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DAILY NEWS July 28, 2016

THE GOVERNMENT APPROVED RESOLUTIONS ON LAND REGISTRATION

At today’s meeting, the government approved drafts resolution, connected with bill on land registration, administration of the government reported.

That “will promote, on the one hand, development of agriculture, and on the other hand, streamlining of land market”, Prime Minister Giorgi Kvirikashvili declared at the meeting. More...


11.36M LARI TO BE ALLOCATED FOR POST-DISASTER WORKS IN WESTERN GEORGIA

According to resolution, adopted recently by the government, 11.36 million lari are envisaged for elimination of consequences of July disaster in Western Georgia. Funds will be allocated from Regional Projects Fund. More...


BANKING CREDITING TO CONSTRUCTION INCREASED MOST Y-O-Y

National Bank of Georgia reported that credits (in national and foreign currency), issued by commercial banks to construction sphere, totaled as of July 1 to 674.3 million lari.

Loans to construction have increased by 9.5% quarter-on-quarter and by 41.9% – year-on-year. More...


MORTGAGE LOANS, ISSUED TO PRIVATE INDIVIDUALS IN NATIONAL CURRENCY, IN Q2 REDUCED BY 2.7% Y-O-Y, ONES IN FOREIGN CURRENCY – INCREASED BY 34.4%

National Bank of Georgia reported that volume of mortgage loans, issued to private individuals in national currency, as of June 30 amounted to 799.88 million lari. The volume has decreased by 3.1% quarter-on-quarter and by 2.7% – year-on-year. More...


IN THE END OF JUNE, INTEREST RATES FOR RETAIL MORTGAGE LOANS IN LARI MADE UP 14.8%, IN FOREIGN CURRENCY – 10%

National Bank of Georgia reported that as of June 30, average rate of interest for mortgage loans, issued to private individuals in national currency, made up 14.8%. This rate made up 14.9% a quarter ago and 13% – a year ago. More...


“SOCIETY AND BANKS”: INTEREST RATES DECREASED FOR 17,392 BORROWERS OF CREDITS, LINKED TO REFINANCING RATE

Organization Society and Banks reported that as of July 1, there were 17,392 credits, issued with floating interest rate (absolute majority – linked to refinancing rate).

Accordingly, as National Bank of Georgia has decreased rate of monetary policy (i.e. refinancing rate) by 25 basic points to 6.75%, interest rates have decreased for these borrowers, the organization said. More...


“EUROMONITOR INTERNATIONAL”: REDUCTION OF TRADITIONAL RETAIL SHOPS AND GROWTH OF MODERN DEALERS IS EXPECTED IN GEORGIA

Euromonitor International considers that reduction of number of traditional retail food shops is expected in Georgia. Whereas, number of retailers of modern format, such as supermarkets, hypermarkets and chain shops, will increase and capture bigger share of the market, the consulting company forecasts. More...


THE GOVERNMENT: $65M WILL BE INVESTED IN DEVELOPMENT OF SPORTS INFRASTRUCTURE IN TBILISI AND REGIONS

Within the state target program on development of sports infrastructure, construction of sporting venues in Tbilisi and regions has started, administration of the government declared.

According to the administration, the project with a total cost of $65 million will be implemented through Canadian and Slovak investments. More...


JSC “MARGEBELI” PLANS EMISSION OF SHARES

Mineral water and food producer JSC Margebeli declared about plans of shares’ emission. This issuer is included in agenda of extraordinary meeting of shareholders. More...


ECONOMY MINISTRY: WITHIN “PRODUCE IN GEORGIA” PROGRAM, LLC “BARAKONI” WILL BUILD HOTEL IN GUDAURI

Ministry of Economy and Sustainable Development reported that within “Produce in Georgia” state program, LLC Barakoni will build hotel in ski resort Gudauri.

Total investment makes up $600,000, while the hotel, being planned to open in August, will employ 13 peoples, the Ministry noted. More...


ECONOMIC PRESS MONITOR July 28, 2016

Tabula: “GOTSIRIDZE ON NDI: RESULTS REFLECT GRAVEST ECONOMIC SITUATION OF THE COUNTRY”

While commenting results of study, conducted by order of National-Democratic Institute (NDI), member of United National Movement Roman Gotsiridze declares: “4-year operation of this government showed that economy is in gravest situation”. “This is reflected exactly in those results, which we have by this study”, he pointed. More...


Liberali: “HOW TO PR-PROVE 29 MILLION”

Culture Ministry’s project “Check in Georgia” envisages concerts of Georgian and foreign entertainers in 19 cities, for which end the government allocated 29 million lari from the reserve fund.

However, “When the government undertakes function of business (the Culture Minster noted himself that “Check in Georgia” is a business project), of course, it is clear that it becomes rival of those private companies, which are engaged in the same sphere”, the magazine states. More...


Forbes Georgia: ““METRO”’S INVESTMENT ATLAS”

Turkish Metro Holding, which is represented currently in Ajara by its subsidiary investment company Metro Atlas Georgia, has invested to-day $75 million in Georgia. After completion of ongoing projects, investment will reach $200 million, the magazine points. More...


SPECIAL REPORT June 17, 2016

FOREIGN DIRECT INVESTMENTS – I QUARTER, 2016

In the first quarter of 2016, according to the preliminary data:

- The volume of Foreign Direct Investment (FDI) in Georgia increased by 103% compared to the first quarter of 2015 and amounted to US$376.4 mln.

- The highest proportion of FDI was invested in Tbilisi (63%). More...


Exchange Rates (NBG)
  07/28/16 + / -
  USD   2.3460   0.0007
  EUR   2.6008   0.0214
  RUR   3.5353   0.0160
Announcements
Dear readers,

We are glad to inform you about resume of our long-suspended publication, Special Report. That contains original reports of consulting companies, working in Georgia, and covers broad range of issues – from macroeconomics to state policy analysis.

We do hope that those professional reports will greatly expand you knowledge and understanding of current state of Georgian economics. For sure, we will be happy to hear your opinions regarding this publication.

Sincerely,

Sarke Information Agency

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