TBC Capital Becomes Member of Tashkent Stock Exchange

The Mountain Trails Agency (M.T.A.), part of Georgia’s Ministry of Economy and Sustainable Development, has announced that the Kokhta Plateau cable car and piste will be the first to open this season, operating daily from 10:00 to 17:00.According to M.T.A., artificial snow-making operations are in full swing at Bakuriani’s Didveli and Mitarbi ski areas, with both scheduled for a phased opening of the pistes from December 27.As for Gudauri, Mestia, and Goderdzi resorts, cable car operations are scheduled to commence from December 27, whilst ski pistes will open in phases according to weather conditions and snow cover.“Gudauri, the country’s largest ski resort, will activate six of its cable cars on December 27: Pirveli, Soliko, Gudaura, Kobi, Firni, and Truso. Pistes will then open progressively as snow cover permits, with artificial snow-making continuing in parallel.In Svaneti, the Zuruldi cable car at Hatsvali ski area will also begin operations on December 27. Both Hatsvali and the neighbouring Tetnuldi resort will open their pistes in phases, depending on weather conditions and snow depth. Meanwhile, Goderdzi resort will launch its Zanka cable car on the same date,” states the press release from the Mountain Trails Agency of Georgia’s Ministry of Economy and Sustainable Development.Season pass holders and day visitors to Bakuriani will be able to purchase lift tickets from December 20 at the Kokhta ticket office. Online bookings will become available from December 23 through multiple platforms, including TKT.GE, BILETEBI.GE, SKIPASS.GE, Super App, and MOUNT App. All platforms will offer tickets for Gudauri, Bakuriani, Mestia, and Goderdzi resorts across various categories.“The 2025–2026 winter season holds particular significance for the Mountain Resorts Development Agency, as Georgia will host the Freeride World Tour for the third time. The event will take place in Svaneti, at Tetnuldi, from February 22 to 28 inclusive (subject to weather conditions), featuring 50 of the world’s elite freeriders.Georgia joins an exclusive group of just six countries, alongside France, Spain, Switzerland, Austria, and the United States, to have secured hosting rights for the Freeride World Tour.“Hosting this event is of paramount importance for raising the international profile of Georgia’s mountain resorts and advancing winter sports tourism,” the M.T.A. stated.“In recent years, Georgia has successfully hosted World Cup stages in ski cross, snowboard cross, and moguls. The Freeride World Tour will once again place our mountain and ski resorts firmly on the map for winter sports enthusiasts worldwide,” stated the Mountain Trails Agency of Georgia’s Ministry of Economy and Sustainable Development.

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"We urge the government to rethink this educationally harmful proposal and to engage with allstakeholders in Georgia’s higher educational system" - This is stated in the letter from foreign professors to Irakli Kobakhidze, Prime Minister of Georgia."On October 16, you announced a National Reform Concept for Higher Education, consisting of seven major components. In this document and in your speech, you and your government assure Georgian citizens that the National Reform Concept will improve efficiency and quality in Georgian higher education and promote equal access for students. We agree there are longstanding problems in the Georgian higher educational system: universities and institutes are nder-resourced (in 2025, Georgian government spending on higher education was 0.3% of GDP); faculty are underpaid, working two to three jobs to feed their families; government supported research and scientific laboratories have become practically non-existent; and unemployment among university graduates stimulates a massive out-migration abroad every year.The measures you propose in the National Reform Concept for Higher Education will not solve any of these problems. Rather, they will increase government control over the higher educational sector. Management will be placed in the hands of rectors and administrators beholden to the government. University autonomy, and with it, faculty control over academic programs and curricula will be severely weakened. University budgets will be reduced even further, and the removal of dissenting faculty will become easier as part of the reorganization. The “reform” will close the last sphere in Georgia which is open to healthy dissent. A well-functioning university system which incorporates critical thinking, selfgovernment, academic freedom, well-funded research opportunities, and international exchange is vital to growing the Georgian national economy. Without universities where information is freely shared and research freely pursued, the Georgian economy will not thrive.We are international scholars from universities around the world. We are concerned about other measures undertaken by your government which have led to the imprisonment of faculty and students for peacefully defending their rights. Your proposed National Reform Concept for Higher Education will not only nullify Georgia’s democratic progress but will limit the prospects of your citizens, who you were elected to represent. Higher education provides the state with engaged citizens and professionals, who along with working people, will ensure the country’s survival and prosperity in an increasingly competitive global order.We urge the government to rethink this educationally harmful proposal and to engage with all stakeholders in Georgia’s higher educational system to create a genuine reform that will improve the lives of Georgian citizens and those of their children", - It is stated in the letter signed by:1. Professor Stephen Jones, Davis Center, Harvard University2. Professor Ronald Suny (Emeritus), University of Michigan, University of Chicago3. Professor Erik R. Scott, University of Kansas4. Prof. Dr. Hubertus Jahn (Emeritus), University of Cambridge5. Professor Catriona Kelly FBA, Senior Research Fellow, Trinity College, University of Cambridge6. Prof. Dr. Ulf Brunnbauer, Leibniz Institute for East and Southeast European Studies, Regensburg (Germany)7. Professor Kelly O'Neill, Harvard University8. Professor Roy Allison, St. Antony's College, University of Oxford9. Professor Donald Rayfield (Emeritus), Queen Mary College, University of London10. Professor Stephen Neil MacFarlane (Emeritus), University of Oxford11. Lincoln Mitchell, Columbia University12. Professor Florian Mühlfried, Ilia State University13. Professor Paul Manning, Trent University, Canada14. Professor Maia Chankseliani, University of Oxford15. Professor Charles Urjewicz (Emeritus) (INALCO, Paris, France)16. Professor Oliver Reisner, Ilia State University Tbilisi17. Professor Michael Rochlitz, University of Oxford /Director of the Oxford Georgia Programme18. Dr Alexander Morrison, Fellow and Tutor in History, New College, Oxford19. Professor Jeremy Smith, University of Eastern Finland20. Professor Guido Hausmann, Leibniz Institute for East and Southeast European Studies21. Professor Edmund Herzig, Professor of Persian Studies, University of Oxford22. Professor Bruce Grant, New York University23. Professor Jonathan Wheatley, Oxford Brookes University24. Professor Mirja Lecke, University of Regensburg, Germany25. Ambassador William Courtney (US, Retired)26. Ambassador Kenneth Yalowitz (US, Retired)27. Professor Timothy Blauvelt, Ilia State University28. Professor Julie George, CUNY and Columbia University29. Professor Robert Kindler, Freie Universität Berlin30. Prof. Dr. Theocharis Grigoriadis, Freie Universität Berlin31. Dr Tamara Dragadze, Visiting Professor, University of Westminster32. Professor Michael David-Fox, Director, Center for Eurasian, Russian and East European Studies, School of Foreign Service, Georgetown University33. Dr Michel Abeßer, Assistant Professor, University of Freiburg, Germany34. Prof. Dr. Stefan Applis (Friedrich-Alexander University Erlangen-Nuremberg)35. Prof. Dr. Matthias Theodor Vogt, Dr. h.c. (Pécs University), Dr. h.c. (Ilia State University Tbilisi), Director Institut für kulturelle Infrastruktur Sachsen36. Dr Michael H. Cecire, Affiliated Scholar, Center for Eurasian, Russian and East European Studies, Georgetown University37. Professor Dan Healey (Emeritus), University of Oxford38. PD. Dr. Kirsten Bönker, Nordost-Institut an der Universität Hamburg39. Professor Anne Meneley, Trent University40. Prof. Dr. Susanne Frank, Humboldt University of Berlin41. Prof. Dr. Riccardo Nicolosi, LMU University Munich42. Dr Riccardo Mario Cucciolla (University of Naples l'Orientale, Naples, Italy)43. Professor Alex Krouglov, UCL SSEES (University College London, School of Slavonic and East European Studies)44. Lesia Rubashova, Assoc. Professor, Research and Educational Center of Foreign Languages, National Academy of Sciences of Ukraine45. Dr Rasmus Nilsson, Lecturer, UCL SSEES (University College London, School of Slavonic and East European Studies)46. Dr Peter Braga, Lecturer, UCL SSEES (University College London, School of Slavonic and East European Studies)47. Prof. Dr. Thomas Ertl, Freie Universitaet, Berlin48. Prof. Dr. Marc Junge, University of Erlangen, Germany, department for Eastern European history49. Professor Pamela Davidson, Russian literature, UCL SSEES (University College London, School of Slavonic and East European Studies)50. Dr. Philipp Christoph Schmädeke CEO Akademisches Netzwerk Osteuropa, aknoe.V., Director SCIENCE AT RISK Emergency Office51. Professor Richard Mole, Political Sociology, UCL SSEES (University College London, School of Slavonic and East European Studies)52. Olivia Bailey, language coordinator, UCL SSEES (University College London, School of Slavonic and East European Studies)53. Dr Jessie Barton Hronesova, Lecturer, UCL SSEES (University College London, School of Slavonic and East European Studies)54. Dr Jakub Beneš, UCL SSEES (University College London, School of Slavonic and East European Studies)55. Prof. Dr. F. Benjamin Schenk (University of Basel)56. Professor Katie Campbell, King's College, University of Cambridge57. Professor Anke Hilbrenner, Institute for Historical Sciences, Heinrich Heine University, Düsseldorf, Germany58. Megi Kartsivadze, University College London59. Dr Hans Gutbrod, Ilia State University60. Professor Riccardo Nicolosi, LMU University Munich61. Dr. Mike Loader, University of Glasgow, UK62. Dr Yuliya Yurchuk, Assistant Professor, Södertörn University, Sweden63. Professor Antoon de Baets, em. University of Groningen (The Netherlands)64. Professor Gesine Drews-Sylla, Neuphilologisches Institut - Slavistik, Julius-Maximilians Universität Würzburg65. Dr Abraham Florin, Associate Professor in Political Science at the Faculty of Communication of the National University of Political Science and Public Administration, Bucharest

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According to the investment bank, the country's economy will grow by 6% in 2026. G&T expects foreign exchange inflows to increase from tourism. The income from which will reach 4.9 billion USD. Investment Sentiment will be positively affected by the stability of the GEL and the slowdown in the inflation rate.According to G&T's forecast, economic growth is expected to be within 5.5% in the medium term.However, risks remain, mainly related to political and geopolitical uncertainties.

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Zakaradze noted that key milestones were achieved at both airports during the year. Passenger traffic at Tbilisi International Airport exceeded 5 million for the first time in history, while Batumi International Airport surpassed one million passengers in October. She highlighted peak daily records, including 21,959 passengers and 97 flights at Tbilisi Airport on August 12, and 8,446 passengers across 35 flights at Batumi Airport on August 24.The growth rates further underscore the strong recovery and expansion of Georgia’s aviation sector. Passenger traffic at Tbilisi Airport increased by 13% year-on-year and by 45% compared to the pre-pandemic period, while Batumi Airport recorded 30% annual growth and a 96% increase compared to 2019, described as an unprecedented result.According to 2025 data, 61 airlines currently operate flights to 67 destinations from Tbilisi and Batumi airports. Over the past year, eight new airlines entered the Georgian market, including Air Serbia, British Airways, EasyJet, Edelweiss, Transavia France, Vision Air, Fly Khiva, and Air Samarkand, further expanding connectivity and supporting continued passenger growth.

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As expected, in line with the NBG’s central scenario, inflation has begun to normalize, standing at 4.8 percent in November. Meanwhile, long-term inflation expectations remain firmly anchored within the target, as reflected in relatively sticky price indicators. In particular, core inflation, which excludes the most volatile components of the consumer basket, such as food, energy, and tobacco, stood at 2.3 percent in November. Service sector inflation also remains near the target, at 2.6 percent. Inflation, which currently remains above the 3 percent target, continues to be driven by food prices, partly reflecting a low base effect from the previous year as well as exogenous factors. According to the central scenario, other things equal, the increase in food prices is expected to have only a temporary impact on inflation, with its effects gradually dissipating. At the same time, overall demand is gradually converging toward its long-term potential, as anticipated, thereby moderating demand-side pressures on prices. In light of the above, under the central scenario, inflation is projected to average 4 percent in 2025, and from the second quarter of 2026 it is expected to converge toward the target, averaging 3.5 percent on an annual basis.Given the high uncertainty, upside risks to inflation are more pronounced, while downside risks continue to remain. Accordingly, the Monetary Policy Committee (MPC) considered both high-inflation and low-inflation risk scenarios, along with the central scenario, and the risks operating in different directions were taken into account in the decision-making process.The high-inflation risk scenario considered by the MPC envisages, on the one hand, that flexible price inflation (particularly food inflation) will remain elevated for a prolonged period. In turn, a sustained deviation of headline inflation from the target could put upward pressure on inflation expectations. Furthermore, under this scenario, against the backdrop of ongoing global developments, changes in international commodity prices also remain a notable factor. In particular, amid a deteriorating geopolitical situation, oil prices are expected to rise above the levels assumed in the central scenario, with corresponding spillovers to the domestic market. A stronger-than-expected intensification of economic fragmentation also poses an inflation risk, as it could disrupt supply chains and contribute to higher global inflation. The realization of these risks requires a tightening of monetary policy.On the other hand, the MPC considered a low-inflation risk scenario, where the realization of the risks would shape the development of fundamental factors in a way that requires a lower trajectory of the monetary policy rate compared to the central scenario. In particular, at this stage, current conditions in the domestic labor market are putting downward pressure on prices, which strengthens the possibilities of developing a low-inflation scenario. At the same time, a prolonged period of a weak position of the U.S. dollar, together with declining food prices in international markets, would put downward pressure on headline inflation through lower imported goods prices.As a result of macroeconomic analysis and the assessment of the aforementioned scenarios, the MPC has considered it optimal to maintain a moderately tight monetary policy stance and kept the policy rate unchanged at 8 percent. Upcoming decisions on the monetary policy rate will depend on updated data and the realization of risks. According to the central scenario, the NBG will continue the normalization of monetary policy only after the current one-off factors have been fully dissipated and inflation converges the target level. However, should inflation persist above the target for an extended period due to various one-off factors, the MPC stands ready to maintain the current tight stance for longer than expected and, if necessary, to tighten it further.The NBG will use all available instruments to maintain price stability. This means keeping the overall price level increase close to the 3 percent target over the medium term.The next meeting of the Monetary Policy Committee will be held on February 11, 2026.

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According to the economic activity, the highest monthly earnings were observed in the following fields: Information and communication – 4 212.9 Gel (increased by 5.9 percent compared to the corresponding period of the previous year) Construction – 3 682.9 Gel (increased by 15.2 percent) Financial and insurance activities – 3 526.0 Gel (increased by 10.7 percent) Mining and quarrying – 3 154.3 Gel (increased by 30.6 percent) In the third quarter of 2025, the average earnings for women equaled 1 797.4 GEL, while for men, they were 2 738.1 GEL. The annual earnings growth amounted to 146.8 GEL (8.9%) for women and 287.1 GEL (11.7%) for men. In all sectors, men’s average monthly earnings were higher than women’s.In the third quarter of 2025, the average monthly earnings of employees in the business sector increased by 230.8 GEL (10.5%) and equalled 2,420.9 GEL. According to the economic activity, the highest monthly earnings were observed in Information and communication (4 277.5 GEL, increased by 5.2 percent compared to the corresponding period of the previous year) and Construction activities (3 687.6 GEL, increased by 15.1 percent).In the third quarter of 2025, compared to the same quarter of the previous year, the average monthly earnings of employees in the non-business and financial sector increased by 187.4 GEL (10.3%) and amounted to 2 000.9 GEL. According to the economic activity, the highest monthly earnings were observed in the Financial and insurance activities.Tbilisi and Mtskheta-Mtianeti regions are leading regions by the amount of average earnings.

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The mission noted Georgia’s high economic growth dynamics, as well as the decline in the unemployment rate, and highlighted the country’s stable macroeconomic indicators. The mission expects the Eurobond refinancing to proceed smoothly next year.The Mission also welcomes the Government’s intention to implement the reform of state-owned enterprises, within the framework of which significant progress has been achieved in terms of fiscal risk management and financial supervision of state-owned enterprises.The meeting discussed the negotiations envisaged under the IMF’s Articles of Agreement (Article IV), which are scheduled for March 2026.The meeting was attended by Deputy Ministers of Finance Giorgi Kakauridze and Ekaterine Guntsadze, Vice Presidents of the National Bank Ekaterine Mikabadze and Ekaterine Galdava, Deputy Minister of Economy and Sustainable Development Vakhtang Tsintsadze, and representatives of the National Bank and the IMF Mission.

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GeoStat reported that exports amounted to USD 6,618.1 million, a 10.1% rise, while imports stood at USD 16,598.1 million, up 9.3%.The report also highlights a negative trade balance of USD 9,980 million for January-November 2025, representing 43.0% of Georgia’s total foreign trade turnover.

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