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DAILY NEWS February 23, 2024

GEORGIAN PREMIER: VISIT TO BRUSSELS GIVES GROUNDS FOR OPTIMISM IN TERMS OF INTEGRATION INTO EU

“The visit to Brussels gives grounds for optimism that Georgia will move towards EU integration rapidly”, Georgia’s Prime Minister Irakli Kobakhidze declared at the news briefing today.

“By 2030, among the candidate countries, Georgia will be best prepared for accession to the EU from a point of view of both democracy and economics”, the Premier assured. More...


GEORGIAN PREMIER: IT IS CRUCIAL THAT NO POLITICAL ACTORS IN GEORGIA WERE FINANCED FROM FOREIGN SOURCES

“It is fundamentally important that neither direct nor indirect financings of political entities from foreign sources were available in Georgia”, Georgia’s Prime Minister Irakli Kobakhidze declared at the news briefing today.

The Premier indicated that “the established universal approach in democratic countries is that parties, political actors can be financed only from domestic sources, and not from foreign sources”. More...


“TI GEORGIA”: DONATIONS, RECEIVED IN Q4 OF 2023 BY “GEORGIAN DREAM”, 13 TIMES EXCEEDED FUNDS, RECEIVED BY ALL OTHER PARTIES IN TOTAL

In the 4th quarter of 2023, donations to the ruling Georgian Dream exceeded 13 times the funds, received by all other parties in total, declared TI Georgia (Georgian branch of Transparency International). In the reporting quarter, donations to Georgian Dream amounted to 9.5 million lari, the organization specified. More...


NBG: NO TRANSACTION WITH PARTICIPATION OF SANCTIONED ENTITY IS RECORDED

National Bank of Georgia (NBG) indicated that control of the country’s financial sector is regularly exercised to secure fulfillment of the requirements of international sanctions.

“As part of the supervision, no transaction with participation of the sanctioned entity was recorded”, NBG emphasized in the statement released today. More...


BY END OF 2023, PROFIT OF “LIBERTY BANK” INCREASED BY 52% Y-O-Y

As of December 31, 2023, net profit of Liberty Bank amounted to 81.16 million lari. According to the bank’s quarterly statements, the volume has increased by 52% compared to the same period in 2022. More...


BY END OF 2023, PROFIT OF “BASISBANK” DECREASED BY 1.8% Y-O-Y

As of December 31, 2023, net profit of Basisbank amounted to 71.96 million lari. According to the bank’s quarterly statements, the volume has decreased by 1.8% compared to the same period in 2022. More...


BY END OF 2023, PROFIT OF “CREDO BANK” DECREASED BY 17.5% Y-O-Y

As of December 31, 2023, net profit of Credo Bank amounted to 39.19 million lari. According to the bank’s quarterly statements, the volume has decreased by 17.5% compared to the same period in 2022. More...


BY END OF 2023, PROFIT OF “PROCREDIT BANK” DECREASED BY 2.3% Y-O-Y

As of December 31, 2023, net profit of ProCredit Bank amounted to 43.75 million lari. According to the bank’s quarterly statements, the volume has decreased by 2.3% compared to the same period in 2022. More...


ECONOMIC PRESS MONITOR February 23, 2024

Bankebi da Finansebi: “3 COUNTRIES, FROM WHICH CHEAP LABOR IS BROUGHT TO GEORGIA”

“Personnel outflows and demographic trends make labor shortages a long-term challenge” for Georgia, a study from TBC Capital indicates. As the company notes, influx of labor into Georgia is expected to continue in 2024. More...


Bankebi da Finansebi: “AYFB – ESTABLISHING OF MINIMUM WAGE IS GOOD, BUT ECONOMIC RELATIONS SHOULD NOT MOVE INTO SHADOW SECTOR”

“The law on minimum wage, of course, sets noble goals”, but “it is necessary to take into account all the risks when considering it”, says Georgian Association of Young Financiers and Businessmen (AYFB).

“In this regard, there is always a risk of appearance of shadow accounting in companies”, AYFB points out. More...


Netgazeti.Ge: “INTEREST ON OVER 150,000 PENSIONERS’ LOANS WILL DECREASE AND BECOME APPROXIMATELY 25.5%”

Interest on loans, issued to over 150,000 pensioners, will be reduced, the Georgian government declared. This became known after the meeting, held on February 22 between Prime Minister Irakli Kobakhidze with acting president of National Bank of Georgia Natia Turnava and director general of Liberty Bank Beka Gogichaishvili. More...


SPECIAL REPORT February 22, 2024

EMPLOYMENT TRACKER (JANUARY 2024)

AVERAGE NUMBER OF PERSONS RECEIVING SALARY

In January 2024, the number of persons receiving a monthly salary increased by 4.1% compared to the corresponding period of 2023 and by 6.7% compared to the corresponding period of 2022.

In January 2024, the share of persons receiving a monthly salary up to 600 GEL amounted to 23.3%, which was 3.4 percentage points less than the corresponding period of 2023, and 9.8 percentage points lower than the corresponding period of 2022. More...


Exchange Rates (NBG)
  02/23/24 + / -
  USD   2.6530   0.0025
  EUR   2.8708   0.0066
  RUR   2.7962   0.0457
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