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1. Kviris Palitra: “IS “HEAD OF LARI” BURIED IN FINANCIAL PYRAMID?”
   (Economic Press Monitor: September 14, 2015)

   Last week, significant drop of lari exchange rate was observed again, which approached 2.41 GEL/USD, the newspaper reports. The article brings comment of doctor of economics, professor Mikheil Tokmajishvili on the mentioned issue.

2. Forbes Georgia: “LARI IDENTITY: RUSSIAN ECONOMY’S IMPACT AND NATIONAL CURRENCY, WHICH DEVALUATES STEADILY”
   (Economic Press Monitor: September 9, 2015)

   The magazine points at opinion that devaluation of lari is explained by crisis in Ukraine and 2-fold reduced export to this country. However, Ukraine is not included in the top three trade partners of Georgia, author of the article notes.

3. NBG’S PRESIDENT: ARTIFICIAL STRENGTHENING OF EXCHANGE RATE IS ALMOST IMPOSSIBLE FOR SUCH SMALL ECONOMY AS GEORGIA
   (Daily News: September 8, 2015)

   President of National Bank of Georgia (NBG) Giorgi Kadagidze declared that “Artificial strengthening of exchange rate for such small economy as Georgia is almost impossible”.

   “Even Azerbaijan and Kazakhstan, which are rich with resources, could not do it”, Kadagidze said.

4. Bankebi da Finansebi: “SEPARATION OF SUPERVISORY SERVICE WAS WRONG DECISION”
   (Economic Press Monitor: September 8, 2015)

   President of National Bank of Georgia (NBG) Giorgi Kadagidze declares that separation of supervision service was wrong decision. However, despite that, “this is not end of our life and being”, he told journalists.

5. Forbes Georgia: “LARI DEVALUATION EFFECT ON CONSTRUCTION SECTOR”
   (Economic Press Monitor: September 4, 2015)

   The magazine states that lari devaluation remains the challenge number one for Georgian economic.

   The first market, associated with the dollar rate is construction market, as deals in development market are made in the US dollar exactly, author of the article says.

6. Bankebi da Finansebi: “REASONS OF CURRENCY FLUCTUATION AND GEORGIAN BANKING SYSTEM”
   (Economic Press Monitor: September 4, 2015)

   In his interview with the newspaper, deputy of TBC Bank’s director general in risk management Giorgi Tkhelidze analyzes currency fluctuations.

   Rate of national currency started fluctuation from November 2014 – worsening of current account deficit in the 4^th quarter imposed pressure on lari and became the first factor for devaluation, Tkhelidze says.

7. Forbes Georgia: “EXPORT PRICE INDEX”
   (Economic Press Monitor: September 2, 2015)

   In Georgia, export price index is calculated on the base of prices of about 60 merchandise articles of more than 100 producers. According to Sakstat, the index has increased this year by 10.9% year-on-year.

8. REGULATING COMMISSION TO LAUNCH ADMINISTRATIVE PROCEEDINGS ON TARIFF CORRECTION FOR “TELASI”
   (Daily News: July 28, 2015)

   National Energy and Water Supply Regulating Commission declared that administrative proceedings will be launched on definition of tariff for distribution, transmission and consumption of electricity for JSC TELASI (Tbilisi energy distributor).

   The issue is included in agenda of the Commission’s meeting, scheduled for July 31.

9. Rezonansi: ““MAFIA” TARIFF OF ELECTRICITY”
   (Economic Press Monitor: July 28, 2015)

   According to calculations of power engineering specialist Miron Pirtskhelani, consumer tariff for electricity has to make 13 tetri (per 1 KWh) at most in conditions of existing monopolized market, while will not exceed 10 tetri, if the market is free and competitive, the newspaper reports.

   Tariff of hydroelectric stations makes up 3-3.5 tetri, share of dispatching and transmission is 1 tetri, while share of distribution companies should not exceed 7 tetri in any way, Pirtskhelani points.

10. ECONOMY MINISTER: 3 YEARS AGO, THE TARIFF DECREASED BY 3.54 TETRI, WHILE INCREASED BY 3.48 TETRI TODAY
    (Daily News: July 23, 2015)

    Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that “3 years ago, the state together with energy suppliers decided to decrease a tariff by 3.54 tetri”. “Today, without VAT, growth (of the tariff) makes up 3.48 tetri”, he pointed, while commenting on increase of consumer tariff of EnergoPro Georgia (regional power distributor).

11. Rezonansi: “FIRST WAVE OF ELECTRICITY’S INCREASE IN PRICE”
    (Economic Press Monitor: July 23, 2015)

    Electricity tariff for thermal power plants increased approximately by 30%, that by 7% exceeds an indicator of lari devaluation, the newspaper reports.

    However, decision of National Energy and Water Supply Regulating Commission appeared vague for regional energy distributor EnergoPro Georgia, which representative Mikheil Botsvadze considers that the tariff has increased insufficiently, the article points.

12. Rezonansi: “ONE-DAY CREDITS – NBG ATTACKS LARI FROM OTHER SIDE”
    (Economic Press Monitor: July 21, 2015)

    National Bank of Georgia issued on July 14 and July 15 one-day refinancing credits, totaling to 415 million lari. At that, the newspaper specifies that on July 15, it was the first case when credits of such large volume (340 million lari) were issued and points that lari has depreciated on July 15-17.

13. ISET BLOG: GEORGIAN FOOD MARKET BECOMES MORE COMPETITIVE
    (Daily News: July 14, 2015)

    Report, published on blog of of Policy Institute of International School of Economy at Tbilisi State University (ISET), points that lack of food price increase, adequate to almost 30% devaluation of lari, indicates growing competitiveness of Georgian market. At least, this consideration applies to essential foods, the report notes.

14. Rezonansi: “NATIONAL ECONOMY CANNOT PAY DEBTS OF SUCH VOLUME”
    (Economic Press Monitor: July 14, 2015)

    In 2014, debt of Georgian government made up 36.4% of GDP (foreign debt – 27.6%, internal one – 8.8%) and it was planned to keep it in the next years below 40%.

    However, according to draft amendments to the state budget-2015, debt will grow from 11.8 billion to 13.779 billion lari.

15. Tabula: “KALADZE: ENERGY DISTRIBUTION COMPANIES OPERATE WITH LOSS”
    (Economic Press Monitor: July 3, 2015)

    Energy Minister Kakha Kaladze assures that “not a single company did suspend implementation of investments” in energy sphere.

    Regarding decrease of foreign direct investments in energy, the Minister explains that it “depends on devaluation of lari that caused serious damage to the companies”.

16. EX-PRESIDENT OF NBG CRITICIZES THE CORRECTED BUDGET, FINANCE MINISTRY DISAGREES
    (Daily News: June 25, 2015)

    Former president of National Bank of Georgia (NBG) Roman Gotsiridze considers that “the corrected budget is much worse, than initial one”.

    “Revenues in the most healthy part, taxes, decreases by 200 million lari”, being “replenished at the expense of license fee, which is supposed to be received in the future from sale of frequencies for mobile communication of new generation”, Gotsiridze explains on his Facebook page.

17. Tabula: “JAPARIDZE ANNOUNCED INITIATIVE ON REPLACEMENT OF NATIONAL BANK WITH CURRENCY BOARD”
    (Economic Press Monitor: June 8, 2015)

    Oppositional MP Zurab Japaridze announced initiative on creation of Currency Board instead of National Bank of Georgia (NBG). The Board will have much more limited functions, than NBG, he specifies.

18. Rezonansi: “AGREEMENT BETWEEN THE GOVERNMENT AND NATIONAL BANK IS VIOLATED”
    (Economic Press Monitor: May 28, 2015)

    The newspaper points that the government and National Bank of Georgia (NBG) assured the population that there will be no more depreciation of lari. Despite it, lari depreciates daily, and the next drop occurred on May 27, the article says.

19. NEGLECTING EXPLANATIONS OF NBG PRESIDENT, FISCAL COMMITTEE AND COMMITTEE ON ECONOMIC POLICY NEGATIVELY ESTIMATED HIS REPORT FOR 2014
    (Daily News: May 25, 2015)

    While addressing to joint sitting of Fiscal Committee and Committee on Branch Economy and Economic Policy of the Parliament, president of National Bank of Georgia (NBG) Giorgi Kadagidze declared that 2014 was one of the heaviest years for Georgia, proceeding from specifics and scale of shock, which affected the country.

    Despite it, the country managed to cope with this shock, said Kadagidze, who presented today report on NBG activity for 2014 to the mentioned committees.

20. Kviris Palitra: “IF REPUTATION OF THE BANKING SYSTEM IS SHAKEN, ALMOST ALL SPHERES OF GEORGIAN ECONOMY WILL BE SHAKEN”
    (Economic Press Monitor: May 25, 2015)

    Head of TBC Group Mamuka Khazaradze considers that officials’ blaming against banking sector of devaluation of lari “are rather political statements, made to please someone”.

    “If the banking system and its reputation is shaken, and a lot of things, especially statements of politicians, can affect it, almost all spheres of Georgian economy will be shaken”, says Khazaradze in interview to the newspaper.

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