Page 33 - GEORptJul18

on May 30 by around the same time it was up to GBP11.30. Prior to the demerger, which means the two companies now trade separately on the premium listing segment of the official list of the London Stock Exchange's main market for listed securities, the group closed on May 25 with a share price of GBP31.13.
Bank of Georgia Group PLC comprises of retail banking and payment services, corporate investment banking and wealth management operations and banking operations in Belarus. JSC Bank of Georgia is the core entity of Bank of Georgia Group PLC and a leading universal banker in Georgia, which says it is well positioned to benefit from the underpenetrated banking sector in Georgia through providing best in class services.
Bank of Georgia Group Plc reported an 18.8% rise in profits in the first quarter of 2018.
8.2 Central Bank policy rate
Georgia’s central bank opt to hold key rate at 7.25%
Georgia’s central bank held its key refinancing rate at 7.25% on June 14, anticipating that annual inflation will not stray far from its 3% target this year.
It stood at 2.5% in May , unchanged in comparison with April, which saw a 0.2% m/m decline.
“According to current forecasts, annual inflation will be around the target level of 3 percent throughout the year,” the central bank said in a statement.
In early May, analysts were not ruling out a rate cut at the June 13 meeting of Georgia’s central bank, given that the Georgian lari was set to be supported by seasonal tourism revenues.
The central bank’s next monetary policy meeting is scheduled for July 25.
In recent years, as the lari began to depreciate, the regulator stepped in frequently to alter the exchange rate in order to boost the local currency. In early 2016, the rate was as high as 8%, though the central bank gradually eased it to 6.5% over the following year, only to increase it again in three consecutive interventions due to inflation that was above its target of 5%.
33 GEORGIA Country Report July 2018 www.intellinews.com