The FINANCIAL -- Last week, London traded Bank of Georgia Holdings (BGEO LN) closed at GBP 13.84 (+0.7% w/w). During the week, up to 311,000 shares were traded in the range of GBP 13.55–14.15

In the debt world, Georgia Sovereign (GEORG 04/21, -0.5% to 117.6) was down while Georgian Railway (GRAIL 07/22, +0.5% to 118.4), Georgian Oil and Gas Corporation (GEOROG, +0.1% to 105.2) and Bank of Georgia (GEBGG 07/17, 0.4% to 104.9), Eurobonds prices were all up.

On the Georgian Stock Exchange, no trades were recorded during a week, leaving BG Index at the same level of GEL 507.10.

Money market -- Last week, the National Bank of Georgia (NBG) issued 7-day refinancing loans in the amount of GEL 110mn with an average yield amounting 4.78% (down 49bps). NBG also sold  85-day, GEL 30mn Certificates of Deposits last week. The average yield was 5.75% (down 13 bps).

As for the treasury debt, NBG sold GEL 15mn nominal value 1 year T-bills; total demand amounted GEL 50.5mn, highest recorded since March 2011. In terms of yield, minimum yield was 5.82%, maximum yield 6.00%, weighted average yield fixed at 5.854% (down 24bps), lowest average yield recorded since April 2010.

The next auction is scheduled to be held on February 20,2013, where GEL 10mn T-notes with a term of 10 years will be sold.

Merchandise trade deficit decreased by 21% y/y in January -- Georgia’s foreign trade exports grew 25% y/y to US$ 196mn, while imports declined 6% y/y to US$ 468mn in January. The foreign trade deficit decreased by 21% y/y to US$ 272mn.

Georgia’s money transfer inflows grew by 11% y/y in January -- Total money transfers in January grew 13% y/y to US$ 104mn, as foreign workers sent US$ 94mn in remittances back to Georgia (up 11% y/y).

Russia accounted for around 50% of total foreign money transfers in January followed by Greece (13%) and Italy (8%).

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