National Bank Fines Flexi Capital GEL 19,000

Interest payments on the AZN 50 million (€25 million) one-year floating rate note reference the AZIR (the Azerbaijan Interbank Rate) index. The bond was lead-managed by ABB-İnvest İnvestment Company and Unicapital İnvestment Company. An application has been made for the bond to be listed on the Baku Stock Exchange.The proceeds of the successful issuance will support the EBRD’s AZN lending in Azerbaijan.AZIR was established by the Central Bank of Azerbaijan in May 2023 and modified in May 2025 with technical assistance from the EBRD, to provide a new money-market benchmark reflecting the average daily rate for one-day unsecured interbank transactions (often referred to as the “risk-free rate” or “RFR”). It supports effective liquidity management by Azerbaijan’s domestic banking sector and provides the central bank with an important indicator for monitoring monetary policy transmission.AZIR simplifies the calculation of interest payments for financial instruments and its introduction follows the launch of RFRs in other countries, including in the United Kingdom and the United States of America.The policy dialogue that culminated with this issuance began several years ago. Discussions highlighted the regulatory changes needed to strengthen Azerbaijan’s domestic capital market. This milestone launch was made possible by strong backing from the Central Bank of Azerbaijan and the close involvement of the Baku Stock Exchange and the National Depository Centre.The EBRD is the largest institutional investor in Azerbaijan. The Bank has invested over €3.6 billion in Azerbaijan across 200 projects in sectors including renewables, connectivity and sustainable infrastructure.

1759750499

Lion Finance Group (BGEO LN) shares closed at GBP 76.05/share (+2.29% w/w and +8.10% m/m). More than 226k shares traded in the range of GBP 74.00 - 77.30/share. Average daily traded volume was 64k in the last 4 weeks. The volume of BGEO shares traded was at 0.51% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 44.95/share (+2.51% w/w and +3.81% m/m). More than 462k shares changed hands in the range of GBP 43.80 - 46.30/share. Average daily traded volume was 112k in the last 4 weeks. The volume of TBCG shares traded was at 0.82% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 23.70/share (+0.85% w/w and +0.64% m/m). More than 264k shares traded in the range of GBP 23.10 - 24.60/share. Average daily traded volume was 58k in the last 4 weeks. The volume of CGEO shares traded was at 0.67% of its capitalization. 

1759750306

“A sad day for democracy in Georgia. OSCE/ODIHR unable to observe local elections, recommendations unaddressed. Regrettable use of violence. Repressive laws and jailing opposition leaders further undermine trust in Georgia’s elections,” the statement added. A sad day for democracy in Georgia. OSCE/ODIHR unable to observe local elections, recommendations unaddressed. Regrettable use of violence. Repressive laws and jailing opposition leaders further undermine trust in Georgia’s elections. pic.twitter.com/q2xf4ztG4j — Norway MFA (@NorwayMFA) October 5, 2025 The elections, held on October 4, 2025, saw the Georgian Dream party win all 64 municipalities, with some results reportedly reaching 100%.The vote took place amid ongoing protests in Tbilisi. Observers noted that international and domestic monitoring was largely absent, raising concerns about transparency and fairness in the process.Following the elections, all five members of a local organizing committee were arrested. Those detained include Paata Burchuladze, leader of the Rustaveli Avenue movement; Murtaz Zodelava, former UNM official; Irakli Nadiradze of the National Movement; Paata Manjgaladze of Strategy Builder; and Colonel Lasha Beridze.

1759750135

In September 2025, Georgia’s annual inflation reached 4.8%, up from 4.6% in August.The main contribution came from domestic inflation, which increased by 6.3% y/y (Aug: 6.6%), followed by mixed-goods inflation, which accelerated to 7.8% y/y (Aug: 6.3%). In contrast, imported goods prices declined further by 1.1% y/y.Meanwhile, core inflation, excluding food, energy, and tobacco, eased to 2.1% y/y in Sep-25, down from 2.8% posted in previous month.By categories, annual inflation in Sep-25 was largely driven by price increases in food and non-alcoholic beverages (+11.9% y/y, +3.89ppts), healthcare (+9.0% y/y, +0.76ppts), alcoholic beverages & tobacco (+4.1% y/y, +0.26ppts) and hotels & restaurants (+7.1% y/y, +0.23ppts) categories. Meanwhile, deflation was recorded in transport (-2.1% y/y, -0.26ppts), furnishings, household equipment & maintenance (-3.7% y/y, -0.21ppts), communication (-4.2% y/y, -0.14ppts) and clothing & footwear (-2.0% y/y, -0.13ppts). 

1759749964

According to the statement, the elections were held “amid a period of extensive crackdown on dissent.”“This Saturday in Georgia was the day of local elections, amid a period of extensive crackdown on dissent.Months of raids on independent media, the passing of laws targeting civil society, the jailing of opponents and activists or amendments to the electoral code favouring the ruling party, drastically reduced the possibility of having competitive elections. A large part of the opposition boycotted these elections, and the turnout was relatively low.In addition, the refusal by the Georgian authorities to invite international monitors in due time, in particular OSCE/ODIHR, undermined the transparency of the electoral process and prevented credible international monitoring. Domestic organisations also refrained from observing due to the repressive environment.Large numbers of people constantly protested the repressive policies of the governing party, Georgian Dream. We call for the release of all those arbitrarily detained.We urge calm and restraint in the post-election period and call on the authorities to uphold citizens’ rights to freedom of assembly and expression. A constructive and inclusive dialogue involving all political actors and civil society is essential, and we call on every side to refrain from violence.Finally, the European Union firmly rejects and condemns the disinformation regarding the EU’s role in Georgia and denounces the personal attacks against the Ambassador of the European Union to Georgia,” reads the statement released by the EU Delegation in Georgia.

1759749853

As a result of the transaction, the total voting rights of FIL Limited increased from 3,385,092 shares to 3,395,861 shares. Of this, 2,804,048 (previously - 2,818,956) are indirect voting rights, through companies under its control, and 591,813 (previously - 566,136) are voting rights through the CFD mechanism.It should be noted that a CFD is a derivative financial instrument that allows an investor to benefit from changes in the price of a share without directly owning it.

1759399731

The project aims to enhance RAI's operating efficiency by replacing outdated, energy-consuming equipment with state-of-the-art, energy-efficient technology, as well as optimizing natural gas and electricity consumption. The plant upgrades will also help improve the quality of fertilizers produced. The resulting improved quality of fertilizers will support agriculture in Georgia and regional countries, including Armenia, Azerbaijan and other ADB DMCs.The project will finance the following for RAI: (i) capital expenditures (capex) to modernize and refurbish an existing high-density ammonium nitrate (HDAN) production facility, and to support energy-efficient capex; and (ii) working capital. HDAN is a nitrogen-rich fertilizer used to promote vigorous plant growth and improve crop yields. The accompanying TA will support sustainable inclusive farming practices to improve climate resilience and productivity of farmers, including female farmers. It will also improve access to fertilizers, build farmers' functional financial literacy, and encourage the efficient use of fertilizers to preserve soil health.To remind, at the end of July, Rustavi Azot was also granted a loan of $65 million by the European Bank for Reconstruction and Development (EBRD) to build an ammonium nitrate plant. The funds are also intended to improve the energy efficiency of the existing facility.Rustavi Azot is one of the largest fertilizer and industrial chemical companies in Georgia. It has an annual production capacity of 550,000 tons of ammonium nitrate and serves customers in the region. The loan sponsor (project implementer) is RAI's parent company Excelus Holdings LLC, which in turn is a subsidiary of Indorama Corporation Pte Ltd. On January 10, 2023, Excelus Holdings LLC acquired a 100% stake in Rustavi Azot JSC.

1759399597

“Today is October 2. Exactly 30 years ago, on this day in 1995, the Lari was declared the sole legal tender throughout the entire territory of Georgia. Successes and challenges marked the past three decades. During this period, the Lari has fulfilled its primary role: to serve as a dependable and stable currency for economic transactions and the daily lives of our citizens. For each of us, the Lari symbolises freedom, unity and national identity. It worthily continues the 26-century history of Georgian currency, which began with the Kolkhi tetri and stands as clear testament to the ancient civilisation and rich economic heritage of Georgia’s territory. The very name of our currency comes from our history – ‘Lari’ is a word expressing property, treasure and wealth,” noted Natia Turnava.According to her, the introduction of the Lari was a milestone event in the country’s developmental history.“The Lari is one of the most significant symbols of our statehood. Moreover, it is the cornerstone of independent monetary policy. Following the restoration of Georgian statehood on April 9, 1991, the foundations were laid for an independent monetary and credit system in the country. Particularly noteworthy in this regard are the laws adopted on August 2 of that same year by the Supreme Council of the Republic of Georgia, ‘On the National Bank’, ‘On Monetary and Credit Regulation’, and ‘On Banks and Banking Activities’.It was precisely from this period that preparatory work officially began on creating the design, name and technical parameters of the Georgian currency. In this process, we must gratefully acknowledge the support and assistance of the International Monetary Fund. The IMF remains to this day one of our most important and trusted partners.Above all, the Lari brought us stability. Secondly, it strengthened our sovereignty. Subsequently, as an achievement of independent Georgia, it became a symbol of unity and freedom. Now is the time for a new chapter to be written in our history, and this will depend upon the actions we undertake. It will depend upon the trust of the Georgian people.I am pleased that public confidence in the Lari is growing, against a backdrop of economic stability, in which the consistent policy of larisation, effective monetary policy and supervisory approaches pursued by the National Bank undoubtedly play a major role. The tangible results are evident, whilst decades ago 70-80 per cent of deposits were held in foreign currency, today almost half of all deposits are in Lari (50 per cent), whilst larisation of deposits by residents of our country has increased even further, to 57 per cent,” stated Natia Turnava.According to the NBG Governor, it should be noted that the National Bank has marked this anniversary year of the Lari with numerous events and activities.“We hosted a major international forum, relaunched publication of our scientific-analytical journal, minted commemorative coins in the denominations of 5 Lari in gold, silver and copper-nickel, and issued a jubilee banknote in the denomination of 50 Lari.Furthermore, at the initiative of the National Bank, Georgian Post issued a thematic postal stamp, whilst the Georgian Public Broadcaster (GPB) produced a documentary film depicting the life and work of Iason Lortkipanidze, the first Governor of the State Bank of Georgia.This year, Economist’s Day in Georgia was traditionally marked with a conference dedicated to the 30th anniversary of the Lari’s entry into circulation. As part of the anniversary celebrations for the Lari, a range of activities are planned throughout the rest of the year, including initiatives in the educational sector.Once again, I congratulate all of Georgia on the 30th anniversary of the Lari. Everyone who was involved in the process of implementing monetary reform. Those who prepared the economic foundations for the introduction of the Georgian Lari and made even the smallest contribution to this most important undertaking for the Georgian state,” declared Natia Turnava.

1759399373