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1. “TBC CAPITAL” FORECAST: IN 2020, GEORGIA’S GDP WILL DROP BY 4.5-5.5%
   (Daily News: May 18, 2020)

   TBC Capital forecasts that by basic scenario, Georgia’s GDP in 2020 will decrease by 4.5-5.5%. Growth forecast gradually worsened From February to April, however then was stabilized, the company notes.

2. Bankebi da Finansebi: “I ADVISE NATIONAL BANK NOT TO INTERFERE WHEN LARI BEGINS TO STRENGTHEN, AND NOT TO CARRY OUT FILLING OF DOLLAR RESERVE FUND”
   (Economic Press Monitor: May 15, 2020)

   Zurab Chkhaidze, founder of Kakhetian Traditional Winemaking (KTW), considers that because of COVID-19 pandemic, Georgian winemaking sector may face short-term problems.

   Small and medium winemaking cellars will found difficult to keep that pace of sales, which was in place until recent, as their production was calculated mainly on tourist flows, Chkhaidze declared to the Commersant.Ge.

3. Bankebi da Finansebi: “TSEZAR CHOCHELI: NATIONAL BANK PUT BUSINESS BETWEEN TWO FIRES”
   (Economic Press Monitor: May 14, 2020)

   Tsezar Chocheli, head of company Kartuli Ludi (Georgian Beer), declares that devaluation of lari and its awkward fluctuations destroy business in general, and production especially.

   “When we draw plan on 2.75-2.80 [GEL/USD], and then we have to gain income from production at 3.2 [GEL/USD], so that we did not raise the prices of our production, it turns out that we lose 10-12%, at least, because of an interexchange difference”, Chocheli told the newspaper.

4. Bankebi da Finansebi: “IVA CHKONIA: AGAINST THE BACKGROUND OF LARI DEVALUATION, COMPANIES SUSTAIN LOSSES AND THIS AFFECTS PRICES”
   (Economic Press Monitor: May 6, 2020)

   Iva Chkonia, chairman of Georgian Distributors Association, speaks about problems, which arose because of depreciation of lari exchange rate.

   “Very many businesses have serious problems, as they had calculated to pay obligations within 2.9-3.0 [GEL/USD], but were forced to buy dollars at higher price”, Chkonia specifies.

5. Bankebi da Finansebi: “SOSO PKHAKADZE: RATE WAS 2.8 AND BECAME 3.2 – NEW WAVE OF LARI DEVALUATION IS MURDERER FOR BUSINESS”
   (Economic Press Monitor: April 29, 2020)

   Soso Pkhakadze, president of Georgian Businessmen Association (unites over 400 organizations), indicates that because of COVID-19 pandemic, Georgia received shock of 3 types. These are simultaneous decline of demand and offer, sharp drop of oil prices and new wave of national currency’s devaluation, he declared on air of Public Broadcaster.

6. Forbes Georgia: “VITAL PRODUCTION FOR VITAL PROJECTS – PANDEMIC AND CEMENT PRODUCTION IN GEORGIA”
   (Economic Press Monitor: April 15, 2020)

   Merab Chikhradze, one of founders of Lafarge/GCC, points in an interview to the magazine that against the background of universal quarantine, introduced in Georgia because of COVID-19 pandemic, production of cement and concrete was not suspended in the country. The government made the correct decision – not to extend a quarantine to large infrastructure projects, he declares.

7. Bankebi da Finansebi: “KOBA GVENETADZE – WE WILL BE MORE OFTEN ON THE MARKET, ONE COULD SAY EVEN DAILY”
   (Economic Press Monitor: March 27, 2020)

   “We will be more often on the market, one could say even daily”, president of National Bank of Georgia (NBG) Koba Gvenetadze declared on air of Imedi TV company.

   According to Gvenetadze, NBG has new strategy, which will give the market an opportunity to undergo easier this process (i.e. crisis and devaluation of lari because of coronavirus pandemic).

8. Bankebi da Finansebi: “IF BECAUSE OF PANDEMIC, LARI DEPRECIATION CONTINUES, PERHAPS, IT WOULD BE NECESSARY TO IMPOSE CURRENCY CONTROL”
   (Economic Press Monitor: March 27, 2020)

   Merab Kakulia, former vice-president of National Bank of Georgia (NBG), considers that NBG’s “tactics of interventions during the last 10 days had to be more flexible”. “I always was against irrational and unreasonable interventions”, he noted.

9. ECONOMY MINISTER: AGAINST THE BACKGROUND OF CORONAVIRUS PANDEMIC AND DEVALUATION OF LARI, NEGATIVE ECONOMIC GROWTH IS NOT EXCLUDED
   (Daily News: March 26, 2020)

   Instead of originally forecasted growth of Georgia’s economy by 4-5% in 2020, now against the background of coronavirus pandemic and devaluation of lari, it is not excluded that the growth rate will be within -2-0%.

   According to French embassy, that was declared by Georgia’s Minister of Economy and Sustainable Development Natia Turnava to French ambassador in Georgia Diego Colas, who aimed “to take stock” of economic situation in Georgia.

10. YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION CALLS FOR TOUGHENING OF MONETARY POLICY
    (Daily News: March 25, 2020)

    Georgian Young Financiers and Businessmen Association pointed at panic background and transfer through expectations channels to national currency as the main reason of recently started sharp devaluation of lari.

    Use of interventions (sale of the US dollars) by National Bank of Georgia (NBG) will be insufficient for return of lari exchange rate to its real balance mark, the Association declared.

11. NBG PRESIDENT: ECONOMIC RECOVERY COULD TAKE PLACE IN THE LAST QUARTER OF 2020
    (Daily News: March 24, 2020)

    Koba Gvenetadze, president of National Bank of Georgia (NBG), expects that economic recovery in Georgia could take place in the last quarter of 2020.

    According to Gvenetadze, three ways of overcoming financial problems are considered now.

12. Bankebi da Finansebi: “HOW MUCH WILL IT BE POSSIBLE TO CONSTRAIN PRICES AGAINST THE BACKGROUND OF CORONAVIRUS”
    (Economic Press Monitor: March 17, 2020)

    Georgian government presented the anti-crisis plan, however “it did not help in any way national currency, which lost positions by 23 points on average in a week”, points author of the article (Paata Bayrakhtari, vice-president of Georgian Young Financiers and Businessmen Association).

    As one of factors of lari devaluation, the author sees transfer through so-called expectation channel.

13. Rezonansi: “WHAT EXPECTS GLOBAL AND LOCAL FUEL MARKETS IN NEAR FUTURE”
    (Economic Press Monitor: March 13, 2020)

    While estimating influence of coronavirus pandemic on economy, chairman of Georgian Oil-Importers Union Vano Mtvralashvili points that if the process is extended in time, “it will essentially strike our economy”.

    “We already felt the first blow in devaluation of lari that is very much evident”, Mtvralashvili specifies.

14. NBG EXPLAINS REASONS OF RECENT DEVALUATION OF LARI
    (Daily News: March 12, 2020)

    Due to coronavirus pandemic, uncertainty considerably grew both internationally and regionally, being transferred through channels of expectation to financial markets, including to exchange rate, National Bank of Georgia (NBG) said in the statement released today.

    The result is recent devaluation of lari, after monthly period of strengthening, NBG indicated.

15. Bankebi da Finansebi: “LARI BECOMES STRONGER – WHAT ARE FORECASTS AND TENDENCIES”
    (Economic Press Monitor: March 2, 2020)

    Following the results of currency auction on February 25, lari became stronger by 1.3 tetri and official rate, set by National Bank of Georgia (NBG) for February 26, made up 2.79 GEL/USD, the newspaper reports. The article brings up comments and forecasts in connection with lari exchange rate.

16. Rezonansi: “CHANCE OF STRENGTHENING OF LARI DECREASED – FINANCIERS CHANGED THE FORECAST, THE GOVERNMENT IS SILENT”
    (Economic Press Monitor: January 15, 2020)

    TBC Research, research unit of Georgia’s biggest TBC Bank, forecasts that inflation in the country will return to its target (3%) in the second half of 2020. At that, researchers expect strengthening of lari in 2020.

17. Tabula: “RESULT OF REGULATIONS – NUMBER OF SOLD APARTMENTS DECREASED IN Q3 BY 7%”
    (Economic Press Monitor: December 18, 2019)

    “Against the background of lari devaluation, new banking and construction regulations and the worsened expectations, sale of apartments and houses in Tbilisi decreased in the 3^rd quarter of this year”, research of investment bank Galt&Taggart indicates.

    According to the research, number of apartments, sold in Tbilisi in the 3^rd quarter, decreased by 6.9%.

18. Rezonansi: ““THIS IS UGLINESS AND FALSENESS!” – BIG PART OF THE NEXT YEAR’S BUDGET IS FILLED WITH DEBTS”
    (Economic Press Monitor: December 18, 2019)

    The newspaper indicates that borrowed funds make up 21% of the state budget-2020. In the next year, the government will take domestic debt of 300 million lari and foreign debt of 1.87 billion lari.

19. Bankebi da Finansebi: “PRE-ELECTION INCREASE OF PENSIONS WILL NOT HELP TO ELDERLY – THE WAY OUT IS IN PENSIONS’ INDEXATION”
    (Economic Press Monitor: December 17, 2019)

    Georgia’s Finance Minister Ivane Machavariani said that starting from January 2020, pensions of retired pensioners will increase in the country by 20 lari (up to 220 lari a month), while since July, pensioners at the age of 70 years and above will receive 250 lari and those of them, living in mountain regions – 300 lari.

    Machavariani pointed that several rounds of negotiations were held on the subject with the IMF.

20. Rezonansi: “THE COMPANY WILL RAISE FARE IN YELLOW “MINIBUSES” BY 30 TETRI?”
    (Economic Press Monitor: December 5, 2019)

    Big opposition begins between Tbilisi City Hall and company Tbilisi Minibus, the newspaper says. The City Hall considers that the minibuses of the company should be urgently replaced.

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