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DAILY NEWS May 25, 2017

THE PREMIER: IT IS PLANNED ALMOST TO DOUBLE INFRASTRUCTURE EXPENSES NEXT YEAR

Prime Minister Giorgi Kvirikashvili said that this year, “our infrastructure expenses considerably grew”. “Next year, it is planned almost to double data of last year”, he declared at today’s meeting of the government. More...


ENVIRONMENTAL LEGISLATION BECOMES TOUGHER

The government declared about completion of drafting of legislative package, which envisages toughening of sanctions in case of inflicting loss to nature environment.

The package, presented by the Ministry of Environment and Natural Resources Protection, was considered at the government meeting today. More...


PROGRAM OF RATIONAL USE OF PASTURES TO BE LAUNCHED IN MOUNTAINOUS REGIONS

The government declared about program of rational use of the state-owned pastures, which should be launched in mountainous regions. The program is initiated by the Agriculture Ministry. More...


“SAKSTAT”: IN COMPARISON WITH 2015, UNEMPLOYMENT RATE IN GEORGIA DECREASED IN 2016 BY 0.2 PERCENTAGE POINTS

Sakstat declared that in comparison with 2015, unemployment rate in Georgia decreased in 2016 by 0.2 percentage points and made up 11.8%. To compare, year-on-year reduction in 2015 made up 0.4 percentage points. More...


CHAIRMAN OF TBILISI APPEAL COURT RESIGNED

Chairman of Tbilisi appeal court Valeri Tsertsvadze released a resignation statement today. He explained that the decision is connected with a lawsuit between LLC iPhone+ and LLC iTechnic. More...


GEORGIA HOSTED REGIONAL ENERGY SUMMIT

In Georgia, regional energy summit was held, being dedicated to reforms, envisaged by entry of the country into European Energy Union.

The event was held with assistance of Georgian Energy Ministry, the USAID project “Governance for Growth” (G4G) and the EU program “EU4Energy”. More...


EBRD: INDEPENDENT EXPERT REJECTED 7 OUT OF 8 CLAIMS OF “GREEN ALTERNATIVE”

EBRD declared that independent assessment of DarialHES project “dismissed most of the issues raised by the environmental group Green Alternative as being “without sufficient foundation””. The Bank specified that the independent expert “after thorough investigation, rejected 7 out of 8 claims made by Green Alternative”. More...


“SAKARTVELOS BANKI” PLACED LARI-DENOMINATED BONDS ON IRISH STOCK EXCHANGE

Sakartvelos Banki (Bank of Georgia) declared about placement of bonds, totaling to 500 million lari, on Irish Stock Exchange.

This is the first case, when Georgian company places international bonds in local currency, the bank stressed. More...


PROFIT BEFORE TAXES OF “BGEO GROUP” IN Q1 INCREASED BY 17% Y-O-Y

BGEO Group reported profit before taxes of 113.3 million lari for the 1st quarter. If compared with the same period of 2016, the volume has increased by 17%. More...


“ACT”: 6-7% OF TBILISI RESIDENTS WATCH ENGLISH-LANGUAGE MOVIES AND SERIALS

Referring to conducted study, Analysis and Consulting Team (ACT) declared that English-language movies and serials are watched by “quite small part” of Tbilisi residents. Namely, 7% watch movies with subtitlings, while 6% – without subtitlings. More...


ECONOMIC PRESS MONITOR May 25, 2017

Netgazeti.Ge: “KALADZE: GEORGIAN MUST NOT SELL LAND, IF NOT AN EXCEPTIONAL CASE”

Georgia’s Deputy Premier Kakha Kaladze considers that land in Georgia must not be sold, “if not an exceptional case: land can be sold to large international companies”. “It is not only my and Premier’s position, it is position of our team”, he points. More...


Bankebi da Finansebi: “IN TERMS OF SIZE OF POPULATION, HAVING BANKING DEBT, GEORGIA IS ON THE SECOND PLACE IN THE WORLD”

Expert Mikhail Dundua estimates that “recent growth of commercial banks’ profit is mainly connected with excessive debt of the population”.

The expert points at the report of IMF, which indicates that in terms of size of population, having banking debt, Georgia is on the 2nd place in the world. More...


Forbes Georgia: ““GEORGIAN RAILWAY” DOES NOT PLAN EMISSION OF EUROBONDS UNTIL 2020-2021”

Director of Georgian Railway Mamuka Bakhtadze declares that the company does not plan emission of Eurobonds and growth of credit until 2020-2021.

“Eurobonds, issued by Georgian Railway [in 2010], have now the best period”, Bakradze specifies. More...


Forbes Georgia: ““HERITAGE FOUNDATION” NAMES JUDICIAL SYSTEM THE MAIN CHALLENGE FOR GEORGIA’S ECONOMY”

Coauthor of Economic Freedom Index of Heritage Foundation Anthony Kim declares that “Georgia has conducted a lot of work for reforming and modernizing of own economy, but now, I think that it is necessary to do more, especially, in respect of judicial system”. “Without independent judicial system, it is very difficult to reach a sustainable development”, he points. More...


SPECIAL REPORT April 4, 2017

TAX & LAW BRIEF

THE ORDER #43/04 OF THE PRESIDENT OF THE NATIONAL BANK OF GEORGIA

The Order approves reporting rules for the Payment Service Provider (Provider) regarding money laundering and terrorism financing supervision.

Provider submits following information to the National Bank of Georgia (NBG):

- Information about Provider (name, supervisory board members, beneficial owners, directors, subsidiaries and their registration countries, persons carrying out monitoring activities etc.);

- Information about different risk level clients and number of transactions and amounts effected;

- Information about the clients who have been identified based on the information obtained from the third party (name of the clients, the source of the obtained information). More...


Exchange Rates (NBG)
  05/25/17 + / -
  USD   2.4172   0.0096
  EUR   2.7114   0.0187
  RUR   4.2921   0.0258
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