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1. CHAIRMAN OF CENTER FOR ECONOMIC DEVELOPMENT OPPOSES SEPARATION OF BANKING SUPERVISION FROM NBG
   (Daily News: May 22, 2015)

   Chairman of Center for Economic Development, former president of National Bank of Georgia (NBG) Roman Gotsiridze made a comment on the Parliament’s intention to separate Banking Supervision from NBG (respective initiative was announced in the Parliament).

   “That was already made several years ago, but they had to return it back as effective control of banking system appeared in risk”, Gotsiridze said in the comment, published on his Facebook page.

2. Tabula: “GOTSIRIDZE: LARI EXCHANGE RATE IS CHARACTERIZED BY STRENGTHENING TENDENCY”
   (Economic Press Monitor: May 22, 2015)

   Ex-president of National Bank of Georgia (NBG) Roman Gotsiridze calls three key reasons for the last strengthening of lari.

   The major factor is import reduction, declared Gotsiridze in live show Theorem of Tabula broadcasting company.

3. Rezonansi: “ALREADY NOBODY ASKS DOLLAR IN CURRENCY BOOTHS”
   (Economic Press Monitor: May 22, 2015)

   Based on comments of currency exchange offices, the newspaper declares that demand on dollars in Tbilisi significantly decreased. The population expects that lari will become stronger and abstains from purchasing dollars, the article says.

4. IDFI: DEVELOPMENT OF FOREIGN CURRENCY INFLOW TO GEORGIA FROM ALTERNATIVE SOURCES SHOULD BE ASSISTED
   (Daily News: May 21, 2015)

   Institute of Development of Freedom of Information (IDFI) declared that development of foreign currency inflow to Georgia from alternative sources that will promote reduction of national economy’s dependence on Russia has to be assisted.

   Reduction of money transfers from Russia because of economic crisis in this country can be one of important factors of devaluation of lari, IDFI said.

5. Bankebi da Finansebi: “THIS YEAR THE ECONOMY LOST $550-600M”
   (Economic Press Monitor: May 20, 2015)

   In his interview to the newspaper, professor of Georgian University of St. Andrews Levan Kistauri says that the country lost about $300 million through trade operations in this year. Taking into account the decreased money transfers, national economy did not receive $550-600 million since the beginning of the year, he specifies.

6. YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION: THE GOVERNMENT HAS NO REAL LEVERS TO RESIST PRICE GROWTH IN HEALTHCARE
   (Daily News: May 19, 2015)

   Association of Young Financiers and Businessmen declared that “because of lari devaluation against dollar and euro, number of socially unprotected people increases and it becomes more and more difficult to them to receive necessary medicines and medical care”.

   The Association considers that the government has no real levers to resist increase in prices in this sphere.

7. Rezonansi: “BANKS’ SPECULATION DEPRECIATES LARI!”
   (Economic Press Monitor: May 19, 2015)

   The article reports that Georgian banks sold in the 1^st quarter to nonresident banks by $226 million more, than had bought up. During this period, lari catastrophically depreciated against the US dollar, the article points.

8. EBRD: GEORGIA’S ECONOMIC GROWTH IN 2015 WILL BE 2.3%, IN 2016 – 2.6%
   (Daily News: May 14, 2015)

   According to latest forecast of EBRD, Georgia’s economic growth in 2015 will make up 2.3%, in 2016 – 2.6%.

   If compared with January forecast for growth in 2014 (4.2%), the rate is almost halved, being lowered by 1.9 percentage points that EBRD connects with deterioration of the environment.

9. Rezonansi: “DEVALUATION OF LARI WILL FRIGHTEN INVESTORS”
   (Economic Press Monitor: May 14, 2015)

   The article brings comments of 3 experts regarding recent devaluation of lari.

   Academician Avto Silagadze points that devaluation of lari to present level has negative impact on investors though Georgian economy has several profitable spheres, which could attract interest of investors.

10. Tabula: “ROMAN GOTSIRIDZE: IN CASE SUBSIDIZING, GROWTH OF TARIFF IS INEVITABLE”
    (Economic Press Monitor: May 13, 2015)

    Former president of National Bank of Georgia Roman Gotsiridze points that “Subsidizing of energy is unfancied, as it is very resource-consuming and huge money will be required for this purpose”.

    Gotsiridze considers that “in case of subsidizing, growth of tariff is inevitable”.

11. Tabula: “THE GOVERNMENT MAY SUBSIDIZE ELECTRIC POWER ALSO”
    (Economic Press Monitor: May 11, 2015)

    Energy Minister Kakha Kaladze declared that “in case the regulating commission will decide to rise the tariff (…), we will discuss, if tariff to the population has to be raised, or it should be maintained and target subsidizing to be carried out”.

    “In this case, neither companies will go bankrupt, nor tariff will rise for population of our country”, Kaladze said in live show Different Accents of broadcasting company Rustavi-2.

12. Bankebi da Finansebi: “IN WHICH CONDITION IS SMALL AND MEDIUM BUSINESS IN GEORGIA”
    (Economic Press Monitor: May 8, 2015)

    Executive president of Georgian SME Association Mikheil Chelidze notes that devaluation of lari had struck a heaviest blow to small and medium business.

    Chelidze points at rent payment, “which is fixed in dollar”, and dollar credits, which “have lower interest rate and everybody preferred them”.

13. ECONOMY MINISTER: IN RESPECT OF LARI RATE, THERE IS VERY SMALL COMPONENT OF THAT COULD BE IS MADE, BUT WAS NOT MADE
    (Daily News: May 7, 2015)

    In connection with drop of lari rate, “there is very small component, really very small, of that could be made, but was not succeeded to make”, Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared. “Such things happen always”, he noted.

14. MONETARY POLICY RATE INCREASED BY 0.5 PERCENTAGE POINTS
    (Daily News: May 6, 2015)

    National Bank of Georgia (NBG) reported that Monetary Policy Committee decided today to increase refinancing rate by 50 basis points. Respectively, current monetary policy rate is 5%.

15. Bankebi da Finansebi: “THE STATE WILL REGULATE PRICES OF MEDICINES”
    (Economic Press Monitor: May 6, 2015)

    Minister of Labor, Healthcare and Social Protection David Sergeenko declares that prices of about 450 names of medicines have increased by 15-20%. In case of sharper growth, the government will carry out reaction, he says.

16. Bankebi da Finansebi: “NATIONAL BANK LIKENED LARI RATE TO IDENTIFIABLE TOTALIZATOR”
    (Economic Press Monitor: May 6, 2015)

    Expert Vazha Kapanadze considers that recent devaluation of lari is directly connected with actions of the National Bank of Georgia (NBG). “Taking into account external factors, I do not say that the rate had to stop on 1.74 (GEL/USD), but we should have had no such jump in respect of depreciation”, he says in interview to the newspaper.

17. ECONOMY MINISTER: THE GOVERNMENT DOES NOT EXPECT FURTHER DEVALUATION OF LARI
    (Daily News: May 4, 2015)

    Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that the government does not expect further devaluation of lari.

    As the Minister specified, very important works are conducted in terms of privatization, there are sound results, which will be even bigger along with growth of tourism and inflow of visitors.

18. Sakartvelos Ekonomika: “ACHIEVEMENTS AND CHALLENGES OF GEORGIA’S ECONOMY”
    (Economic Press Monitor: May 4, 2015)

    Society 20-30 (public organization, founded by ex-premier Bidzina Ivanishvili), considers that devaluation of lari is caused by global strengthening of the US dollar, suppression of practice of annual growth of Georgia’s total foreign debt since 2013 and withdrawal by the National Bank of Georgia (NBG) of big mass of dollars from economy.

    However, director of Center for Financial Stability and Competitiveness Merab Kakulia (former vice-president of NBG) speaks about arguments, contradicting this consideration, the article reports.

19. Iveria.Biz: ““THE DREAM” POSTPONED OUR VISA-FREE TRAVELS”
    (Economic Press Monitor: May 1, 2015)

    Unfortunately, neither Ukraine, nor Georgia will be able to receive visa liberalization at Riga Summit of Eastern Partnership, the newspaper states.

    Russia’s factor is still actual, but the question is what was made by official Tbilisi for good preparation of the summit during 6 months at least, author of the article says.

20. YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION: LOSSES BECAUSE OF RATE FLUCTUATIONS MUCH EXCEED THE ADVANTAGE FROM INFLATION TARGETING
    (Daily News: April 29, 2015)

    Vice-president of Young Financiers and Businessmen Association Shota Gulbani declared that challenges, which Georgian economy is facing today, are unambiguous: high rate of dollarization, dependence on import and small production potential, as well as denomination of public debt in foreign currency.

    Because of these factors, losses, caused by currency rate fluctuations, much exceed the advantage, which inflation targeting provides, Gulbani pointed at the briefing today.

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