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PRESIDENT OF NATIONAL BANK OF GEORGIA: NBG DOESN’T PLAN TO SPEND RESERVES
(Daily News: February 27, 2015)
President of National Bank of Georgia (NBG) Giorgi Kadagidze responded today to accusations, expressed recently by ex-premier Bidzina Ivanishvili and government members, and said that NBG doesn’t plan to spend reserves it order to strengthen lari exchange rate. As Kadagidze stated, devaluation is caused by fundamental economic reasons and spending reserves will be inadequate decision in this situation.
“SAKARTVELOS BANKI” EXTENDS LOANS, ISSUED IN DOLLARS
(Daily News: February 26, 2015)
Director general of Sakartvelos Banki (Bank of Georgia) Irakli Gilauri announced today that duration of loans, issued in the US dollar to private individuals, who have income in lari, will be extended. At the press conference, held in the bank’s head office, Gilauri specified that such clients account for 7% of Sakartvelos Banki’s total clients.
COMMERCIAL BANKS ORDERED TO EASE CURRENCY BURDEN FOR RETAIL BORROWERS
(Daily News: February 25, 2015)
Within 1 week, Georgian commercial banks will present plan, how they will act in respect of those individuals, who have taken loans in the US dollars, while have income in lari. Development of such plan for ease of currency burden on retail borrowers was ordered by president of National Bank of Georgia (NBG) Giorgi Kadagidze at today’s meeting with the banks’ managers.
Tabula: “FOREIGN CURRENCY RESERVES OF NATIONAL BANK OF GEORGIA DECREASED BY $124M IN 2014”
(Economic Press Monitor: February 24, 2015)
The magazine reports that foreign currency reserves of National Bank of Georgia (NBG) decreased during 2014 by $124 million, amounting by the end of the year to $2.677 billion. As the reason for this reduction, the magazine names interventions, which NBG had implemented in order to stabilize lari exchange rate.
Forbes Georgia: “DUE TO DEVALUATION OF LARI, PUBLIC FOREIGN DEBT INCREASED BY 1.8B LARI”
(Economic Press Monitor: February 24, 2015)
The magazine notes that, due to significant devaluation of lari, Georgian public foreign debt, being expressed in lari, is increasing rapidly. Thus, public foreign debt in the US dollar was $4.1 billion by the end of October 2014, which by that time’s exchange rate (1.75) was equivalent to 7.1 billion lari.
ECONOMY MINISTER: ECONOMIC GROWTH TO BE ABOUT 2-2.5%
(Daily News: February 23, 2015)
“We expect the economic growth to be about 2-2.5%”, Georgia’s Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared. “I mean real growth during 2015”, said Kvirikashvili, while speaking in live show of Rustavi-2 broadcasting company.
Tabula: “KADAGIDZE: IF WE CURB RISE OF PRICES, THE BANK LOAN INTEREST RATE WILL INCREASE”
(Economic Press Monitor: February 23, 2015)
“We have signs of economic shock, which has reflected on decline in exports, money transfers and tourism”, president of National Bank of Georgia (NBG) Giorgi Kadagidze declared to Rustavi-2 broadcasting company. Devaluation of lari is result of this, he added.
ECONOMIC TEAM OF THE GOVERNMENT DISCUSSED SITUATION AROUND LARI RATE
(Daily News: February 20, 2015)
Today, economic team of the government discussed a situation in connection with lari exchange rate (recent sharp devaluation of lari). A working meeting was attended by Minister of Economy and Sustainable Development Giorgi Kvirikashvili, Finance Minister Nodar Khaduri, Minister of Regional Development and Infrastructure David Shavliashvili, Tbilisi Mayor David Narmania, secretary of Economic Council Giorgi Gakharia and other officials.
Tabula: “BAKRADZE: WE SUGGEST THE GOVERNMENT THE PLAN OF WAY OUT FROM ECONOMIC CRISIS”
(Economic Press Monitor: February 20, 2015)
As the leader of parliamentary minority David Bakradze (National Movement) states, “I’m very concerned about the rise of lari exchange rate, which means reduced wages, reduced pensions, increase of cost of loans and bills”. “Another bad side is the attitude, which the government shows towards this process”, he points.
Bankebi da Finansebi: “THE NATIONAL BANK WITHDREW DOLLAR FROM ECONOMY AND UNTIL THIS SUM WILL NOT BE RETURNED, THE BALANCE WILL NOT BE RESTORED”
(Economic Press Monitor: February 19, 2015)
In an interview with the newspaper, director of Young Analysts and Scientists Association Doctrine Mikhail Dundua names three reasons of lari devaluation. The first reason is global strengthening of the US dollar; the second – change of a situation in Georgia, Dundua specifies.
Rezonansi: “THE GOVERNMENT SACRIFICED LARI?”
(Economic Press Monitor: February 19, 2015)
For February 19, official rate of National Bank of Georgia (NBG) makes up 2.0938 GEL/USD. Even higher rate have currency exchange offices, where 1 dollar is sold for 2.10 lari, the newspaper reports and notes that process of devaluation of lari, which has started in last November, still proceeds.
Bankebi da Finansebi: “SPECULATIVE DEALS BETWEEN BANKS ARE OBSERVED ON CURRENCY MARKET”
(Economic Press Monitor: February 18, 2015)
As a result of devaluation of national currency, banking sector appeared almost the only one, for which rate fluctuations were profitable, the newspaper says. Out of total banking credits, about 60% are issued in foreign currency, generally in the US dollars, and banks gain annually interest income of $450 million from these credits, the newspaper says.
Netgazeti.Ge: “THROUGH DEVALUATION OF LARI, BANKS GAIN PROFIT OF 23M LARI IN ONE MONTH”
(Economic Press Monitor: February 13, 2015)
The article brings data, according to which profit of commercial banks from conversion operations made up 5 million lari in last October and 5.514 million lari – in November. However, in December (when significant devaluation of lari was fixed), conversion operations brought banks a profit of 23.192 million lari.
Bankebi da Finansebi: “THE GOVERNMENT TRIES TO AVOID PRICE INCREASE ON NATURAL GAS”
(Economic Press Monitor: February 12, 2015)
Premier Minister Irakli Garibashvili hopes that “we will find the ways for avoidance, at this stage at least, price increase on gas”. Representative of SOCAR Energy Georgia, Georgian subsidiary of Azerbaijani gas supplier SOCAR, declares that negotiations with Georgian side should held on compensation of price difference, aroused due to lari drop, by distributor companies, the newspaper says.
Rezonansi: “THE GOVERNMENT SHOULD BEAR RESPONSIBILITY FOR RUINING LARI!”
(Economic Press Monitor: February 11, 2015)
Head of New Economic School – Georgia Paata Sheshelidze considers that “Lari devaluation continues, as there is such policy in the country that support this process”. “Wrong policy is conducted by both National Bank of Georgia (NBG) and the government”, he points.
Versia: “WHY VEHICLE GAS HAS WENT UP”
(Economic Press Monitor: February 11, 2015)
The newspaper reports that vehicle gas went up in all gas filling stations by 5 tetri in December 2014. For now, its price makes up 1.13-1.20 tetri.
GAS TARIFF TO INCREASE FOR COMMERCIAL CONSUMERS, EXCEPT BREAD-BAKING PLANTS
(Daily News: February 3, 2015)
SOCAR Georgia Gas, regional gas distributor, declared that tariff for all commercial consumers, except bread-baking plants, will increase since March 1 to 90 tetri (VAT inclusive). Current rate makes up 75 tetri.
Rezonansi: “BREAD AND SUGAR TO WENT UP, SMALL ENTERPRISES TO BE SHUT DOWN”
(Economic Press Monitor: February 3, 2015)
Due to lari devaluation toward the US dollar, price of 1,000 cubic m of gas will increase for legal entities in Tbilisi from 750 lari to 900 lari from March 1. “We purchase natural gas from supplier according to dollar rate and sold it for lari, so we were forced to increase tariff by 15 tetri due to change of the rate, but for legal entities only”, Tbilisi gas distributor KazTransGas-Tbilisi declares.
Sakartvelos Ekonomika: “ECONOMIC GROWTH TO FALL A VICTIM TO LARI STRENGTHENING?”
(Economic Press Monitor: February 2, 2015)
Georgia’s economy has a difficult year ahead, due to problems in key trade partner countries, the magazine says. As the article points, export decrease is expected in such important markets as Russia, Ukraine and Europe, remittances decline from Russia and Greece.
Kviris Palitra: ““WHAT LARI OWNER HAS TO DO?” – WHAT RESULTS DECISION OF NATIONAL BANK WILL BRING”
(Economic Press Monitor: February 2, 2015)
President of Association of Young Financiers and Businessmen Nodar Chichinadze and expert Lia Eliava comment of decision of National Bank of Georgia (NBG) to toughen monetary policy. Chichinadze considers that “NBG will increase refinancing rate, what is absolutely ill-timed in current situation”.
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