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Economy and Banking Sector of Georgia

Georgia
Location
Western Asia/Eastern Europe
EU Status
not a member

Georgia is a developing country in the Caucasus region, located at the crossroads of Western Asia and Eastern Europe. Georgia is a member of Eastern Partnership, a joint initiative of the European Union and six Eastern European Partners, intended to provide an avenue for discussions of trade, economic strategy, travel agreements.

Economy

Currency
GEL (Georgian lari)
Population  (2019)
3,723,464  (0.00%)
Nominal GDP
n/a
Credit Ratings (as of Aug 2020)
BB-/Ba2/BB

Georgia has an emerging free market economy, supported by a relatively free and transparent atmosphere in the country. Tourism is one of the fastest growing sectors of the local economy, which has high potential for further development.

Taxation

Georgia signed 29 double taxation agreements.
Georgia didn't sign the automatic information exchange agreement and didn't indicate a timeline of the start of the automatic information exchange.
Georgia has FATCA agreement with the U.S. in effect since 10 July 2015 (Intergovernmental Agreement Model 1).

Banking Sector

Number of Banks
16
Consolidated Banking Assets
n/a
Deposit Guarantee
15,000 GEL

Georgian banking sector is highly concentrated, private banks with domestic and foreign-controlled banks from the neighbouring countries dominate the market. Most of the banks in Georgia operate as universal banks.

Major Banks

See Also

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