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Georgia's banks remain unshaken by political uncertainty

As the political stand-off in Georgia between the new prime minister Bidzina Ivanishvili and president Mikheil Saakashvili shows no sign of abating, the country’s economy is showing resilience and its banks are eyeing opportunities to strengthen growth by tapping into the country's unbanked population.
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Georgia's banks remain unshaken by political uncertainty

In parliamentary elections in October 2012, the previously media-shy billionaire Bidzina Ivanishvili and his Georgian Dream coalition ousted president Mikheil Saakashvili’s United National Movement, which had been in power in Georgia since 2004. It was quite a reversal of fortunes. In December, Mr Saakashvili’s once remarkable approval rating dropped to 29%, according to the National Democratic Institute, while the new prime minister’s soared to 80%.

Since then, the two men, former allies turned bitter foes, have had a deeply uneasy relationship. Their rare meetings have produced little agreement. In November, the government launched a series of arrests that mainly targeted high-ranking members of the previous administration, including former ministers.

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