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DAILY NEWS September 1, 2014

GEORGIA TO PAY $4.66B OUT OF TOTAL FOREIGN DEBT UNTIL MARCH 31, 2015

According to National Bank of Georgia (NBG), as of March 31, Georgia had to pay $4.66 billion (including interest) out of its total foreign debt during the year (i.e. until March 31, 2015).

Out of this, $437.9 million is share of public sector, $41.9 million – of NBG, $1.31 billion – of commercial banks, $1.32 billion – of other sectors, while $1.55 billion are intercompany loans. More...


“MOODY’S INVESTORS SERVICE” IMPROVED OUTLOOK FOR GEORGIA’S SOVEREIGN RATING FROM STABLE TO POSITIVE

International rating agency Moody’s Investors Service has confirmed recently Georgia’s sovereign rating Ba3 and improved outlook from stable to positive.

The main reason for outlook’s improvement is signature of Deep and Comprehensive Free Trade Agreement (DCFTA) between Georgia and EU and prospects of improvement of the country’s foreign positions in medium-term period. More...


“STANDART&POOR’S” IMPROVED RATING OF “GEORGIAN OIL AND GAS CORPORATION” FROM “B” TO “B+”

Standart&Poor’s has improved Georgian Oil and Gas Corporation’s rating from “B” to “B+”.

Main reason for this improvement is operating results, achieved by the Corporation. More...


AT THE END OF Q2, LOANS SECURED WITH RESIDENTIAL ESTATE ACCOUNTED FOR 20.8% OF TOTAL LOANS

National Bank of Georgia (NBG) reported that ratio of loans, secured with residential estate, to total loans at the end of the 2nd quarter made up 20.8%.

To compare, in the end of the same quarter of 2013, this ratio made up 18.6% (accordingly, year-on-year growth makes up 2.2 percentage points), while in the end of previous (the 1st) quarter – 20.1% (quarter-on-quarter growth – 0.6 percentage points). More...


LOANS ISSUED BY MICRO-FINANCE ORGANIZATIONS INCREASED IN Q2 BY 8.67% Y-O-Y

National Bank of Georgia (NBG) reported that net loans, issued by micro-finance organizations, totaled by the end of the 2nd quarter to 711.96 million lari (net volume). If compared with the same period of 2013, this showing has increased by 17.62%, while if compared with the 1st quarter – by 8.67%. More...


ARRANGEMENT OF NEW WATER SUPPLY SYSTEM STARTED IN TSNORI

Ministry of Regional Development and Infrastructure reported that arrangement of new water supply system has began in Tsnori (Kakheti region) today.

After completion of works by the tender-winning construction company Zimo, local residents will enjoy round-the-clock water supply, the Ministry noted. More...


ARTIFICIAL SNOW TO BE SECURED THIS YEAR IN GUDAURI AND BAKURIANI

Ministry of Economy and Sustainable Development reported that Gudauri Development Agency and Italian company Demaclenko signed recently a contract, envisaging provision of artificial snow in Georgian alpine ski resorts Gudauri and Bakuriani. Estimated volume of investment makes up 25 million lari. More...


AGRO-INSURANCE PROGRAM INVOLVES CURRENTLY 5 COMPANIES

Agricultural Projects’ Management Agency and companies, which take part in agro-insurance program (GPI Holding, Aldagi, Irao and Cartu), signed a memorandum of understanding.

According to Agriculture Ministry, beneficiary must pay part of insurance premium upon issuance of the policy, while the Agency will pay the remaining part. More...


“BG CAPITAL” CHANGED NAME

Bank of Georgia Holdings reported that BG Capital, investment arm of its subsidiary Sakartvelos Banki (Bank of Georgia), has changed its name to Galt and Taggart.

To remind, BG Capital has operated on Georgian market until 2009 under name of Galt&Taggart Securities (the company was established in 2000). More...


“SOUTH CAUCASUS PIPELINE COMPANY” TO RECEIVE ANOTHER LAND SITE IN FREE USUFRUCT

By decree of the Prime Minister, South Caucasus Pipeline Company will receive land sites in free usufruct again. This time, the matter concerns usage during 7 years of agricultural land area, totaling to 41,280 square m, in Gardabani, Marneuli and Tsalka districts of Kvemo Kartli region. More...


GREENHOUSE FARMING TO BE ESTABLISHED IN GARDABANI WITHIN “PRODUCE IN GEORGIA” PROGRAM

The Prime Minister ordered to hand over the state-owned non-agricultural land in Gardabani (Kvemo Kartli region) to JSC Georgian Greenhouse Corporation. Within state program “Produce in Georgia”, the company has purchased the site of 350,000 square m for 1 lari. More...


CONSUMERS MAY DEMAND TO STOP ADVERTISMENT SPAM SINCE TODAY

Legislative amendments, which allow consumers to demand from the companies to cancel sending advertisement spam to them, entered in force today.

If the companies will not obey these demands, consumers will be allowed to apply since November 1 to office of Inspector on Personal Data Protection. More...


ECONOMIC PRESS MONITOR September 2, 2014

Rezonansi: “MINISTRIES FULL OF ADVISERS”

Large advisory team of the Prime Minister often became subject of public discussion. For example, staff of the government’s Economic Council numbers 41 employees, while there are defined 3 categories of advisors. More...


Rezonansi: “THE OLD TENDERS’ IMPACT ON THE NEW GOVERNMENT”

Tbilisi City Hall decided to suspend 31 infrastructure projects with total value of 26 million lari. New tenders will be announced in near future. More...


Rezonansi: “10 BANKS APPROPRIATED PROPERTY OF 86M LARI IN 2 QUARTERS”

Out of 21 Georgian banks, 10 ones have reported appropriated borrowers’ movable and immovable property of 86.39 million lari. At that, Sakartvelos Banki (Bank of Georgia) accounts for 62.9 million lari. More...


Exchange Rates (NBG)
  09/02/14 + / -
  USD   1.7358   0.0002
  EUR   2.2767   0.0037
  RUR   4.6476   0.0072
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