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DAILY NEWS June 27, 2017

PRESIDENT: LOCAL ELECTIONS WILL BE HELD AT THE END OF THE THIRD WEEK OF OCTOBER

Today, Georgia’s President Giorgi Margvelashvili announced estimated date of the upcoming elections of local governments. “Elections will be held at the end of the third week of October”, he declared and noted: “We have worked and agreed the subject with the government”. More...


NON-GOVERNMENTAL ORGANIZATIONS: DEMOCRATIC DEVELOPMENT OF GEORGIA IS IN DANGER

Non-governmental organizations published today the letter with which address to the US and the EU in connection with developments in process of the constitutional reforms in Georgia.

Non-governmental organizations indicate “very harmful actions” of ruling party (Georgian Dream), which “will surely have negative impact on quality of democracy in the country and, in the end, represent dangerous attempt of consolidation of political power”. More...


RULE OF STATE TREASURY’S MONEY PLACEMENT IS APPROVED

By resolution of the government, rule of State Treasury’s money placement is approved. Thus, resolution “On Approval of Rule of Issuing Short-Term Credits by Free Money in Disposition of the State Treasury”, adopted by the government in 2011, is declared null and void. More...


NBG PURCHASED DOLLARS, ALREADY FOR THE 3RD TIME IN JUNE

On currency auction on June 26, National Bank of Georgia (NBG) purchased $20 million.

Weighted average rate made up 2.4077 GEL/USD. More...


WITH ASSISTANCE OF SWEDEN, MINISTRY OF ENVIRONMENT PROTECTION IMPLEMENTS PROJECT IN WASTE MANAGEMENT

Ministry of Environment and Natural Resources Protection declared that project in waste management, which was launched with assistance of Sweden’s International Development Agency (SIDA) on December 1, 2016, will be completed in 2019.

Budget of the project makes up 9 million SEK (926,000 EUR), the Ministry said. More...


THE GOVERNMENT: ZESTAPONI-KUTAISI-SAMTREDIA ROAD IS FULLY PUT IN OPERATION

Section of Zestaponi-Kutaisi-Samtredia road with total length of 56.6 km is fully put in operation, administration of the government reported. Today, official opening ceremony was held. More...


PITCHING WORKS IN ZUGDIDI MUNICIPALITY TO BE FUNDED WITH 2.7M LARI

Gamgeoba (administration) of Zugdidi municipality (Samegrelo region) declared that shore protection works will be conducted on problematic sites, which appeared on Enguri River after heavy rains. For that end, 2.7 million lari is allocated, the administration said. More...


THE GOVERNMENT: “DAFANG INTERNATIONAL GROUP” BECAME INTERESTED IN DEVELOPMENT OF LOGISTIC CENTERS IN TBILISI AND KUTAISI

Today, Georgia’s Prime Minister Giorgi Kvirikashvili met with management of Chinese company Dafang International Group, having head office in Hong Kong.

As administration of Georgian government said, the Chinese company has expressed interest in project of logistic centers’ development in Tbilisi and Kutaisi. More...


DEPUTY ECONOMY MINISTER: IF MAINTENANCE CENTERS SATISFY STANDARDS OF “SGS”, THEY WILL BE ABLE TO CONTINUE ACTIVITY

Deputy Minister of Economy and Sustainable Development Giorgi Cherkezishvili reported that the Ministry’s Accreditation Center has already signed a contract with Swiss company SGS, related to transition to obligatory checkup of cars.

Under the contract, Swiss company will prepare standards at the first stage of reform, which will be introduced in the following one year, Cherkezishvili said. More...


LAND TRANSPORT INSURANCE PREMIUM IN Q1 INCREASED BY 23% Y-O-Y

State Service for Insurance Supervision reported that premium, attracted as of March 31 in land transport insurance (except railway transport), totaled to 23.7 million lari, increasing by 23% year-on-year. This kind of insurance accounts for 16.5% of total premium for the period. More...


AIR TRANSPORT INSURANCE PREMIUM IN Q1 JUMPED 7.6 TIMES Y-O-Y

State Service for Insurance Supervision reported that premium, attracted as of March 31 in air transport insurance (hull insurance), totaled to 781,530 lari, jumping 7.6 times year-on-year. However, this kind of insurance still accounts for only 0.5% of total premium for the period. More...


ECONOMIC PRESS MONITOR June 28, 2017

Tabula: “SINCE JULY 1, SALE AS CHEESE THE PRODUCT, MADE OF MILK POWDER, TO BE FORBIDDEN”

Amendments, made to technical regulations on milk and dairy products, forbid to brand as “cheese” the products, made of milk powder, starting from July 1.

Businessmen use milk powder in production of cheese mainly for cost reduction, Tabula notes and does not exclude that new regulations will trigger price increase on cheese. More...


Rezonansi: “OVER A HALF OF CHEESE BEING ON SALE IS FALSIFIED”

Head of National Food Agency Zurab Chekurishvili declares that “production of cheese with use of milk powder acquired mass character in the recent period”. That “puts business operators, occupied in this sphere, in noncompetitive conditions”, he notes. More...


Rezonansi: “AFTER VISA-FREE TRAVEL, TRIP TO EUROPE ROSE IN PRICE BY 20%”

The newspaper conducted a poll, which revealed that after visa liberalization, cost of tourist packages in direction of Europe has increased by 15-20%.

This is reasoned by much higher price of air tickets, the newspaper writes. More...


Bankebi da Finansebi: “INTRODUCTION OF BASEL-3 WILL PUSH BANKING SECTOR TO TURN TO BUSINESS CREDITING OF CORPORATE SECTOR”

Economist Mikheil Dundua declares that recommendation of IMF should be surely fulfilled and banking sector must transit to Basel-3 model (within requirements of Basel Committee on Banking Supervision).

“In case the banking sector turns to new standards, indicator of reserved capital quality will improve”, Dundua notes. More...


SPECIAL REPORT June 22, 2017

BUSINESS SECTOR – I QUARTER, 2017

In the first quarter of 2017, compared to the corresponding period of 2016:

- The production value of the business sector significantly increased (16%);

- A 19.1% increase in total turnover was observed;

- The number of persons employed in the business sector increased (4.7%; 27,000 persons);

- The average monthly remuneration of persons employed in the business sector increased (11%; GEL 101.6).

In the first quarter of 2017, compared to the corresponding period of 2016, the production value of the business sector significantly increased (16%). More...


Exchange Rates (NBG)
  06/28/17 + / -
  USD   2.4074   0.0001
  EUR   2.7341   0.0249
  RUR   4.0398   0.0442
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