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1. Forbes Georgia: “TOUGHENED MONETARY POLICY – THE PENALTY FOR LAST HOPE OF GEORGIAN ECONOMY”
   (Economic Press Monitor: March 18, 2015)

   When the National Bank of Georgia (NBG) is forced to toughen monetary policy for ensuring stability of prices and exchange rate, the government must particularly promote business development, the magazine says.

   Unfortunately, the contrary occurs in Georgia, the article states.

2. ISET POLICY INSTITUTE: BCI SLIGHTLY DECREASED IN Q1
   (Daily News: March 17, 2015)

   Policy Institute of International School of Economy at Tbilisi State University (ISET Policy Institute) declared that Business Confidence Index (BCI) has decreased in the 1^st quarter by 0.5 points, if compared with the 4^th quarter of 2014, and registered 24.5 on a scale of 100 points.

   Authors of report specify that biggest decline of BCI is recorded in retail sector.

3. Rezonansi: “ANOTHER BANK BLUFF CAME TO LIGHT”
   (Economic Press Monitor: March 17, 2015)

   Because of devaluation of lari, National Bank of Georgia (NBG) charged commercial banks on February 25 to revise liabilities of private individuals, having credits in foreign currency, the newspaper notes. However, it is still unknown, how many borrowers applied to the banks with request of restructuring, the article says.

4. Kviris Palitra: “THREE-PHASE PLAN OF THE GOVERNMENT”
   (Economic Press Monitor: March 16, 2015)

   Representative of Association of Young Businessmen and Financiers Zurab Kukuladze considers that “belts tightening” will not cause drastic changes in economy.

   “Stretching of budgetary expenditure and transfer of this money in infrastructure projects will not yield results”, Kukuladze declares, while commenting on plans of the government.

5. Tabula: “VAKHTANG LEZHAVA: THERE IS CRISIS IN ENERGY SPHERE”
   (Economic Press Monitor: March 13, 2015)

   Chancellor of Free University, economist Vakhtang Lezhava considers that there is crisis in energy sphere. “We are now in situation, when it is not felt in the capital, but so-called rolling blackouts are already underway in regions”, he specifies.

6. Forbes Georgia: “WHAT’S WRONG WITH ECONOMY: 5 QUESTIONS TO 8 EXPERTS”
   (Economic Press Monitor: March 13, 2015)

   Forbes Georgia interviews 8 economic experts, asking their opinion regarding current economic situation. One of the questions is: what are the government’s three mistakes, which caused lari devaluation and economic crisis.

7. HEAD OF NBG: SPENDING OF RESERVES IS NOT A WAY OUT
   (Daily News: March 12, 2015)

   At the Parliament’s committee hearing today, president of National Bank of Georgia (NBG) Giorgi Kadagidze emphasized again that spending of reserves of NBG is not a way out. “Substitution of fundamental economic factors with currency reserves is not only wrong, but counterproductive also”, he stressed.

8. “PMCG”: IN 2014, ELECTRICITY GENERATION AND CONSUMPTION INCREASED, WHILE INVESTMENTS IN ENERGY – DECREASED
   (Daily News: March 11, 2015)

   Referring to Electricity System Commercial Operator, Policy and Management Consulting Group (PMCG) declared that both generation and consumption of electricity has increased in 2014 year-on-year: by 2.9% (i.e. by 292.9 million KWh) and consumption 5.1% (i.e. by 507th million KWh), respectively.

   At that, consumption exceeded in the reporting period volume of generation (by 248.3 million KWh), so the gap was compensated by import (793.2 million KWh), PMCG pointed.

9. Bankebi da Finansebi: “DURING CURRENCY CRISIS, NATIONAL BANK INCREASED LARI SUPPLY TO ECONOMY, IT WAS THE MAIN REASON FOR NATIONAL CURRENCY DEVALUATION”
   (Economic Press Monitor: March 11, 2015)

   In an interview to the newspaper, Deputy Minister of Regional Development and Infrastructure Nodar Javakhishvili criticizes again actions of National Bank of Georgia (NBG). “During currency crisis, National Bank increased lari supply to economy, it was the main reason for national currency devaluation”, he declares.

10. Rezonansi: “SMALL ENTERPRISES ARE ON THE VERGE OF CLOSING”
    (Economic Press Monitor: March 10, 2015)

    Because of devaluation of lari, growth of leasing fee created problems for trade sector already few months ago, the newspaper says. The wholesale markets also appeared in difficult situation, and tens of their shops were closed for the last 2 months.

11. Rezonansi: “SECRET OF LARI RUIN”
    (Economic Press Monitor: March 10, 2015)

    The article reports that National Bank of Georgia (NBG) issued on March 5 the refinancing credits of 900 million lari, including standing loans of 200 million lari. “As a result, hardly strengthened lari depreciated again”, the newspaper says.

12. Bankebi da Finansebi: “DEVALUATION OF LARI WAS IMPOSSIBLE TO AVOID”
    (Economic Press Monitor: March 6, 2015)

    Full professor of Georgian St. Andrew University, doctor of economics Levan Kistauri considers that “devaluation of lari was impossible to avoid”.

    Kistauri points at significant growth of negative balance of payments because of reduction of tourists’ inflow, export and remittances.

13. Netgazeti.Ge: “NEW WAVE OF FOOD PRICE GROWTH”
    (Economic Press Monitor: March 5, 2015)

    Despite strengthening tendency of lari against the US dollar, food prices in supermarkets have increased, the newspaper states. As the article reports, prices on various products increased by 10-30%.

14. HEAD OF IMF MISSION: DEVALUATION OF NATIONAL CURRENCY WAS CAUSED COMPLETELY BY EXTERNAL FACTORS IN FACT
    (Daily News: March 4, 2015)

    Head of IMF mission Mark Griffiths stated that actually, devaluation of Georgian national currency was caused completely by external factors.

    Taking into consideration external shocks, devaluation of lari is not surprising, because it happens to almost all other currencies, Griffiths said at the news briefing in Tbilisi today.

15. HEAD OF IMF MISSION: ECONOMIC GROWTH IN 2015 WILL BE 2% AT ITS BEST
    (Daily News: March 4, 2015)

    IMF mission, been in Georgia, concluded that highest potential level of Georgian economic growth in 2015 is 2%, but “even this forecast contains risks”.

    “Economic activity of Georgia’s main trade partners is slowed even more (than in Georgia) and devaluation of their currencies harms competitiveness of Georgia”, said head of the mission Mark Griffiths at the briefing today.

16. Netgazeti.Ge: “JAVAKHISHVILI CRITICIZES IMF: IN 1998, THE FUND TOOK PART IN “BLUFFING” OF THE PEOPLE”
    (Economic Press Monitor: March 4, 2015)

    “In recent years, I estimate work of IMF very critically”, Deputy Minister of Infrastructure and Regional Development Nodar Javakhishvili says.

    Recent drop of lari rate reminds Javakhishvili “dramatic falling” of September 1998.

17. Rezonansi: “BARGAIN OF THE GOVERNMENT AND “KAZTRANSGAS””
    (Economic Press Monitor: March 4, 2015)

    Statement, spread by Tbilisi gas distributor KazTransGas-Tbilisi on March 3, says that gas tariff for commercial sector is not change since March 1.

    Earlier, the company declared that due to devaluation of lari, it had loss of 11 million lari and has no more reserves for gas purchase, the newspaper notes.

18. Sakartvelos Ekonomika: “THE WAY FROM 1.7 TO 2.16 – IN SEARCH OF THE WAY OUT”
    (Economic Press Monitor: March 2, 2015)

    The magazine reviews chronology of lari rate drop (from 1.7 GEL/USD to 2.16 GEL/USD) and considers its reasons and results. Devaluation already caused damage to economy of Georgia and to social and economic opportunities of population, the author of article notes.

19. Kviris Palitra: ““KADAGIDZE LIED…” – WHO “PLAYS” WITH LARI”
    (Economic Press Monitor: March 2, 2015)

    Drop of lari exchange rate is commented by expert Mikhail Dundua, former vice-president of National Bank of Georgia (NBG) Merab Kakulia and Deputy Minister of Regional Development and Infrastructure, ex-president of NBG Nodar Javakhishvili.

    According to Dundua, president of NBG Giorgi “Kadagidze lied when said that he provided enough dollars to economy”.

20. DUE TO LARI DEVALUATION, “TBC BANK” ALTERS CREDITING TERMS
    (Daily News: February 27, 2015)

    Today, TBC Bank announced about change of crediting terms, being caused by devaluation of lari. The changes affected both current and new borrowers.

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