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1. THE EXCISE ON FUEL WILL BE RATIFIED FROM 29 NOVEMBER
   (Weekly Economic Review: November 28, 1998)

   Up until now, the importers of the unethyl petrol were paying excise of 60% and 100% for ethyl. This differentiation was authorized by the fact that the ethyl petrol harmful effects the health, mostly it causes the cancer of the lungs in 5-10 years.

2. SINCE THE BEGINNING OF THE YEAR GDP REDUCED BY 4%
   (Weekly Economic Review: November 14, 1998)

   Last week Lari rate stopped on the mark 1.44 GEL/USD. At TICEX, decrease of demand was noted only from November 12.

3. LARI CONTINUES DROPPING
   (Weekly Economic Review: November 7, 1998)

   Past week still was increasing demand on dollars. Within one week at TIBCE were sold $5,519,000 ($4,429,800 past week).

4. NB CONTINUES TO LEAD THE HARSH POLICY
   (Weekly Economic Review: September 26, 1998)

   NB annoys with its policy everybody but IMF: its administration refused to give credit to the Finance Ministry, argumenting this with the fact that the old credits were not returned yet and besides there exist many sources of the tax takings.

   Due to the currency panic, NB increased the rate of commercial bank minimal reserve by 4% (until 16%).

5. ACCORDING TO THE STATEMENT OF THE NB MAIN DEALER, SINCE SEPTEMBER 4, WERE SOLD MORE DOLLARS, THAN DURING THE WHOLE ANTECEDENT MONTH
   (Daily News: September 15, 1998)

   As informed to Sarke the NB Main Dealer Samson PKHAKADZE, NB owns the adequate currency reserves for supporting the Lari rate, which will allow providing the conduction of the former monetary policy. According to him, trust to the national currency comes back hard and if was allowed the Lari devaluation, then afterwards would be necessary to spend more substantial means.

6. QUESTIONS OF THE FINANCIAL STABILITY IN GEORGIA WERE DISCUSSED AT THE EXTRAORDINARY SITTING OF THE GOVERNMENT
   (Daily News: September 14, 1998)

   The extraordinary sitting of the government led by Eduard SHEVARDNADZE was held on Saturday. In his speech, he mentioned that the situation in the financial sphere is stable and controllable.

7. GEORGIAN NB STOPPED THE PANIC, WHICH AROUSED DURING THE PAST WEEKEND AT THE COUNTRY’S CURRENCY MARKET
   (Daily News: September 7, 1998)

   During those days, the US dollar rate (for the first time after introduction of the national currency into the circulation, 3 years ago) grew at the exchange points, at once by 25-30% and made 1.8 and 1.9 Lari. According to the NB information, today’s size of the bid allowed the banks to cover totally the currency deficit.

8. INFLATION OR EMISSION
   (Weekly Economic Review: June 13, 1998)

   At the Parliament sitting on June 12, when almost solely were approved the main directions of NB’s money-credit and currency policy, row of the opposition parties refused to participate in the Parliament’s activity, because, according to them, interior policy of the governing forces is absolutely destructive. This fact proves, in our opinion, that Georgian economy has so much defined and gained a foothold in the present political situation, that it can function autonomously during long time, independently from the political dissension between political groups.

9. THE DEMAND ON MINIMAL RESERVE INCREASE WILL LOWER THE BANK CREDIT ACTIVITY
   (Weekly Economic Review: May 30, 1998)

   More and more critique is drawn by the policy of NB, new authorities of which, in the beginning of their activity, promised to cast the recourses for industry development. NB demands from the banks to increase their minimal reserves on its accounts – this decision uniquely will decrease, already without this low credit activity of the banks, regarding the “slow” industry and will again turn them to financing of the “fast” import.

10. LARI INFLATION WILL NOT REVIVE THE ECONOMICS
    (Weekly Economic Review: May 23, 1998)

    The expectations of the new money-credit policy from the new NB administration become increasingly ghostly. To all appearance, NB started the banal devaluation of the national currency, aiming to decrease the import and production promotion in the country.

11. NB PLANS LARI DEVALUATION BY THE END OF 1998
    (Weekly Economic Review: January 24, 1998)

    In sphere of finance in the center of attention remains the falling of the Lari rate, happening, according to some experts, after the emission of 32 million Lari before the New Year. Part of this amount – 16.4 million – was provided to the Ministry of Finance for covering of the budget debts.

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