The National Bank of Georgia published amendments to the Regulation on the Calculation of TIBR Indices, updating the methodology for the Tbilisi Interbank Rate (TIBR) money market index to make it more accurate and timely. The central bank has published TIBR daily since August 2018 and introduced TIBR Term and TIBR Compounded indices in 2019 and 2021. Under the revised methodology, the TIBR rate will be calculated using 80% of transaction volumes, replacing the previous approach that relied on 70% of the number of interbank transactions. The methodology for calculating contingency (fallback) arrangements for TIBR has also been further refined. The amendments were developed in cooperation with money market participants, incorporating input from European Bank for Reconstruction and Development Treasury specialists and experience from other developed markets.
National Bank of Georgia 2025-12-31
National Bank of Georgia revises TIBR methodology to use 80% of transaction volumes and refine fallback arrangements
The National Bank of Georgia amended the Regulation on the Calculation of TIBR Indices, enhancing the Tbilisi Interbank Rate (TIBR) methodology for improved accuracy and timeliness. The updated approach uses 80% of transaction volumes, replacing the previous 70% transaction count method, and refines contingency arrangements. These changes were developed with input from money market participants and European Bank for Reconstruction and Development Treasury specialists.