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DAILY NEWS May 5, 2015

QUARTERLY PLAN FOR STATE BUDGET’S PROCEEDS IS FULFILLED BY 104.8%, WHILE FOR PAYMENTS – BY 96.9%

Treasury Service of the Finance Ministry reported that proceeds of the state budget for the 1st quarter amounted to 2.3 billion lari, making up 104.8% of the quarterly plan.

Among them, revenues of the state budget amounted to 1.95 billion lari (104.3% of the plan), revenues from reduction of non-financial assets – to 63.21 million lari (602% of the plan). More...


SURPLUS OF STATE BUDGET IN Q1 AMOUNTED TO 143.72M LARI, WHILE INCREASE OF BALANCE – 208.57M LARI

Treasury Service of the Finance Ministry reported that total balance of the state budget in the 1st quarter amounted to 143.72 million lari. At that, quarterly plan envisaged a negative showing of 56.88 million lari, the Service pointed. More...


SECRETARY GENERAL OF TRACECA TO HOLD MEETINGS IN GEORGIA

Ministry of Economy and Sustainable Development reported about visit to Georgia of Mircea Ciopraga, secretary general of permanent secretariat of the intergovernmental commission TRACECA (Transport Corridor of Europe-Caucasus-Asia). The visit, started on May 3, will last until May 8. More...


ECONOMY MINISTER: CODE OF SPATIAL ARRANGEMENT AND CONSTRUCTION IS ALREADY DEVELOPED, WHILE WORK ON SCHEME OF SPATIAL ARRANGEMENT IS UNDERWAY

Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that development of Code of Spatial Arrangement and Construction is already completed, while work on scheme of spatial arrangement is being conducted.

The interagency group is created, which works on plan of spatial development of the country, and the first phase of bidding in this direction is completed, Kvirikashvili noted. More...


NATIONAL STRATEGY OF ROAD SAFETY AND PLAN OF ACTION FOR 2015-2020 TO BE DEVELOPED UNTIL THE END OF JUNE

Roads Department declared that development of national strategy on road safety and action plan for 2015-2020 is planned to complete in June.

Work on the documents, being financed by the World Bank, was launched in March. More...


REVENUE SERVICE ASSURES THAT AD VALOREM TAX NOT TO INCREASE RISK OF BLACK MARKET EXPANSION

PR manager of Revenue Service Khatia Moistsrapishvili assures that introduction of ad valorem tax (a tax proportional to the price of the object being taxed) on tobacco production will not increase risk of black market expansion, explaining this by protected customs structure.

To note, the government plans to introduce ad valorem tax of 5% for a pack of cigarettes since July 1. More...


NBG: IN 2014, ROE IN BANKING SYSTEM WAS 14.8%

National Bank of Georgia (NBG) reported that banking system’s return on equity (ROE) in 2014 made up 14.8%. In 2013, this indicator was 14.6%. More...


PROFIT OF NBG DECREASED IN 2014 BY 5.56%

According to annual report of National Bank of Georgia (NBG), its profit for 2014 amounted to 114.65 million lari. If compared with 2013, the volume has decreased by 5.56%. More...


FOREIGN INVESTMENTS ACCOUNTED FOR 65.94% IN TOTAL PRIVATE DIRECT INVESTMENTS TO AJARA IN 2014

Ministry of Finance and Economy of Ajara reported that foreign direct investments (FDI) to the autonomous republic amounted in 2014 to $182 million, while local private investments – to $94 million.

Respectively, in total investments ($276 million), FDI accounted for 65.94% (against of 21.03% in 2013), while local investments – for 34.06% (against of 78.97%). More...


IN 2014, LARGEST FDI WAS MADE IN AJARA FROM TURKEY, GREAT BRITAIN AND NORWAY

Ministry of Finance and Economy of Ajara reported that in total volume of private foreign direct investments ($182 million), made in Ajara in 2014, Turkey accounted for the largest share (36%).

The second position was occupied by Great Britain (29%), while the third – by Norway (20%). More...


VOLUME OF STATE INVESTMENTS TO AJARA AMOUNTED IN 2014 TO 234.92M LARI

Ministry of Finance and Economy of Ajara reported that portfolio of the government’s infrastructural activities in the autonomy (state investment projects) amounted in 2014 to 234.92 million lari.

The largest share was spent on road infrastructure – 55%. More...


LAND PLOTS ON TERRITORY OF HEROES AVENUE IN BATUMI IS PLANNED TO PRIVATIZE

Ministry of Finance and Economy of Ajara announced that privatization of land plots, located on the territory of Heroes Avenue in Batumi, would begin soon. These 4 sites, subjected to privatization, will be sold through electronic auction. More...


ECONOMIC PRESS MONITOR May 5, 2015

Rezonansi: “GENERAL CENSUS SHOOK ECONOMY”

According to preliminary results of the latest general census, Georgian population is 3.73 million people (by 14.7% less than in 2002).

If this estimation does not change, it means that GDP per capita will increase from $3,680 to $4,416, the newspaper specified. More...


Bankebi da Finansebi: “NATIONAL BANK HAS TO REDUCE REQUIREMENT ON MINIMAL OBLIGATORY RESERVES FOR FUNDS BORROWED IN FOREIGN CURRENCY”

According to executive director of Analysis and Forecasting Center at Tbilisi State University Irakli Dogonadze, National Bank of Georgia (NBG) has to reduce requirement, established on minimal obligatory reserves for funds, borrowed by commercial banks in foreign currency, from 15% to 5%.

It will significantly raise supply of dollars to economy via credit channels and will positively affect exchange rate of national currency, Dogonadze considers. More...


Tabula: “GROWTH RATE OF TOURISTS’ NUMBER DECREASED IN APRIL 20 TIMES”

Interior Ministry reported that 394,000 foreign visitors visited Georgia in April. In that month, growth rate of tourist stream made up 0.4%, which is 19.5 times lower, compared with the rate of the same period of last year (7.8%), the magazine specifies. More...


Exchange Rates (NBG)
  05/05/15 + / -
  USD   2.3214   0.0007
  EUR   2.5809   0.0050
  RUR   4.5077   0.0292
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