Daily News April 25, 2024	Days:  19 22 23 24 25

politics

NBG: AMENDMENTS TO TAX CODE, RELATED TO RELOCATION OF OFFSHORE ASSETS TO GEORGIA, WILL NOT CAUSE CHANGE OF PROCESSES IN FINANCIAL SYSTEM

Amendments to the Tax Code, which impose exemption from profit/income tax for companies registered in the country with preferential tax regime (offshore) and an individual partner (when relocating assets to Georgia), “do not extend and do not regulate banking operations, since the crediting/transfer of funds is not taxed separately”, National Bank of Georgia (NBG) said in the statement released today.

“Such transactions by the Georgian banking system are rigorously verified anyway and that will continue in the future”, NBG emphasized.

economics

AS OF APRIL 1, GEORGIA’S RATIO OF DEPOSITS TO GDP INCREASED BY 5.5 PP Y-O-Y, OF LOANS – BY 6 PP

As of April 1, Georgia’s ratio of banking deposits to GDP made up 63.1%, National Bank of Georgia (NBG) reported. A year ago (i.e. as of April 1, 2023), the ratio made up 57.6% (respectively, it has increased this year by 5.5 percentage points (pp) year-on-year).




AS OF MARCH 31, LEGAL ENTITIES’ DEPOSITS PLACED IN GEORGIAN BANKS IN LARI INCREASED BY 25% Y-O-Y

As of March 31, deposits placed by legal entities in Georgian banks in lari amounted to 16.5 billion lari, National Bank of Georgia reported. If compared to the same period of 2023, the volume has increased by 25%.




AS OF MARCH 31, LEGAL ENTITIES’ DEPOSITS PLACED IN GEORGIAN BANKS IN FOREIGN CURRENCY INCREASED BY 17.7% Y-O-Y

As of March 31, deposits placed by legal entities in Georgian banks in foreign currency amounted to equivalent of 9.5 billion lari, National Bank of Georgia reported. If compared to the same period of 2023, the volume has increased by 17.7%.




AS OF MARCH 31, INDIVIDUALS’ DEPOSITS PLACED IN GEORGIAN BANKS IN LARI INCREASED BY 39% Y-O-Y

As of March 31, deposits placed by individuals in Georgian banks in lari amounted to 9.86 billion lari, National Bank of Georgia reported. If compared to the same period of 2023, the volume has increased by 39%.




AS OF MARCH 31, INDIVIDUALS’ DEPOSITS PLACED IN GEORGIAN BANKS IN FOREIGN CURRENCY INCREASED BY 9.8% Y-O-Y

As of March 31, deposits placed by individuals in Georgian banks in foreign currency amounted to equivalent of 17.7 billion lari, National Bank of Georgia reported. If compared to the same period of 2023, the volume has increased by 9.8%.




AS OF MARCH 31, NUMBER OF GEORGIAN BANKS’ BRANCHES INCREASED BY 6 Y-O-Y, NUMBER OF SERVICE CENTERS – DECREASED BY 10

As of March 31, 15 Georgian banks run 148 branches in the country, National Bank of Georgia reported. If compared to the same period of 2023, the number has increased by 6.




GEORGIAN MINISTRY OF AGRICULTURE: UNDER THE STATE PROGRAM, CO-FINANCING FOR BLUEBERRY PLANTATIONS MADE UP 53.5M LARI

In order to support primary production, the state program “Sow the Future” issued co-financing of 53.5 million lari for planting blueberry on an area of 2,836 ha countrywide, Georgian Ministry of Environment Protection and Agriculture reported. Of total co-financing, Samegrelo region, where blueberry was planted on 1,688 ha, accounted for 59% (31.6 million lari).