To strengthen analytical communication on developments in the Georgian capital market, the National Bank of Georgia is launching the periodic publication of the Capital Market Review.

Although the Capital Market Review was first published as a standalone document at the end of 2024, it will henceforth be released on a semiannual basis. The current issue reflects the state of the Georgian capital market as of the second quarter of 2025.

The publication aims to provide market participants, researchers, and the general public with data-driven insights into key trends, structural features, growth potential, and existing challenges in the Georgian capital market.

While the report offers a broad overview of the market, its primary focus is on domestic bond markets, specifically government securities and publicly issued corporate bonds. It examines market structure, ongoing trends, the investor base, ownership patterns, and secondary market activity. The report also highlights challenges that may impede further capital market development.

In addition, the publication discusses the role of a wide range of financial institutions including commercial banks, investment funds, and the Pension Agency of Georgia in fostering capital market development, enhancing liquidity, and broadening the investor base.

The latest issue of the report is available at the following link.