Prepared by Messenger Staff
Police Detain 44 in Crackdown on 'Thieves-in-Law' Network
Georgia's Interior Ministry has detained 44 people in a nationwide operation targeting the criminal underworld, with six more suspects to be charged in absentia.
Deputy Interior Minister Alexander Darakhvelidze said one of those abroad is a so-called "thief-in-law," a senior figure in the criminal hierarchy.
According to the ministry, the suspects were connected to networks of "thieves-in-law" and were involved in organizing criminal activities, including settling disputes and extorting money from individuals.
Investigators said the group maintained links with Mamuka Shubitidze, described as a "thief-in-law" operating from abroad, who allegedly made decisions on financial disputes and demanded payments. Authorities say those who failed to comply were threatened with violence.
The investigation also found that suspects collected information about potential targets in Tbilisi and the Kakheti region, which was later used for extortion.
Police said a vehicle, firearms and ammunition, as well as mobile phones and computer equipment used for communication, were seized during the operation.
The case is being investigated under multiple articles of Georgia's Criminal Code, which carry penalties of up to 15 years in prison.
National Bank Ready for Price Shocks Amid Geopolitical Risks, Turnava Says
Natia Turnava said the central bank is prepared for potential price pressures linked to new geopolitical tensions, stressing that the impact will depend on how long disruptions last.
"The impact that a new geopolitical challenge will have on prices depends on the duration of this shock, the military actions, and the related difficulties. The National Bank is prepared for all scenarios," she said.
Turnava pointed to oil prices as a key factor, noting that Georgia, as an importing country, is particularly exposed. "This is a key indicator affecting the global economy, not just Georgia," she said.
She said the central bank's main tool for responding to inflation remains the policy interest rate. "Our general response to inflationary shocks, our main tool, is the monetary policy rate," she said.
The rate currently stands at 8%, above what the bank considers a neutral level of 7%. Turnava said the bank had planned to lower it but is now holding steady due to uncertainty.
"Like many leading central banks, we are currently in a waiting mode, observing how events unfold and how long the shock will last," she said, adding that further tightening remains an option if needed.
She also cited ongoing risks, including the war in Ukraine and potential escalation in the Middle East, as factors shaping the bank's cautious approach.
