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

The publication will be released regularly, twice a year. The presented report reflects the state of the Georgian capital market as of the fourth quarter of 2025.

The purpose of the publication is to provide market participants, researchers, and the general public with data-driven information on the main trends, structural features, growth potential, and existing challenges in the Georgian capital market.

The report presents a broad picture of the Georgian capital market, while focusing primarily on local bond markets, in particular government securities and publicly issued corporate bonds. The document examines the market structure, current trends, the investor base, ownership structure, and secondary market activity. Emphasis is also placed on the challenges that may hinder further development of the capital market. In addition, the report discusses the role of a wide range of financial institutions including commercial banks, investment funds, and the Pension Agency of Georgia in the development of the capital market, deepening market liquidity, and expanding the investor base.

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