Page 42 - GEORptNov19

standards of service in the sector, and to protect investors’ interests and allow them to make well-informed decisions. They were drawn up as part of ongoing capital market reforms.
“It is noteworthy that the established requirements fully address the challenges in the sector and also reflect the principles of the EU Directives, International Organisation for Securities Commissions (IOSCO) and European Securities and Markets Commission (ESMA) regulations,” the NBG said in a July 18 statement​.
The rules are mandatory for all licensed brokerage companies, but due to their complexity active brokerage companies have been given a transition period during which they have to bring their work into compliance with the legislation.
The Georgia Stock Exchange (GSE) recorded a turnover value of GEL8,787.65 as of June 2018, according to CEIC data.
8.4 ​International ratings
Georgia - Rating agency
as of October 2019
Bond rating: Moody’s
Ba2 (Stable)
Bond rating: Fitch
BB (Stable)
Bond rating: S&P
BB (Stable)
S&P upgrades Georgia to BB/stable on improved economic resilience
S&P Global Ratings has​ ​raised​ ​its long-term foreign and local currency sovereign credit ratings on the Government of Georgia to BB while affirming the short-term ratings at B. The outlook is stable.
The rating agency said it expected Georgia’s economy to keep outperforming its peers in the region, but stressed that the floating exchange rate regime was important.
“Georgia's economy will continue to grow at a comparatively high 4% annually over 2019-2022. We expect it to grow faster than other countries in the region. Georgia's long-established floating exchange rate regime, with intermittent intervention from the central bank, remains particularly important,” the rating agency’s press release read.
Georgian finance minister Ivan Machavariani welcomed the upgrade. At a
42​ GEORGIA Country Report​ November 2019 ​ ​www.intellinews.com