THE GOVERNMENT: THE WB RAISED FORECAST FOR GEORGIA’S ECONOMIC GROWTH
Georgian government declared recently that the World Bank (WB) raised forecast of economic growth for Georgia.
In particular, forecast for 2018 is raised to 4.2% instead of 4%, while for 2019 – to 4.7% instead of 4.5%.
RULE OF OFFICIAL EXCHANGE RATE CHANGED
National Bank of Georgia (NBG) declared that starting from January 5, rule of official exchange rate’s definition was changed.
Until now, in case if volume of interbank trades in Bloomberg trading system did not exceed $3 million during the day, transactions of previous day were taking into account upon calculation of official rate too, NBG said.
INTRODUCTION OF SYSTEM OF SIMPLIFIED VAT REFUND BEGINS
Finance Ministry declared that introduction of system of simplified refund of VAT has started.
Within this reform, “procedure of simplified and liberal refund of VAT excess” begins from now on, the Ministry pointed.
IN 2017, EXPORT GREW BY 29.1%, IMPORT – BY 9.4%
Sakstat reported that Georgia’s foreign trade turnover (without undeclared trade) amounted in 2017 to $10.7 billion, exceeding by 13.8% an indicator of 2016.
At that, share of Georgia’s export made up $2.73 billion (year-on-year growth – 29.1%), while import – $7.98 billion (growth – 9.4%).
EBRD ALLOCATED 28M EUR FOR REHABILITATION OF “ENGURHES”
EBRD allocated 28 million EUR for the project of EngurHES rehabilitation. Respective agreement between Georgia and EBRD was signed on January 5.
ECONOMY MINISTRY: GEORGIA IS INVITED TO CHINESE IMPORT EXHIBITION
Georgian Ministry of Economy and Sustainable Development announced that Georgia is invited as guest to the Chinese exhibition of import, which will take place in Shanghai on November 5-10 this year.
The Minister Dimitri Kumsishvili pointed: “We will have opportunity to bring to the exhibition Georgian exporters, who will acquaint interested parties in China with own production and service”.
POLISH-GEORGIAN CHAMBER OF COMMERCE IS CREATED
Polish-Georgian Chamber of Trade and Economic is created in Georgia.
According to founders, 20 Polish and Georgian companies, operating in various sectors, took part in creation of the Chamber.
“SAKARTVELOS BANKI” TO MASTER SECOND PART OF LONG-TERM FINANCING, ALLOCATED BY EBRD IN LARI
Sakartvelos Banki (Bank of Georgia) declared that it will master the second tranche of long-term financing, allocated by EBRD in lari.
In May 2016, Georgian bank and EBRD signed agreement on the financing, totaling to 242 million lari, from where the second tranche makes up 135 million lari, Sakartvelos Banki said in the recently released statement.
“BGEO” INVESTMENT GROUP TO CONTINUE OPERATION UNDER NEW NAME
BGEO Group (Georgia-founded holding company and investment platform, which is represented at the London Stock Exchange) declared that it will continue activity under the new name – Sakartvelos Kapitali (Georgia Capital).
As the company noted, separation of banking and investment activities will come to the end in the first half of 2018, after which Sakartvelos Banki (Bank of Georgia) and BGEO will continue operation as two independent entities.