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DAILY NEWS May 27, 2020

PUBLIC TRANSPORT TO RESUME OPERATION ON MAY 29, ALL TYPES OF OPEN SHOPS – ON JUNE 1, HOTELS AND RESTAURANTS – ON JUNE 8

“Actually, virus spread in the country is under control” and “there is another task now – it is a rapid reopen of economy”, Georgia’s Prime Minister Giorgi Gakharia declared at today’s meeting of interdepartmental coordination council (created by the government of the country for fight against COVID-19 pandemic).

The Premier pointed that “taking into account economic and social interests of our citizens, we made the decision on introduction of further simplification” of restrictions. More...


NBG EXTENDED SUSPENSION OF DOCUMENTS’ ACCEPTANCE FROM SEEKERS OF LICENSE AND REGISTRATION FOR MORE 2 MONTHS

National Bank of Georgia (NBG) decided to extend suspension of acceptance of applications from seekers of license and registration for more 2 months. This does not apply to those, who already submitted applications prior to publication of respective decree of NBG. More...


NBG LEFT COUNTER CYCLICAL BUFFER INTACT

National Bank of Georgia (NBG) declared that its committee on financial stability decided today to leave the counter cyclical buffer without change, i.e. at the level of 0%. As NBG specified, requirement for this buffer will remain intact until end of the year. More...


POPULATION’S AVERAGE MONTHLY INCOME INCREASED IN 2019 BY 5.4%, EXPENSES – BY 4.8%

Sakstat reported that Georgian population’s average monthly income (both monetary and non-monetary) amounted in 2019 to 1.25 billion lari. This volume exceeds indicator of 2018 by 5.4%. More...


MICROFINANCIAL ORGANIZATIONS FINISHED Q1 WITH PROFIT

National Bank of Georgia reported that microfinancial organizations of the country finished the 1st quarter with net profit of 18.5 million lari. For the same period of last year, losses of 37.5 million lari were reported. More...


AS OF MARCH 31, MICROFINANCIAL ORGANIZATIONS’ RETAIL CREDITING INCREASED BY 1.7% Q-O-Q, WHILE DECREASED BY 0.8% Y-O-Y

National Bank of Georgia reported that in total credits, issued as of March 31 by microfinancial organizations of the country (1.15 billion lari), retail crediting accounts for 96.8% (1.11 billion lari). Retail credits of Georgian microfinancial organizations have increased by 1.7% quarter-on-quarter, while decreased by 0.8% year-on-year. More...


EBRD TO ALLOCATE 90M EUR FOR STRENGTHENING OF ELECTRICITY TRANSMISSION NETWORK

Georgian government declared that EBRD will finance the project on strengthening of the country’s electricity-transmitting network worth 90 million EUR. Respective agreement was reached on May 25. More...


GEORGIA PLANS EXPORT OF MEDICAL MASKS

At the beginning of COVID-19 pandemic, Georgia was the country, which exported medical masks, Georgia’s Minister of Economy and Sustainable Development Natia Turnava noted. Now, “The local market is saturated so much with medical and household masks of high quality that we made the decision to start export of them”, she declared. More...


“GEORGIAN AIRWAYS” TO MAKE CHARTER FLIGHTS TO AMSTERDAM AND TEL AVIV

In June, Georgian Airways will make charter flights to Amsterdam and Tel Aviv, Georgian Civil Aviation Agency reported. Georgian airline got the corresponding permission on May 25. More...


STRUCTURE OF STAKEHOLDERS OF “MTAVARI ARKHI” CHANGED

According to changes, registered in Georgian Public Register, owners of TV company Mtavari Arkhi (Main Channel, operates since September 2019) Nika Gvaramia (51%) and Kakhaber Anjaparidze (49%) have alienated their stakes. Anjaparidze sold his stake completely, while Gvaramia retained stake of 12%. More...


ECONOMIC PRESS MONITOR May 27, 2020

Tabula: “IN 2019, SALARY OF NON-STAFF WORKERS OF PUBLIC DEPARTMENTS INCREASED BY 25M LARI”

Georgian State Audit Service reported that salaries of non-staff workers of public departments in the country totaled in 2019 to 242 million lari. If compared with 2018, the volume has increased by 25 million lari. More...


Tabula: “CONTRACT WITH “GAZPROM” RENEWED, SHARE OF RUSSIAN GAS INCREASES, OF AZERBAIJANI ONE – DECREASES”

Georgian Oil and Gas Corporation renewed on May 21 the contract with Russian Gazprom, Tabula reports.

“I cannot name figures because of trade secret, but I can say that natural gas tariff goes down by about 15%”, Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared. More...


Forbes Georgia: “POTI INSTEAD OF ANAKLIA?”

Implementation of the project of Anaklia port is not in agenda of current authorities of Georgia, author of the article declares. As a sea gate of the country, the government already declared port of Poti, he specifies. More...


Forbes Georgia: “WHAT POTENTIAL GEORGIA HAS IN RESPECT OF ATTRACTION OF BUSINESSES – ASSESSMENT OF FOUNDER OF “PAYSTARS””

Andrew Thornhill, founder of Paystars, estimates that “Georgia possesses huge opportunities in IT sphere, as well as from the point of view of transit”.

“Georgia is located in wonderful geopolitical place”, there is “a lot of products, which transit is easily possible”, Thornhill specifies and adds: “Besides, this country is friendly to business”. More...


SPECIAL REPORT March 13, 2020

MONTHLY TOURISM UPDATE (FEBRUARY 2020)

- In February 2020 compared to February 2019, International visitor trips decreased by 0.6%. Among them, the number of tourists increased by 4%. More...


Exchange Rates (NBG)
  05/27/20 + / -
  USD   3.1901   0.0015
  EUR   3.5149   0.0348
  RUR   4.4993   0.0378
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We wish you a Happy New Year! Let it be peaceful, prosperous and full of joy for you and your beloved!

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