WB DECREASED GEORGIAN ECONOMIC GROWTH FORECAST FOR 2017
According to latest forecast of the World Bank (WB), Georgian economic growth in 2017 will make up 3.5%.
To remind, according to January forecast of WB (“Global Economic Prospects” report), real GDP growth in Georgia in 2017 was expected at 5.2%, and 5.3% – in 2018.
NBG: AVERAGE ROA AND ROE INCREASED IN 2016
National Bank of Georgia (NBG) reported that banking sector’s average return on assets (ROA) and average return on equity (ROE) in 2016 made up 2.6% and 18.2%, respectively.
To compare: in 2015, these indicators made up respective 2.3% and 15.4%, practically not changing since 2014.
NBG: ESCROW SERVICE WILL BE PROVIDED IN LARI ONLY
National Bank of Georgia (NBG) declared about amendments to instruction on opening of the account in banking institutions, which envisage provision of escrow service in lari only. The amendments are drafted in implementation of one of components of larization program, NBG noted.
FINANCE MINISTER: IT IS IMPORTANT THAT INVESTMENTS OF EBRD TARGET MAINLY SUPPORT TO PRIVATE SECTOR
Finance Minister Dimitri Kumsishvili pointed at importance of the fact that investments of EBRD are generally directed on support to private sector.
Currently, investments of EBRD in more than 200 projects in Georgia exceed $3 billion, the Minister said, adding that the Bank had invested $250 million in 17 projects only last year.
ECONOMY MINISTRY: MONITORING GROUP WILL BE CREATED FOR PREVENTION OF LABOR SAFETY IN ENTERPRISES OF HIGH RISK
Ministry of Economy and Sustainable Development declared that monitoring group will be created for prevention of labor safety in enterprises of high risk. The group, which will be staffed by specialists of the Ministry’s Technical and Construction Supervision Agency and Labor Inspection of the Ministry of Labor, Healthcare and Social Protection, will start working in next week.
NBG: IN 2016, NUMBER OF REVEALED FALSE LARI BANKNOTES GREW 1.7 TIMES
National Bank of Georgia (NBG) reported that 5,223 false lari banknotes were revealed in 2016, increasing 1.7 times in number year-on-year.
Number of revealed false euro banknotes made up 116 (growth – 1.5 times), while false dollars – 707 (reduction – 1.1 times).
REGIONAL DEVELOPMENT AND INFRASTRUCTURE MINISTRY: ROAD REHABILITATION IN GORI IS ON THE FINAL STAGE
Ministry of Regional Development and Infrastructure declared that road rehabilitation in Gori (Shida Kartli region) will be finished by the end of May. The project worth 1.65 million lari is financed by the European Investment Bank (EIB).
ENERGY MINISTRY: GAS INSTALLATION COMPLETED IN 4 VILLAGES OF KASPI MUNICIPALITY
Energy Ministry declared that Georgian Gas Transportation Company completed works on gas installation in 4 villages of Kaspi municipality (Shida Kartli region). As a result, 852 households got opportunity to connect to gas distribution network, the Ministry noted.
ECONOMY MINISTRY: COMPETITION OF BUSINESS IDEAS STARTS WITHIN PROGRAM ON ASSISTANCE TO MICRO AND SMALL BUSINESSMEN
Ministry of Economy and Sustainable Development declared about start of new stage of program on assistance to micro and small business within “Produce in Georgia” state program. Applicants could register their business ideas from May 15 to May 31.
REGULATING COMMISSION: OPERATORS’ CONTRACTS SHOULD ENVISAGE REASONABLE VOLUME OF PENALTY
“On the one hand, for the purpose of consumer protection, conditions of the contract, signed between the company and the subscriber, should envisage reasonable volume of penalty”, National Communication Commission declared.
On the other hand, “the company has to have such mechanism of self-protection, which not only ensures prevention of retail Internet service resale by unfair consumer to the third parties, but also avoids risk of sanctions in case of lawsuit regarding service quality”, the Commission indicated.
“SAKARTVELOS BANKI” PLANS TO RESHAPE UP TO 20 SERVICE CENTERS ACCORDING TO NEW MODEL THIS YEAR
Sakartvelos Banki (Bank of Georgia) declared about introduction of new model of service center, which allows the consumer to receive any service from one employee of the bank, relationship manager.
Besides, for the small and medium business, which are financed by the bank, the model allocates a separate space.
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