The National Bank of Georgia has launched a periodic Capital Market Review to provide data-driven analysis of developments in Georgia’s capital market. The publication will be issued semiannually, with the current edition reflecting market conditions as of the second quarter of 2025. The review provides an overview of key trends, structural features, growth potential, and challenges, with a primary focus on domestic bond markets, including government securities and publicly issued corporate bonds. It covers market structure, investor base and ownership patterns, and secondary market activity, and discusses the role of financial institutions such as commercial banks, investment funds, and the Pension Agency of Georgia in supporting liquidity and broadening the investor base.