U.S. Embassy in Georgia Issues Statement on Temporary Suspension of Immigrant Visas

According to the Agency’s assessment, following a decline in export volumes during the period 2021-2024, the hazelnut market demonstrated positive export dynamics in 2025. In January-October 2025, the volume of exported hazelnuts increased by up to 18% compared to the corresponding period of the previous year. At the same time, a slight decrease was observed in the Herfindahl–Hirschman Index (HHI) and in the market shares of leading companies.The analysis also reveals an upward trend in average product prices. After a period of declining prices during 2020-2022, when the lowest average price was recorded in 2022 at GEL 13 per kilogram, export prices increased to GEL 17 per kilogram in 2024. In 2025, the average price reached GEL 23.4 per kilogram, representing a 35% increase compared to the corresponding ten-month period of the previous year.Based on the Agency’s assessment, no risks of violations of competition legislation have been identified in the hazelnut market. The export segment is characterized by a low level of concentration, the presence of a large number of exporting undertakings, and the absence of a dominant position.For the purpose of assessing the competitive environment, the Georgian Competition and Consumer Agency initiated monitoring of the hazelnut market in 2023. Georgian hazelnut exports are primarily destined for Italy, followed by Germany, Spain, Armenia, and other markets.GCCA continues to monitor the hazelnut market, along with other strategically important markets.

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Sulkhan Gvalia, acting as the Group and Bank of Georgia’s Chief Financial Officer (“CFO”), has decided to step down from the executive role from March 2026 to transition to a new stage in his life, following a 20-year tenure with the Group. He will remain a non-executive member on the supervisory boards of the Group’s various subsidiaries, including Ameriabank, the Group’s banking subsidiary in Armenia.Sulkhan will be succeeded by Giorgi Shagidze, who will be appointed Group CFO, responsible for Group finance and international growth, and Deputy CEO, Chief Financial Officer of Bank of Georgia (subject to regulatory approval). Giorgi joins from his recent role as CEO of maib, Moldova’s largest bank. Since 2021, he has led a bank-wide agile and digital transformation, strengthening digital capabilities, embedding a customer-centric culture, and delivering strong and consistent financial performance, alongside strong growth in market share and digital engagement. This comprehensive transformation significantly enhanced the bank’s institutional strength and long-term value. Giorgi’s broad banking experience includes serving as Deputy CEO and CFO of TBC Bank Group, where he played a key role in the Group’s IPO and the early stages of its expansion into Uzbekistan, as well as previously working as a Global Operations Executive at Barclays PLC. He holds an MBA from the University of Cambridge, is a CFA charterholder, and is a graduate of the Stanford Executive Program at Stanford Graduate School of Business.Furthermore, Giorgi Gureshidze, who has successfully led Bank of Georgia’s Mass Retail Banking direction since March 2025, has been promoted to the position of Deputy CEO, subject to regulatory approval.Archil Gachechiladze, Group and Bank of Georgia CEO, commented: “I would like to thank Sulkhan for his dedicated service and invaluable contributions to our success. He has been a pivotal member of the executive team, successfully leading our finance function and helping to build our business and culture. I am delighted that he will remain with the Group in a nonexecutive role.I am also very pleased to welcome Giorgi Shagidze to the team. His successful tenure as CEO at Maib provides him with deep experience in leading ambitious digital transformations and developing customer-focused banking. Giorgi's new role will concentrate on enhancing the finance function and pursuing international growth opportunities. I believe his insights, leadership qualities, and knowledge of the broad region will enrich the whole team.Finally, I would like to congratulate Giorgi Gureshidze on his well-deserved promotion. Under his leadership, Bank of Georgia’s mass retail business has consistently delivered strong results and grown from strength to strength. I wish him success in his new position.”

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According to the National Bank of Georgia’s data, as of December 2025, 4% of GEL-denominated loans for cafes and restaurants are non-performing (compared to 3.5% last year), while 11.4% of EUR-denominated loans are problematic (up from 8.4% in 2024).Out of GEL 377.5 million in bank loans to cafes, restaurants, and fast-food outlets, over GEL 15 million is non-performing. Meanwhile, of the USD 233 million equivalent loans, USD 26.5 million is problematic.Restaurant owners report a decline in customers and rising costs, making it difficult to sustain their businesses.

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Ordinary shares with a nominal value of £0.01 were granted to managers as deferred shares under the bank’s remuneration scheme, meaning they will be gradually vested over several years according to their contracts.A total of 20,393 ordinary shares were allocated to 6 managers, with the transaction closing on the London Stock Exchange on January 9.At the current London Stock Exchange price of £39.65 per share, the total value of the bonus shares is approximately £0.8 million.For reference, last year, bonus shares for work performed in 2024 were granted to both senior and mid-level managers for the first time. Last year’s recipients included Oliver Hughes, Bidzina Matsaberidze, Gvantsa Murghvliani, and Nikoloz Gvaberidze, with the largest allocation going to Vakhtang Buchvrikidze.For the 2025 work year, the fixed remuneration in shares was distributed as follows:

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As a result of these infringements, the undertakings subject to the notification obligation were collectively fined a total amount of GEL 70,000.In two of the three cases, the obligation to submit a notification applied to the same undertaking. In addition to the imposition of fines, the respective parties were instructed to submit the relevant concentration notifications to the Agency.The infringements concerned the acquisition by LLC “ITN” of 20% ownership interests in LLC “Horeca Delivery” and LLC “Gastronom Georgia”, as well as the acquisition by the Non-Entrepreneurial Legal Entity New Vision University of a 40% ownership interest in LLC Mtskheta Medical Center (currently operating as LLC “New Vision University Hospital-Mtskheta”).In case of bypassing the Competition Agency subject to the mandatory notification, before the Agency reviews the notification or despite the negative conclusion, the person with the obligation to submit the notification shall be fined. Concentration is subject to notification to the Agency if the aggregate (total) joint income of its participants on the territory of Georgia, exceeds 20 million GEL and the joint income of at least two persons participating in the concentration exceeds 5 million GEL for the previous financial year. The fee for reviewing a merger notification is 5,000 GEL.In 2025, the GCCA granted clearance to 18 concentrations, while the review of one concentration notification remains ongoing.

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According to the agency, the average export price per litre of Georgian wine rose in 2025 compared to 2024, reaching USD 2.98. In the previous year, this figure was USD 2.91.Among strategic markets, the highest average export price per litre is in the United States, at USD 6.17, followed by Japan at USD 5.77, South Korea at USD 5.26, Great Britain at USD 5.19, Germany at USD 4.73, China at USD 3.14, and Poland at USD 2.50.Levan Mekhuzla, Chairman of the National Wine Agency, stated that the agency is actively working to enhance the quality of Georgian wine, which is expected to lead to an increase in the average export price.“Amid intense global competition, Georgian wine must be distinctive, of the highest quality, with unique properties. We need to start caring for this from the vineyard, and maintain those standards throughout the entire production process,” said Levan Mekhuzla.

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He suggested that this urban development initiative could contribute roughly 5% to Georgia’s economic growth, based on his past projects, which he claims had a fourfold impact on host countries’ economies. The calculation considers investments in materials, logistics, and hiring specialists, including architects.Alabbar also highlighted the project’s potential impact on tourism, projecting at least 500,000 additional visitors.

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In December, all three portfolios delivered similar performance, each gaining nearly 0.9%.The year 2025 proved to be one of the best for the Pension Fund portfolios. Among them, the dynamic portfolio achieved the highest growth over the year, while the balanced and conservative portfolios also showed strong returns: Dynamic – 15.2% Balanced – 13.3% Conservative – 11.8% Since its inception on August 6, 2023, the dynamic portfolio has also led in cumulative returns, with a 14.2% yield. The balanced and conservative portfolios recorded cumulative returns of 13.1% and 11.8%, respectively.By the end of December, the Georgian Pension Fund’s assets exceeded GEL 8.2 billion, while the generated income surpassed GEL 2.2 billion.

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