The National Bank of Georgia has revoked the license of subsidiary of the International Bank of Azerbaijan (IBA), the National Bank said in a statement July 25.

The gross external debt of Georgia increased by $437.4 million during the second quarter of 2015, amounting to $14.1 billion as of June 30, 2015, according to the National Bank of Georgia.

The National Bank of Georgia has reduced its forecast for economic growth in 2013 to four percent.

The National Bank of Georgia lowers the country's economic growth forecast.