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DAILY NEWS October 20, 2017

IN SEPTEMBER, INDUSTRIAL PPI INCREASED BY 13.4% Y-O-Y

Sakstat reported that industrial producer price index (PPI) in September has increased in comparison with the same month of 2016 by 13.4%. In comparison with August, the index increased by 0.2%. More...


IN Q3, TURNOVER OF DOMESTIC OPERATIONS WITH PLASTIC CARDS, ISSUED BY RESIDENT BANKS, INCREASED BY 23.3% Y-O-Y

National Bank of Georgia (NBG) reported that turnover of domestic operations with plastic cards, issued by resident banks, amounted in the 3rd quarter to 4.55 billion lari. If compared with the same period of 2016, the volume has increased by 23.3%. More...


IN Q3, TURNOVER OF FOREIGN OPERATIONS WITH PLASTIC CARDS, ISSUED BY GEORGIAN BANKS, INCREASED BY 42.6% Y-O-Y

National Bank of Georgia (NBG) reported that turnover of foreign operations with plastic cards, issued by Georgian banks, amounted in the 3rd quarter to equivalent of 358.74 million lari. If compared with the same period of 2016, the volume has increased by 42.6%. More...


“TI GEORGIA”: DONATIONS TO RULING PARTY 12 TIMES EXCEED COMBINED SHOWING OF ALL OTHER ELECTORAL SUBJECTS

TI Georgia, Georgian branch of Transparency International, declared that out of total political donations, amounting during June 1 – October 1 to 10.32 million lari, ruling party Georgian Dream received 93%. According to intermediate report of the organization, this share 12 times exceeds combined showing of all other qualified subjects of elections (i.e. 14 parties and blocks). More...


AGREEMENT ON INTERNATIONAL MOTOR TRAFFIC BETWEEN GEORGIA AND TURKMENISTAN IS APPROVED

Georgian government approved the agreement on international motor traffic between Georgia and Turkmenistan. The document was signed on August 30. More...


ANAKLIA PROJECT WAS PRESENTED IN HAMBURG

Anaklia City company reported that project of Anaklia was presented at business forum in Hamburg (Germany), where trade, investment, logistic and economic opportunities of Georgia were discusses.

In particular, Georgia’s role as logistic link between the EU and China was considered, the company said, pointing that “in this corridor, port of Anaklia, with city of Anaklia and special economic zone, is considered as exactly one of important and perspective hubs”. More...


“FITCH RATINGS”: CHANGE OF CONTROLLING SHAREHOLDER IN “LIBERTY BANK” NOT TO IMPACT ON THE BANK’S RATING

Fitch Ratings released a statement today, pointing that change of controlling shareholder in Liberty Bank “should be neutral for the bank’s ratings” (B+ / stable).

The agency “believes that the control change may help the bank to diversify its funding base”, as Liberty Bank “might now gain access to wholesale funding sources which were previously unavailable due to the encumbrance of the bank’s shares”. More...


“SOCAR GEORGIA GAS” INVESTED 14.7M LARI IN DUSHETI AND TIANETI MUNICIPALITIES

Energy Ministry reported that since 2013, SOCAR Georgia Gas has invested 7 million lari in Tianeti municipality (Mtskheta-Mtianeti region). In Dusheti, another municipality of the same region, investment amounted to 7.7 million lari, the Ministry said. More...


WITH FINANCING OF “SAKARTVELOS BANKI”, “GT GROUP” OPENED IN TBILISI SERVICE-CENTER FOR “FORD” TRUCKS

Sakartvelos Banki (Bank of Georgia) reported that GT Group has opened in Tbilisi service-center for Ford trucks. For that project, financial resource over 4 million lari was allocated, the bank said. More...


THE GOVERNMENT: “FRANK GROUP” CONSIDERS INVESTMENT OPPORTUNITIES IN GEORGIA

Administration of Georgian government declared that Frank Group considers investment opportunities in Georgia.

The administration said that concrete spheres and investment opportunities were considered today at the meeting of executive director of the company Elad Frank with Prime Minister Giorgi Kvirikashvili. More...


ECONOMIC PRESS MONITOR October 20, 2017

Forbes Georgia: “FRANCE AND GEORGIA”

Economic relations between France and Georgia have amplified recently, notes author of the article, executive director of Chamber of Commerce and Industry France-Georgia Etienne Gachet-Mauroz.

Tourism, agriculture and transport were named as spheres, in which development France can render assistance to Georgian government, the author specifies. More...


Tabula: “NIKOLOZ GAGUA: RATIO OF DEBT TO GDP WILL DECREASE FROM 45% TO 37% BY 2024”

According to primary version of the draft budget-2018, the government plans borrowing of 1.6 billion lari abroad and 400 million lari – domestically, as a result the governmental debt will reach 18.1 billion lari, exceeding by 94% the indicator of 2013, Tabula reports.

As Deputy Finance Minister Nikoloz Gagua explains, main reason of the debt growth in nominal expression (in lari) is strengthening of the US dollar, while volume of debt, expressed in dollars, remains stable. More...


Tabula: “GOTSIRIDZE: “GAZPROM” PAYS US THREE TIMES LESS FOR TRANSIT THAN IT WAS BEFORE”

Referring to obtained confidential information, MP from United National Movement Roman Gotsiridze declares that Russian Gazprom pays Georgia $3 for transit of 1,000 cubic m gas per each 100 km, Tabula reports.

The article notes that the total paid sum is 3 times less than Georgia had received for gas transit before. More...


Bankebi da Finansebi: “THERE IS QUITE ADVERSE PICTURE SEEN IN THE PRISM OF ELECTION FINANCES”

Analyst Vazha Beridze considers that “quite adverse picture is seen in a prism of financing” of parties during the pre-election period. Elections “are unambiguously free”, he states, pointing the same time that “electoral subjects are obviously put in noncompetitive conditions”. More...


Netgazeti.Ge: “MEDIA MONITORING: “R2” – THE MOST CRITICAL CONCERNING THE AUTHORITY, “IMEDI” AND “PUBLIC BROADCASTER” – LOYAL”

According to media monitoring, most negatively the authority was reported in air of Rustavi-2 broadcasting company (R2), which in turn, had aired most positively National Movement and its candidate for Tbilisi Mayor’s office Zaal Udumashvili (former anchor of this TV company), Netgazeti.Ge reports.

According to the same monitoring, Public Broadcaster and broadcasting company Imedi were characterized by “soft, not watch-dog position” concerning the authority. More...


SPECIAL REPORT October 11, 2017

TAX & LAW BRIEF

THE ORDER #137/04 OF THE PRESIDENT OF THE NATIONAL BANK OF GEORGIA

The financial organization may impose the commission fee or liquidated damages for full or partial prepayment or refinancing of credit.

In case of transfer of loan receivables or otherwise assign loan agreements, the Financial Organization shall put in the transfer contract obligation of the transferee to follow ethical rules in accordance with Code of Ethics of the Financial Organization. More...


Exchange Rates (NBG)
  10/20/17 + / -
  USD   2.4864   0.0001
  EUR   2.9344   0.0061
  RUR   4.3213   0.0032
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