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DAILY NEWS July 31, 2015

NATIONAL CURRENCY IN CIRCULATION INCREASED BY 9.6% Y-O-Y

According to preliminary data of National Bank of Georgia, national currency in circulation has reached 2.42 billion lari by the end of June. If compared with the same period of 2014, the volume has increased by 9.6%. More...


OVERDUE CREDITS INCREASED BY 29.8% Y-O-Y, DECREASED BY 1.5% Q-O-Q

National Bank of Georgia reported that volume of overdue credits amounted as of July 1 to 320.649 million lari. The volume has increased by 29.8% year-on-year, but decreased by 1.5% quarter-on-quarter. More...


THE PRESIDENT VETOED AMENDMENTS TO LAW "ON NATIONAL BANK OF GEORGIA"

The President Giorgi Margvelashvili has vetoed amendments to law "On National Bank of Georgia". Legislative package, envisaging separation of banking supervision from National Bank of Georgia (NBG), the Parliament has approved on July 17. More...


GEORGIAN REFORMS ASSOCIATION: SEPARATION OF BANKING SUPERVISION CONTRADICTS TO CONSTITUTIONAL PRINCIPLE AND WEAKENS NBG’S INDEPENDENCE

Georgian Reforms Association released today long list of remarks (20 points) in connection with amendments, which separate banking supervision from National Bank of Georgia (NBG) (these amendments, adopted recently by the Parliament, were vetoed today by the President).

The organization points in particular that the mentioned amendments do not correspond to constitutional principle, breaking and weakening NBG’s discretion to use its power, determined by the Constitution, to carry out monetary policy independently. More...


MAIN PROSECUTOR'S OFFICE: WE DID NOT RECEIVE POSITIVE DECISION OF INTERPOL ON ANNOUNCEMENT OF INTERNATIONAL HUNT ON EX-PRESIDENT MIKHEIL SAAKASHVILI

According to information, provided by national bureau of Interpol, General Secretariat of Interpol did not make positive decision on announcement of international hunt on ex-president Mikheil Saakashvili, Main Prosecutor's Office of Georgia reported.

International hunt, announced with red circular on David Kezerashvili (former head of Financial Police and ex-minister of defense), is cancelled also. More...


GEORGIAN SIDE AND REPRESENTATIVES OF JICA DISCUSSED RESULTS OF THE 1ST STAGE OF JOINT PROGRAM ON REGIONAL DEVELOPMENT

Today, meeting with delegation of Japan International Cooperation Agency (JICA) was held, being organized by Georgian Agency of Entrepreneurship Development, Ministry of Economy and Sustainable Development reported.

As the Ministry noted, the meeting aimed consideration of results of the 1st stage of regional development program, which is jointly implemented by the Agency and JICA. More...


ISET POLICY INSTITUTE STARTED CALCULATION OF RETAIL PRICE INDEX FOR FOOD

Policy Institute of International School of Economy at Tbilisi State University (ISET) declared that since July, it has started calculation of retail food price index (FPI).

The project is implemented in cooperation with such retail chains, as Carrefour, Goodwill, Fresco and SPAR. More...


CONSTRUCTION OF SUBSTATION “KHORGA” STARTED

Within project on improvement of regional electricity transmission, Georgian State Electric System started construction of substation Khorga (220/110 KV) in Khobi municipality of Samegrelo region. The works are planned to complete in the first half of 2016. More...


ADMINISTRATIVE PROCEEDING ON TARIFF APPLICATION OF “TELASI” IS LAUNCHED

National Energy and Water Supply Regulating Commission reported about launch of public administrative proceeding on tariff application of JSC TELASI (Tbilisi energy distributor). Decision on the proceeding was made at the Commission’s meeting today. More...


“GRAND HOTEL BATUMI BLACK SEA” TO BE OPENED NEXT YEAR

Press service of Ajara government declared that hotel complex Grand Hotel Batumi Black Sea will be put in operation in 2016.

The press service noted that 60 million lari is already invested in the project, while volume of investments will increase to 100 million lari by the time of opening of the complex. More...


ECONOMIC PRESS MONITOR July 31, 2015

Tabula: “MECHIAURI: MARGVELASHVILI REMINDED THE PEOPLE THAT HE IS A PRESIDENT”

While commenting on vetoing by the President of amendments to law “On National Bank of Georgia”, chairman of the Parliament’s Fiscal Committee Tamaz Mechiauri declares: “I did not hear (from the President) any argument, not a single one, which would give the grounds for vetoing”. “With except that one that he reminded the people that he is a president”, MP adds. More...


Bankebi da Finansebi: “PEASANTS MUST NOT GROW UP THE PRODUCT AND SOLD IT AT THE SAME TIME, AS THESE ARE TWO DIFFERENT BUSINESSES”

As founder of Coca-Cola Bottlers Georgia Temur Chkonia points, “peasants must not grow up the product and sold it at the same time, as these are two different businesses”. “As we have joint system, we find even more difficulties in realization of production”, he declares. More...


Netgazeti.Ge: “CITIZENS OF AZERBAIJAN WERE NAMED MAIN SOURCE OF INCOME OF TBILISI CASINOS”

Referring to Azerbaijani press, the article reports that citizens of Azerbaijan are the main source of income of Tbilisi casinos.

According to company Storm International, players from Iran, Azerbaijan, Tajikistan and Kazakhstan come mainly to Tbilisi, while to Batumi – from Turkey. More...


Netgazeti.Ge: “MORATORIUM DECLARED ON CONSTRUCTION AND PRIVATIZATION IN HISTORICAL ZONE OF MTSKHETA”

The government decided to declare moratorium until December 2016 on construction and privatization in historical zone of Mtskheta.

Culture Minister Mikhail Giorgadze explains that the moratorium aims move of historical monuments of Mtskheta from list of endangered monuments to the main list by UNESCO, the newspaper reports. More...


Exchange Rates (NBG)
  07/31/15 + / -
  USD   2.2711   0.0081
  EUR   2.4943   0.0044
  RUR   3.7454   0.0818
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