not reflect reality.) In the secondary market of newly built apartments, the weighted average price across the city increased by 5.7%.As of May 2025 in Tbilisi the weighted average price of old flats has increased by 9.5% in the city centre compared to May 2024, in the wide centre 1.4% growth was witnessed, while in the suburbs the weighted average price increased by 3.8%.In May 2025, in Tbilisi the number of transactions of residential flats amounted to 3,437 units, reflecting 7.2% YoY increase. Market size increased by 21% standing at USD 261 millions. Note: The methodology of price analysis has been updated for new projects, which has resulted in changes in 2022-2025 figures.

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Studio Liberty Launches Summer Mortgage Offer

The summer offer applies to both new mortgage loans and refinancing of existing loans from other banks. Studio Liberty members will have access to individually tailored terms any currency.„Taking out a mortgage loan is one of the most important steps in a person’s life, and that’s why we place great importance on the experience that comes with this decision.Alongside privileged conditions, Studio Liberty’s offer includes the high-quality, personalized support of a Studio Banker.Our goal is to help each customer make a decision that fully reflects their financial goals and lifestyle.” – Ledi Kochlamazashvili, Head of Personal Banking and Customer Value Creation Department at LibertyCustomers interested in the summer mortgage offer can contact the Studio Liberty’s remote service center for an initial consultation: +995 32 2 55 55 05.

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Balances on individuals’ accounts are decreasing

The turnover on current foreign exchange accounts exceeded the equivalent of 1.760 billion GEL. Of which, up to 123 million falls on Adjara. Significant activity is observed in April. In the previous month (03/2025) it was almost 2 times less - 65.5 million.In total, as of 01.05.2025, the balance on current GEL accounts of individuals who are citizens of Georgia in the region is 31.1 million, and the equivalent of 49 million GEL in foreign exchange.In total, there are 1.3 billion GEL in retail depository accounts in the country, including the equivalent of 810 million GEL in foreign exchange.According to analysts, this does not mean that the entire resource is put into circulation. Citizens may have cashed out some of it. Some of it was transferred to a term deposit account or other instrument.

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Turnover on foreign companies' accounts is decreasing

As of May, 1.054 billion GEL remains on the current accounts of foreign companies (01.04.2025 -1.231 billion), and of this, only 69 million (65.5%) are denominated in GEL.The share of foreign currency has decreased annually. In the same period last year, dollarization exceeded 88%.In April, there was a decrease of 200 million GEL on the balances.In the reporting month, the equivalent of up to 2.4 billion GEL of foreign currency was withdrawn (or transferred) from foreign currency accounts. 726 million GEL from the salary.Withdrawal should not be understood in a negative context, the company used it for a certain purpose. It may have been transferred to a deposit.

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Khutsishvili presented Georgia's strategic goals to AIIB governors at...

1750938640 • Finance

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Politics

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Norway Accuses Georgian Government of “Unprecedented Attack on Democra...

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EU Officials Condemn Arrest of Georgian Opposition Leaders as Threat t...

EU Enlargement Commissioner Marta Koss described the arrests as “an attack on Georgia's democratic foundations, which are eroding day by day,” in a statement posted on social media platform X (formerly Twitter).“I stand with those fighting for a free and pluralistic society in Georgia and call on the Georgian authorities to release all journalists, activists and unjustly detained individuals,” Koss wrote.Echoing her concerns, Anita Hipper, the EU’s Chief Spokesperson for Foreign and Security Policy, said the detentions reflect a politically motivated crackdown that contradicts the values expected of a country pursuing EU candidate status.“Georgia: Politically motivated prosecution and detention of opposition leaders goes against basic democratic values,” Hipper posted. “This is an authoritarian tactic—the opposite of what is expected from an EU candidate country. Georgian Dream must stop using the justice system as a weapon.”The criticism comes in response to the June 23 arrest of two opposition leaders, Mamuka Khazaradze and Badri Japaridze, founders of the Strong Georgia party. They were sentenced to eight months in prison and banned from holding public office for two years for failing to appear before the parliamentary “Tsulukiani Commission.”In total, seven opposition leaders have now been detained in connection with the commission, including: Giorgi Vashadze, leader of Strategy Builder, Zurab “Girchi” Japaridze, Nika Melia, and Nika Gvaramia from the Coalition for Change, Givi Targamadze, veteran opposition figure, Irakli Okruashvili, former Minister of Defense.The wave of arrests has sparked widespread concern among civil society groups, international observers, and the diplomatic community, particularly as Georgia faces increasing scrutiny over its democratic trajectory amid ongoing EU integration efforts.

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Giorgi Vashadze Sentenced to Seven Months in Prison

The ruling was delivered on June 24 by Judge Nino Galustashvili, despite a request from Vashadze’s legal team to postpone the session so the defendant could deliver a final statement. Vashadze did not attend the court hearing and instead awaited the verdict at his party’s headquarters, where he was joined by political allies and Georgia’s fifth president, Salome Zurabishvili.The charges stem from Vashadze’s failure to appear before the Temporary Investigative Commission established by the ruling Georgian Dream party. He was prosecuted under Article 349 of the Criminal Code, which penalizes noncompliance with such a summons and carries a sentence of up to one year in prison or a ban from public service for up to three years. Vashadze had previously posted 50,000 GEL bail, which was paid within the legal deadline.The verdict against Vashadze follows a wave of similar rulings targeting high-profile opposition leaders. On June 23, the court sentenced Lelo party leaders Mamuka Khazaradze and Badri Japaridze to eight months in prison, also banning them from holding office for two years. The two were detained outside their party office and handcuffed in public, prompting strong domestic and international criticism.Also sentenced on June 23 was Zurab Girchi Japaridze, leader of the “For Change” coalition, who received the same 7-month prison sentence and a two-year political disqualification.The coordinated sentencing of opposition figures has triggered concern among civil society organizations, with 40 NGOs recently warning that Georgia is "sliding toward authoritarianism." International voices, including UK Minister of State Stephen Dowty, have called for the immediate release of political prisoners and urged the ruling party to cease suppressing dissent.As more verdicts loom and protests intensify, observers warn that these developments could have a chilling effect on Georgia’s democratic institutions and further strain the country’s relationship with Western partners.

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UK Minister Urges Georgian Dream to End Repression and Release Politic...

In a statement posted on X (formerly Twitter), Dowty criticized the imprisonment of Mamuka Khazaradze, Badri Japaridze, and Zurab Girchi Japaridze, labeling their detention a “step taken to block electoral competitors.”“The imprisonment of influential opposition politicians in Georgia for boycotting parliament is a step taken to block their competitors in the elections,” Dowty wrote.On June 23, Tbilisi City Court sentenced Lelo party leaders Khazaradze and Japaridze to 8 months in prison, along with a 2-year ban from holding public office. Both were detained outside their party headquarters and escorted in handcuffs.The same day, Zurab Japaridze, leader of the “For Change” coalition, was also sentenced to 7 months in prison and similarly barred from holding public office for two years. All three politicians were convicted for refusing to appear before a parliamentary investigative commission, established by the Georgian Dream majority and chaired by Vice Prime Minister Tea Tsulukiani.They were charged under Article 349 of the Georgian Criminal Code, which penalizes noncompliance with parliamentary commission requests and is punishable by a fine, imprisonment for up to one year, or disqualification from public office for up to three years.On June 24, the Tbilisi City Court is expected to deliver its verdict in the case of Giorgi Vashadze, leader of the Strategy Agmashenebeli party. Vashadze, who also declined to appear before the same commission, has chosen not to attend the court hearing and will instead await the ruling at his party office, where opposition leaders and former President Salome Zurabishvili have gathered in solidarity.Vashadze, who faces identical charges, was released earlier on 50,000 GEL bail, which he paid on time.

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Tbilisi City Court sentences Lelo's Khazaradze to eight months in pris...

Additionally, the court imposed a two-year ban on Khazaradze holding public office. Judge Zviad Sharadze announced the verdict; Khazaradze did not attend the hearing.The case was referred to the Prosecutor’s Office on March 25 after Khazaradze refused to appear before the Temporary Investigative Commission tasked with examining the activities of the regime and political officials from 2003 to 2012. He was formally indicted on April 1. As a preventive measure, he paid a bail of GEL 50,000 within the legally prescribed timeframe.A verdict is also expected today in the case of Lelo co-leader Badri Japaridze, who was similarly ordered to pay a bail of GEL 50,000.In response to the ruling, Khazaradze stated that no form of intimidation would deter his political movement.“We may face different decisions or even imprisonment today, but regardless of the outcome, I want to send a clear message to Bidzina Ivanishvili: neither I nor my team are afraid of you. This is a fight for the future of our country — for freedom, for integration with the democratic world, and not with the countries whose leaders your so-called Prime Minister attends funerals for.We entered politics to stand against injustice. For five years, they’ve been trying to imprison us with a 12-year sentence. We did not leave the country then, and we will not leave now.The fight continues. Our team is ready. We will see this through to the end. I also want to express my solidarity with Zura Japaridze — our friend and comrade-in-arms. No matter where we are, we will keep fighting. The only way forward for this country is to free it from occupation once and for all — and we will do it,” Khazaradze stated.