NATIONAL BANK’S NEW MANAGEMENT SETS NEW TASKS
(Daily News: April 20, 2005)
According to the press service of the National Bank (NB), in several months “shaping of NB’s new role and public image”, which will fully reflect changes in the monetary – credit and budget policy, will be completed.
The NB president Roman Gotsiridze considers under new circumstances, in particular, a considerable increase in budget revenues, the NB is facing new tasks.
Alia: “HOW TEMUR CHKONIA, KOTE GABASHVILI, GIA BARAMIDZE AND ELDAR SHENGELAIA ARE CONNECTED WITH DEVALUATION OF MONEY HOLDINGS”
(Economic Press Monitor: December 28, 2004)
By consideration of the issue on devaluation of population’s holdings in 1992-1993 due to the wrong money-and-credit policy, the question of issued but often not returned banking credits permanently emerges. In the list of the credit’s receivers appear lots of firms and well-known faces.
PARLIAMENT CLOSES WINTER SESSION WITHOUT DECIDING ON DEVALUATION OF DEPOSITS
(Daily News: December 29, 2004)
Today Parliament has failed to make a conclusion on the devaluation of population’s deposits in 1992-1993 prepared by a special Parliamentary group led by MP Vasil Maglaperidze. Although the document was brought to a vote, it failed to collect the essential number of votes.
Mtavari Gazeti: “AUTHORITIES SHIFT OWN BLAME ONTO MEETINGS”
(Economic Press Monitor: November 14, 2003)
For these last days, the representatives of authority have been paying attention at negative influence, which is rendered by political violence on economy of the country.
As it is known, November and December are hard periods from the point of thebudget implementation and the authorities fear, that the gap in the budget, already making up 150-160 lari, will be increased to 300 million by the end of year.
24 Saati: “LARI STANDS ALL STRIKES FOR 9 YEARS”
(Economic Press Monitor: October 5, 2004)
The National Bank (NB) President Irakli Managadze emphasizes that NB has effective mechanisms for stability maintenance of lari rate. Reviewing the 9-year period, passed since the lari introducing, he notes that the coupon (predecessor of lari) syndrome is still felt.
PARLIAMENT’S GROUP BLAMES DEPOSITS DEVALUATION ON FORMER GOVERNMENT AND SAYS VANO CHKHARTISHVILI IS NOT INVOLVED IN THE PROCESS
(Daily News: December 28, 2004)
Under the conclusion of the parliament’s group, the loss of value of deposits at the start of the 1990s was the result of the former government’s “purposeful and criminal” money-and-credit policy. The group thinks the process could not have been influenced by current MP Vano Chkhartishvili, who was in charge of one of Zhilsotsbank’s branches then.
MPS DAVITASHVILI AND DZIDZIGURI CRITICIZE PARLIAMENT’S GROUP STUDYING MONEY HOLDINGS’ DEVALUATION
(Daily News: December 20, 2004)
The parliamentary group studying devaluation of population’s money holdings in 1992-1993 came in for criticism by opposition MPs Koba Davitashvili and Zviad Dzidziguri at a news conference today. The latter two proposed to set up a special commission to conduct the real investigation of the situation concerning the holdings.
PARLIAMENT’S GROUP TO STUDY QUESTIONS REGARDING POPULATIONS’ DEPOSITS LOST IN THE 90S
(Daily News: November 26, 2004)
A parliamentary group has been set up to look into questions regarding the populations’ deposits that lost their value in 1992-1993. The group is made up of Bezhan Butskhrikidze, Valeri Gelbakhiani, Koba Davitashvili, Vasil Maglaperidze, David Saganelidze and Vano Chkhartishvili.
MPS DAVITASHVILI AND DZIDZIGURI DEMAND INQUIRY INTO LOSS OF POPULATION’S DEPOSITS IN 1992-1993
(Daily News: November 10, 2004)
MPs Koba Davitashvili and Zviad Dzidziguri, of the opposition, have proposed to launch an inquiry into 1992-1993 developments in Georgia regarding the devaluation and loss of population’s deposits in banks. They have sent an appeal to state prosecutor Zurab Adeishvili.
AGITATION AROUND THE MINIMAL SALARY
(Weekly Press Digest: January 12, 2003)
This week the Parliament’s Health and Social Welfare Committee paid its due to the United Democrats faction’s initiative to increase the existing 20-Lari minimal salary to 115 Lari – the subsistence level, a question of particular concern at the end of last year.
Dilis Gazeti writes although being a pro-Governmental faction’s representative, Zezva Gugunishvili, the Committee’s chair, naturally had no intent to hold a hearing in favor of the United Democrats, Zhvania’s teamappeared in full composition and got hold of “a wonderful chance to advertise” its initiative.
NATIONAL CURRENCY FAILS SO FAR TO ACQUIRE SAVING FUNCTION
(Daily News: June 25, 2002)
The National Bank (NB) states in its 2001 report that the attitude towards the lari, the national currency, remains skeptical, which is due to population’s distrust in the economic policy of the country and a heavy social-economic situation on the whole.
Last year saw the devaluation of a lari rate and sharp changes in its value against the dollar.
ACTIVITY OF CREDIT AUCTIONS DECREASED
(Daily News: May 27, 2002)
The National Bank (NB) explains a decrease in demand for credit resources by the NB policy shift and exceeding liquidity of commercial banks.
While last year within four months 33 credit auctions were conducted at the Tbilisi Interbank Currency Exchange this year - only 14.
THE SAME OLD STORY ABOUT DEBT RESTRUCTURING
(Weekly Economic Review: March 30, 2002)
Government and business circles have raised afresh a question of restructuring debts of strategic objects in the state ownership. Several years ago a number of enterprises were restructured, but let us deal with this later and say first that criteria of defining a “strategic” character of enterprises are rather hazy.
LARI ALMOST REACHES ITS PRE-CRISIS RATE
(Weekly Economic Review: December 22, 2001)
Since the recent tension in the country (early November) and the following “governmentless” period the Lari rate has been coming back to its previous rate. The rate of the US dollar rose to 2.1799 (December 13) from 2.0848 (November 1), i.e. almost by 5%.
FINANCE MINISTER RENEWS HIS STAND AGAINST BAR ON SCRAP METAL EXPORTS
(Daily News: August 15, 2001)
Motivating his stance at a government session today, the Finance Minster, Zurab Nogaideli referred to the necessity to regard economic factors. He remarked that the revenues from the scrap metal exported amounts $100 million and if the export was put under a ban a trade balance in the country would see an adequate decline, which in turn would lead to the devaluation of the national currency.
IMF NOTES BOTH POSITIVE AND NEGATIVE SIDES OF ECONOMIC SITUATION IN THE COUNTRY
(Daily News: May 4, 2001)
The IMF pays special attention to the call to efficiently collect taxes and search ways for covering the budget gap. As the head of the 2nd European Department of the IMF John Odling-Smee notes, a decision on the next tranche and on the necessity of sequester has not been adopted yet.
CURRENT PLANS OF NATIONAL BANK FOR RECRUITMENT CURRENCY RESERVES ARE MORE DECENT THEN IN 2000 YEAR
(Daily News: March 13, 2001)
According to Irakli Managadze, president of the National Bank, they plan to recruit currency reserves not more than by $30-40 million in 2001. While in 2000, according to him the bank gained $74.9 million.
ECONOMY: BEGINNING OF THE YEAR
(Weekly Economic Review: January 15, 2000)
The following factors should be pointed out to characterize the current situation:
Intense social crisis (no progress in the sphere for the most part) induced more protests in the population. Right before the holidays strikes, road-blocking and other actions of protest have gone on an enormous scale.
ELECTRICITY COSTS WENT UP
(Daily News: June 8, 1999)
On May 31, 1999 Ministry of Justice sanctioned electricity costs raise. The price for 1 kWh went up to 0.083 Lari and is valid since June 1.
LARI STILL NEED LONG TIME TO REACH ITS REAL VALUE
(Weekly Economic Review: November 28, 1998)
The rate of Lari keeps falling. During the week’s trade at TICEX, it has fallen from 1.470 to 1.535 GEL/USD.
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