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Rezonansi: “LARI RATE WILL EASILY REACH 2.80 NEXT YEAR”
(Economic Press Monitor: December 13, 2016)
It is obvious that the government and National Bank of Georgia (NBG) have lost control over lari, the newspaper states. Experts of banking sphere unanimously agree that lari devaluation will continue in 2017 also, the article says.
Kviris Palitra: “BANKS “ARE DROWNING” IN PROFIT (?!)”
(Economic Press Monitor: December 12, 2016)
Referring to National Bank of Georgia (NBG), the newspaper points that net profit of commercial banks has reached its historical maximum and exceeded half a billion of lari. Expert Mikheil Dundua notes that sharp growth of banks’ profitability is observed from 2013, when the profit jumped 2.5 times in comparison with 2012.
The Financial: “FADY ASLY: ICC DOES NOT ENCOURAGE TAX HIKES BUT GEORGIA IS GOING THROUGH AN EXCEPTIONAL CHALLENGE”
(Economic Press Monitor: December 12, 2016)
Despite the fact that International Chamber of Commerce (ICC) does not encourage tax growth and believes that low taxes are crucial for local business as well as for foreign direct investments (FDI), if the government’s new 10-point plan is fulfilled carefully, it will not harm business, stated Fady Asly, president of the ICC Georgia. We fully understand that exceptional steps need to be taken to curb the devaluation of lari, he said in an interview with the newspaper.
“GEORGIAN STATE ELECTROSYSTEM” REPORTED LOSS IN 2015
(Daily News: December 8, 2016)
Annex to draft budget-2017, submitted to the Parliament, says that in 2015, despite operation profit, gained by Georgian State Electrosystem (electricity transmission and dispatching), “its liabilities, denominated in foreign currency, were reappraised because of [national] currency devaluation, which resulted in negative net profit”. In 2015, loss before tax of the company made up 115.17 million lari.
LLC “UNITED WATER SUPPLY COMPANY” REMAINS UNPROFITABLE
(Daily News: December 8, 2016)
Annex to draft budget-2017, submitted to the Parliament, says that LLC United Water Supply Company had loss before tax of 74 million lari in 2015. To compare, in 2014, the LLC had loss before tax of 22.41 million lari, in 2013 – of 12.86 million lari.
ESCO HAD LOSS IN 2015
(Daily News: December 7, 2016)
According to analysis of the state enterprises, enclosed with draft budget-2017, Electric System Commercial Operator (ESCO) fixed loss of 1.8 million lari in 2015. In 2014, ESCO had profit of 1.2 million lari.
GEORGIAN OIL AND GAS CORPORATION’S REDUCED PROFIT FOR 2015 WAS CONDITIONED BY LARI DEVALUATION
(Daily News: December 7, 2016)
Annex to draft budget-2017, submitted to the Parliament, points that in 2015, Georgian Oil and Gas Corporation (single-owned by Partnership Fund) had profit of 36 million lari, against of 86 million lari in 2014. As the document states, the mentioned is a result, above all, of costs’ increase, caused by decline of lari exchange rate.
Eugeorgia.Info: “INCREASED FUEL EXCISE, GLOBAL PRICE DROP AND SHORTAGE OF TECHNOLOGIES – GEORGIAN WHEAT PRODUCERS UNDER TRIPLE PRESSURE”
(Economic Press Monitor: December 7, 2016)
The article brings statements of Georgian farmers, who consider that growth of fuel excise will cause “catastrophic” impact on local production. The farmers point that diesel price has been already increased due to lari devaluation, while in comparison with last year, wheat price has been dropped from 50 tetri per 1 kg to 35 tetri and relatively cheaper Russian wheat competes with local production.
“MOODY’S”: LOAN LARIZATION PROGRAM REFERS TO ABOUT 5% OF COMMERCIAL BANKS’ BORROWERS
(Daily News: December 6, 2016)
International rating agency Moody’s declared that only about 5% of borrowers of Georgian banks will meet the qualification requirements of the governmental plan on larization. The agency pointed that the mentioned plan, envisaging conversion of dollar-denominated mortgage loans into local currency, does not imply additional expenses for the banks because the government undertakes coverage of the 20-tetri difference in conversion rate.
Tabula: “RUSTAVI-TBILISI TRAVEL BY MINI BUS RAISED IN PRICE”
(Economic Press Monitor: December 5, 2016)
From December 4, mini bus travel on Rustavi-Tbilisi route has raised in price by 20 tetri and costs 1.50 lari now, the magazine reports. Company Intertrans confirms this information and explains it with national currency devaluation, the article says.
Forbes Georgia: “RAPID LARI DEVALUATION WAS DRIVEN BY ANNOUNCEMENT OF THE GOVERNMENT’S ACTION PLAN”
(Economic Press Monitor: December 2, 2016)
Economist Beso Namchavadze estimates that “when lari is dropping in value by 15 tetri in a single day, this could not been explained by some serious changes in economic, such changes could not happen in one day”. “We are dealing with change of expectations”, Namchavadze states.
NBG: CURRENT SHARP FLUCTUATION OF EXCHANGE RATE IS NOT DRIVEN BY PROCESSES ONGOING IN THE COUNTRY’S ECONOMY
(Daily News: December 1, 2016)
National Bank of Georgia released a statement today, which points that “sharp fluctuation of exchange rate on currency market is not fueled by processes ongoing in the country’s economic”. “For the moment, exchange rate on the market has overstepped the mark that is established by fundamental factors”, NBG stresses.
Forbes Georgia: “IN OCTOBER, 248M LARI WAS DEFICIENTLY SPENT FROM THE BUDGET”
(Economic Press Monitor: December 1, 2016)
Referring to data of the Finance Ministry, the magazine reports that in September, deficit of consolidated budget (combine of state and local budgets) made up 248 million lari. The deficit was financed as follow: 115 million lari – through foreign borrowing, 88 million lari – domestic borrowing and 45 million lari – by means of the balance account of consolidated budget, the article says.
Rezonansi: “ECONOMY IS IN TRAP, TALKS STARTED EVEN ABOUT DEFAULT”
(Economic Press Monitor: November 29, 2016)
In line with the budget 2016, the government had to borrow on domestic market 200 million lari, but the volume has reached 335 million lari already as of November 4, the newspaper reports. It is an alarming tendency, that the government sees solution in growth of debts, the newspaper states and points that Finance Minister Dimitri Kumsishvili has declared a few days ago that domestic debt should be increased.
Tabula: “KALADZE: WE HAVE CONSIDERATION, TO MANAGE TO TRANSFER DOLLAR LOANS IN LARI”
(Economic Press Monitor: November 29, 2016)
Concerning lari devaluation, Vice Premier Kakha Kaladze declared that the government has consideration regarding loans, issued in dollar, “to manage their transfer in lari”. “I am sure that implementation of this project will be a relief for those people, who has this problem”, Kaladze told journalists.
THE PARLIAMENT APPROVED NEW GOVERNMENT
(Daily News: November 28, 2016)
The Parliament approved with 110 votes against of 19 new composition of the government and its program “Freedom, Rapid Development, Welfare”. As speaker of the Parliament Irakli Kobakhidze noted, these three messages of the government program “contain our common goal, requiring close cooperation between the parliament and the government”.
LARI RATE OVERSTEPPED MARK OF 2.5 GEL/USD
(Daily News: November 25, 2016)
National Bank of Georgia reported that lari exchange rate, set for November 26, made up 2.5026 GEL/USD. That is ever lowest rate in lari history.
Kviris Palitra: “WHAT DO EXPERTS SUGGEST TO THE GOVERNMENT IN TERMS OF LARI STRENGTHENING”
(Economic Press Monitor: November 21, 2016)
Exchange rate is ranging within 2.50 GEL/USD; the government started talking for the first time in past 2 years about lari stabilization plan. The article brings comments of two experts – Elguja Mekvabishvili and Mikheil Dundua.
Bankebi da Finansebi: “THE COUNTRY LOST $400M IN 9 MONTHS OF THIS YEAR”
(Economic Press Monitor: November 16, 2016)
Merab Janiashvili, vice-president of Young Financers and Businessmen Association, believes that dedollarization “could not be reduced in 1-2 years”. “It needs period of 10-15 years, and even in conditions of proper and consistent economic policy”, he points.
Tabula: “KHORGUASHVILI: DEDOLLARIZATION REGULATIONS WILL RAISE COST OF LOANS, WHILE SLOW DOWN GROWTH”
(Economic Press Monitor: November 16, 2016)
“Artificial reduction of dedollarization is wrong”, lecturer of Free University Zviad Khorguashvili declares, while commenting the government’s plans regarding new regulations for dedollarization. “This fuels raising of risks, which leads to increased costs, i.e. interest rates”, he points.
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