In April alone the economy expanded by a record 44.8 percent, compared with a 16.6 percent contraction a year ago, the National Statistics office said.

The move comes as Minsk faces further isolation by the European Union after the incident involving a routine flyover of its airspace.

Bank of Georgia is one of the two biggest commercial banks in Georgia and is listed on the London Stock Exchange.

Georgia's banking sector started to demonstrate first signs of recovery since the beginning of this year.