Daily News

IN THIS ISSUE:

Koba Gvenetadze, president of National Bank of Georgia (NBG), declared that “external sector still hampers growth of economic activity; though internal and external investments became relatively more active”.

“Upon previous forecast, our calculations showed that growth will make up approximately 3%, while as of today the forecast makes up 3.5%”, Gvenetadze declared at the press conference today.

National Bank of Georgia (NBG) declared that its Monetary Policy Committee has decided today to decrease the refinancing rate by 25 basis points. Accordingly, the rate makes up now 6.75%.

National Bank of Georgia (NBG) reported that annual inflation of consumer prices has decreased in June more than expected and made up 1.1%.

“That is caused to a considerable degree by reduction of inflationary expectations and bigger, than it was expected, transfer of reduced international prices on fuel and food”, NBG explained.

National Bank of Georgia reported that as of July 1, ratio of total banking deposits to GDP made up 43.8%.

In the same period of 2015, this ratio made up 41.6%, while as of April 1, 2016 – 44.4%.

National Bank of Georgia reported that volume of overdue credits, issued in national currency, made up 149.65 million lari as of July 1. The volume has increased by 4.8% quarter-on-quarter and by 17.9% – year-on-year.

National Bank of Georgia reported that 19 commercial banks had running countrywide 142 branches and 814 service-centers as of June 30.

During the 2^nd quarter, number of branches has increased by 16 units, while of service-centers – decreased by 10 ones.

According to order, adopted by the government last week, resources of two state funds have increased by 20 million lari.

The order assigns the Finance Ministry to allocate this sum at the expense of reduction of allocations for servicing and payment of external state liabilities.

According to the government, completion of construction/rehabilitation on VardnilHES-1 hydroelectric station requires additional 3.5 million EUR. In order to attract this sum, negotiations are conducted with European Investment Bank (EIB), the government said.

According to the government’s order, holding of tender on reveal of entity, which will be authorized for organization of lotteries, is planned in “limited time frame”.

For that end, the Finance Ministry will conduct simplified procurement of consulting and expert service on the draft of tender documentation.

Georgian Ministry of Economy and Sustainable Development declared that within the Chinese project of government level, Georgian wine will be promoted for the first time.

In this connection, Georgia’s Economy Minister Dimitri Kumsishvili signed a cooperation memorandum with Chinese party within working visit to China, the Ministry reported.

Georgian Ministry of Economy and Sustainable Development declared that Chinese Er Shang Group (food producer and distributor) became interested in Georgian agroindustrial production.

The Minister Dimitri Kumsishvili discussed possibilities of this production’s distribution in China at the meeting with management of Er Shang Group, which was held within Georgian-Chinese business forum in Shanghai.