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Finance
Mortgage issuances to non-residents have increased

Mortgages in local currency have become cheaper.According to the National Bank of Georgia's monthly review, the interest rate on mortgage loans issued in the national currency decreased by 0.2 percentage points to 12.1%. There is a decrease compared to last year, last year it was 12.6%.The banks’ mortgage loan portfolio, as of 01.01/2026, is 13.4 billion GEL, of which 9.3 billion GEL was issued in GEL.Lending to non-residents increased in December. The equivalent of up to 40 million GEL was issued in foreign currency; 220 mortgage loans and 55 in GEL, a total of 8 million.

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"Ramazi" and "Likuna" fined with GEL 22 thousand

"Ramazi" LLC failed to ensure internal monitoring, with the appropriate electronic system. The currency exchange booth operated without internal instructions, due to which the entity was fined 3,000 GEL. One booth was also fined with 3,000 GEL for violating reporting requirements. The currency exchange point failed to submit the initial registration form to the Financial Monitoring Service within the established deadline."Likuna" LLC has also been sanctioned by the National Bank of Georgia for shortcomings in monitoring for the purposes of promoting the prevention of money laundering and terrorist financing. The kiosk delayed the financial monitoring and the software system failed to identify transactions that were suspicious, unusual or fragmented, resulting in a fine of 10,000 GEL.

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All three Georgian companies on the LSE showed steady growth

Lion Finance Group (BGEO LN) shares closed at GBP 100.90/share (+4.61% w/w and +8.44% m/m). More than 428k shares traded in the range of GBP 95.80 - 102.30/share. Average daily traded volume was 58k in the last 4 weeks. The volume of BGEO shares traded was at 0.99% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 42.50/share (+5.07% w/w and +4.04% m/m). More than 380k shares changed hands in the range of GBP 40.65 - 43.35/share. Average daily traded volume was 71k in the last 4 weeks. The volume of TBCG shares traded was at 0.68% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 33.75/share (+3.21% w/w and +8.52% m/m). More than 269k shares traded in the range of GBP 32.05 - 34.35/share. Average daily traded volume was 72k in the last 4 weeks. The volume of CGEO shares traded was at 0.77% of its capitalization. 

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Banks Received 50 MLN Less From Foreign Exchange Trade

Liberty Bank’s income is the most growing. In 2024, the income made up 5.5 million. In 2025, it exceeded 14 million. Significant growth has been recorded by Chinese capital "Basisbank" (L / Y - 17 million)) and Georgian "Cartu" (L / Y - 10.7 million).The profit of the Bank of Georgia and TBC is stable (2024 - 369 million, 356 million).TOP-7 banks by profit from buying and selling currencies (2025)

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Rating of MFOs by credit portfolio

As of 01.01./2025, up to 30 MFOs remain on the market, with assets of over 2 billion GEL and a loan portfolio of up to 1.9 billion GEL.The largest player in the MFO market is the pawnshop. The main product of the MFO "Rico" credit line is pawnshop, although the management believes that this does not at all detract from the financial institution.The management of MFOs points to the widespread practice in the market, instability, periodic adjustment of loan terms, including interest rates, from which the Rico pawnshop client is protected.According to the management, the advantage of Rico is reliability. He does not cheat the client and the rate is actually the lowest (18-24%).

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Non-Residents Cashless Spending in Hotels and Restaurants Surged by 40...

Hotel spending was largely driven by non-residents, who accounted for 86% of transactions, averaging GEL724 per transaction (+46% YoY). Residents accounted for 14%, with an average spend of  GEL201 (+14% YoY).Restaurant spending also surged, rising 42% YoY to an average transaction of  GEL36. Residents represented 68% of total restaurant spending, averaging GEL 27 (+26% YoY), while non-residents accounted for 32%, averaging  GEL 140 (+94% YoY), nearly five times the resident average.The data highlights the impact of tourism on Georgia’s hospitality sector, while domestic consumption also showed steady growth, particularly in the restaurant segment.

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Georgia Capital CEO Receives Shares, Sells Part of Holdings

Earlier, between December 17–19, 2025, Gilauri sold 135,000 shares for £4.047 million, leaving him with 2,502,423 shares. Following the 2025 share grant, he was expected to hold approximately 2.7 million shares, with a plan to sell 20% of his holdings over time.In August 2025, Gilauri sold part of his directly held shares on August 22, reducing his stake from 5.6% to 4.95%, and sold another 165,785 shares between August 26–28, generating £3.71 million. At that point, his total holdings were 2,637,423 shares, including 1,642,629 directly held and the remainder deferred.No further share transactions occurred before December 2025, leaving Gilauri with a substantial stake in GCAP while following the company’s planned gradual divestment strategy.

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Total Cashless Spending Rose Sharply in December 2025

Residents drove the majority of spending, accounting for 87%, while non-residents contributed 13%. Food purchases made up 27% of total expenditures, and restaurant spending 13%. Food-related transactions grew 20% YoY, with an average spend of  GEL19, amid 9% inflation for food and non-alcoholic beverages.Overall, spending was split 67% on goods and 33% on services, with the higher share of goods likely boosted by seasonal and holiday discounts. Food alone represented 40% of total goods spending, highlighting its importance in consumer budgets.The data shows strong domestic consumption during the holiday season, alongside growth in services and retail sectors.

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Finance Minister Rejects Allegations of Georgia’s Involvement in Sanct...

Khutsishvili stated that every case highlighted by media or organizations is thoroughly reviewed, noting that most recent claims were also checked and found unrelated to Georgia. He stressed that suspicious transactions may occur worldwide, but this does not mean they should be linked to Georgia without basis.According to the minister, Georgia is responsible only for transactions conducted within the country or through its territory. He said that none of the mentioned transactions involved the export of goods from Georgia to sanctioned destinations, adding that all operations potentially linked to sanctions are under strict control.Addressing re-export questions, Khutsishvili explained that vehicles exported from Georgia are shipped precisely to the countries listed in official customs data, and any further movement is the responsibility of the receiving states. He underscored that Georgia cannot be accountable for the entire global logistics chain and is successfully fulfilling its own responsibilities.

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Georgian companies mostly closed in the red on the LSE last week

Lion Finance Group (BGEO LN) shares closed at GBP 96.45/share (+0.05% w/w and +5.24% m/m). More than 163k shares traded in the range of GBP 92.90 - 98.75/share. Average daily traded volume was 52k in the last 4 weeks. The volume of BGEO shares traded was at 0.38% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 40.45/share (+1.38% w/w and unchanged m/m). More than 390k shares changed hands in the range of GBP 38.40 - 41.20/share. Average daily traded volume was 63k in the last 4 weeks. The volume of TBCG shares traded was at 0.70% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 32.70/share (-1.95% w/w and +7.74% m/m). More than 441k shares traded in the range of GBP 30.80 - 33.60/share. Average daily traded volume was 69k in the last 4 weeks. The volume of CGEO shares traded was at 1.27% of its capitalization. 

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