Commercial banks reported a total net profit of 1.470 billion lari ($474 million) from January to August compared to a loss of 316.7 million lari in the same period in 2020.

Inflation has exceeded the central bank’s 3 percent target for several months. Annual price growth was a record high of 12.8 percent in August, up from 11.9 percent in July.

This financing is part of a wider EU4Business and EBRD credit line – a financing instrument to boost the competitiveness of local firms in the Eastern Partnership region.