National Bank of Georgia

Georgia raises key refinancing rate

Georgia raises key refinancing rate

The Monetary Policy Committee of the Georgian National Bank raised its key refinancing rate to 6.75% from 6.5% following a pick-up in inflation and said it might raise borrowing costs again in the first half of 2017.

Lari starts gaining value after National Bank says no basis for depreciation

Lari starts gaining value after National Bank says no basis for depreciation

After gradually depreciated all day long, the lari exchange rate has started gaining value in some exchange booths.  1 USD costs 2,51-2,53 Gel in most of them. Its selling price is 2.59-2.60 Gel.  The lari rapidly …

Georgia declares war against dollar

Georgia declares war against dollar

Georgia's government and the National Bank are planning steps to ease the pressure on the lari currency, including taking some of the burden off individuals repaying dollar mortgages and banning online credit services. Georgian …

 Georgian government plans to stabilize lari

Georgian government plans to stabilize lari

Georgia's Government said that it plans to take steps to stabilize the national currency. The Georgian Government  in corporation with the National Bank of Georgia (NBG) and the International Monetary Fund (IMF) will …

 Georgia#039s National Bank keeps refinancing rate unchanged

Georgia's National Bank keeps refinancing rate unchanged

The National Bank of Georgia will keep its monetary policy rate unchanged at 6.5%. During the next two quarters NBG will decrease the monetary policy rate to six percent, announced the Bank in a statement. NBG explained any …

 Georgia renews 100 lari banknotes

Georgia renews 100 lari banknotes

Modernised 100 GEL (Georgian Lari) banknotes will come into circulation around the countryfrom November 1, the National Bank of Georgia said. Extra high-tech security features were added to the new banknotes, making them better …

Is Georgia#039s economy on the rise?

Is Georgia's economy on the rise?

The National Bank of Georgia increased its forecast for GDP growth in the country in 2016 from 3% to 3.5%, the President of the National Bank, Koba Gvenetadze, said at today's briefing. "The difficulties in …

Georgia refuses from dollars

Georgia refuses from dollars

The Georgian Prime Minister Giorgi Kvirikashvili believes that there is no alternative to dedollarization and strengthening confidence in the Georgian national currency in the long term. "We must take …

Georgia#039s central bank delivers another 50bp rate cut

Georgia's central bank delivers another 50bp rate cut

Georgia's central bank continued to ease monetary policy by cutting the key refinancing rate by 50 basis points (bp) to 7%, the National Bank of Georgia (NBG) said on June 15, IntelliNews reports. The regulator began …

National Bank of Georgia lowers refinancing rate

National Bank of Georgia lowers refinancing rate

The monetary policy committee of the National Bank of Georgia (NBG) has lowered the refinancing rate by 50 base points to 7.5%. According to the NBG evaluations, the policy rate neutral level is around 5-6% in the midterm period. As a …

Koba Gvenetadze appointed head of Georgia’s National Bank

Koba Gvenetadze appointed head of Georgia’s National Bank

Georgian President Giorgi Margvelashvili has signed a decree on the appointment of Koba Gvenetadze as the president of Georgia’s National Bank. “I think that a professional of such high rank …

#039Georgian Dream#039 to meet with Kvirikashvili

'Georgian Dream' to meet with Kvirikashvili

Representatives of the parliamentary faction 'Georgian Dream' will hold a meeting with the head of Georgian government Giorgi Kvirikashvili today. It is scheduled for 14:00 (13:00 Moscow time). …

Georgian government to boost large banks

Georgian government to boost large banks

The government has introduced new tax changes, which will allow large banks to save millions: it is about changes in the tax code, according to which the companies operating on the international stock exchanges will be exempt from paying taxes on …

 Georgia renews banknotes worth 20, 50 and 100 GEL

Georgia renews banknotes worth 20, 50 and 100 GEL

Renewed banknotes worth 20, 50 and 100 GEL will appear in Georgia today. The old banknotes will also continue to be used, the Georgian National Bank said. This is the first significant change in the design of banknotes for …

Georgia#039s National Bank fails to prevent record low of the lari

Georgia's National Bank fails to prevent record low of the lari

At the end of today's trading, the national currency of Georgia had fallen to its historical minimum. Its official exchange rate for the weekend was set at the level of 2.47 laris per dollar. This record low was set …

Russia maintains its leadership in volume of money transfers to Georgia

Russia maintains its leadership in volume of money transfers to Georgia

Russia still maintains its leading position in terms of the volume of electronic money transfers to Georgia, the National Bank of the country reported today. According to the National Bank of Georgia, in December 2015 the total amount …

Georgia holds first currency auction of the year

Georgia holds first currency auction of the year

Today the National Bank of Georgia held the first currency auction in 2016, at which it sold 20 million dollars. The average exchange rate of the lari against the US dollar at today's currency auction amounted to 2.4148 GEL/1 …

Georgia to accept IMF mission on November 9-21

Georgia to accept IMF mission on November 9-21

The mission of the International Monetary Fund  will arrive in Georgia on November 9th   The work of the evaluation mission with the country's leadership will last for two weeks. The program will include meetings …

Georgian Central Bank increases key rate by 50 base points

Georgian Central Bank increases key rate by 50 base points

The National Bank of Georgia raised its key refinancing rate by 50 basis points to 7% today. The monetary policy decision is based on the macroeconomic forecast, according to which the National Bank of Georgia continues monetary policy …

Kadagidze does not rule out lari recovering its pre-devaluation rate

Kadagidze does not rule out lari recovering its pre-devaluation rate

Head of the Georgian National Bank Giorgi Kadagidze does not exclude the possibility of the lari reaching the level it was at before the devaluation. However, it will only be possible achieve this, in his opinion, if …

Has the lari stopped falling?

Has the lari stopped falling?

The Georgian authorities and the National Bank of the country are ready to implement the actions required to stabilize the lari in the case of its decline, but further devaluation of the national currency is not waiting for the regulator, the …

Confrontation between parliament and Georgian president ends with Margvelashvili#039s defeat

Confrontation between parliament and Georgian president ends with Margvelashvili's defeat

President of Georgia Giorgi Margvelashvili was forced to sign the amendments to the law 'On the National Bank of Georgia', despite the fact that he still does not agree to the package of laws. The amendments …

Georgian parliament to deprive National Bank of supervisory function

Georgian parliament to deprive National Bank of supervisory function

81 member of the Georgian Parliament has voteв affirmatively and 12 members were against the veto of President Georgi Margvelashvili in respect of the National Bank. According to the law, the …

Georgian parliament starts its work on September 1st

Georgian parliament starts its work on September 1st

The autumn session of the Georgian parliament opens on September 1st with a meeting of the Bureau. The first plenary session will be held on September 2. One of the issues that will be discussed by deputies is the veto imposed by President …

Georgian national currency continues to fall

Georgian national currency continues to fall

The Georgian lari continues to depreciate against the dollar. The depreciation of the currency began in mid-July and continues till now. Thus, on Friday the Georgian National Bank established an exchange rate of 2.3271 lari to the …

Georgia receives 25% less in remittances

Georgia receives 25% less in remittances

During the seven months of this year the volume of remittances from abroad to Georgia fell by 24.2% (202.3 million dollars) compared to the same period last year and amounted to 632 million dollars. This information is contained in data of the …

Georgian National Bank’s international reserves decrease

Georgian National Bank’s international reserves decrease

The international reserves of the National Bank of Georgia amounted to $2447.1 billion on 31 July 2015, this is $36 million less than the indicator for June, 2014. The international reserves placed in securities amounted to $1 548.4 …

Georgian National Bank raises key rate to 6%

Georgian National Bank raises key rate to 6%

The Monetary Policy Committee of the Georgian National Bank has decided to raise the key rate to 6% at its meeting today. The Georgian National Bank explained it was due to the macroeconomic forecast, according to which inflationary …

Black Sea Trade  Development Bank donates $50,000 to Tbilisi Zoo

Black Sea Trade & Development Bank donates $50,000 to Tbilisi Zoo

The Black Sea Trade & Development Bank, BSTDB, has donated $50,000 to Tbilisi Zoo.  "Following our discussion in Tbilisi, the Black Sea Trade & Development Bank decided to contribute to the recovery efforts to tackle …

Georgia uses key rate against inflation

Georgia uses key rate against inflation

The National Bank of Georgia increased its key policy rate from 5% to 5.5% and predicted further gradual tightening of the monetary policy in the course of this year. "The monetary policy decision is based on the macroeconomic forecast,