IN SEPTEMBER, LIVING WAGE FOR AVERAGE CONSUMER INCREASED BY 7.3% Y-O-Y

Sakstat reported that living wage for average consumer amounted in September to 149.5 lari. If compared with the same month of 2016 (139.4 lari), this indicator has increased by 7.3%. More...

IN TOTAL REMITTANCES TO GEORGIA IN Q3, 3 SYSTEMS ACCOUNTED FOR 56.5%

National Bank of Georgia reported that in total remittances, transferred to Georgia in the 3^rd quarter ($367.07 million), 3 systems accounted for 56.5%. The top three includes Gold Crown, Western Union and Unistream. More...

ASSETS OF NON-FINANCIAL CORPORATIONS INCREASED IN 2016 BY 0.3%

According to Sakstat, assets of non-financial corporations amounted as of end of 2016 to 51.3 billion lari, increasing by 0.3% year-on-year. Out of total volume, 8% was expressed in foreign currency. More...

ENVELOPES WITH OFFERS ON CONSTRUCTION OF GRIGOLETI-KOBULETI ROAD SECTION OPENED

Roads Department declared that envelopes with technical and financial offers, submitted to international tender on construction of Grigoleti-Kobuleti bypass road section (the first lot), are opened. The offers were submitted by 8 companies, the Department said. More...

“TI GEORGIA”: IN COUNCIL FOR DEVELOPMENT REGULATION, PREVENTION OF RISKS OF INCOMPATIBILITY OF INTERESTS AND CORRUPTION IS NOT SECURED EFFECTIVELY

TI Georgia, Georgian branch of Transparency International, declared that it has studied activity in 2014-2017 of council for regulation of territories’ use and development, operating under City Hall of Tbilisi (so-called “zone council”).

As the organization points, the study revealed that “in zone council, prevention of risks of incompatibility of interests and corruption is not secured effectively”. More...

NEW DIRECTOR GENERAL APPOINTED IN “SAKRUSENERGO”

JSC Sakrusenergo (Georgia-Russia Energy) reported about appointment of Bachana Suladze as director general of the company. He works in the company since 2010, while is deputy director general since 2013. More...

IN TOTAL PASSENGERS, TRANSPORTED VIA GEORGIAN AIRPORTS IN 9 MONTHS, “GEORGIAN AIRWAYS” ACCOUNTS FOR 11%, “TURKISH AIRLINES” – 10%

Georgian Civil Aviation Agency reported that in total passengers, transported via Georgian airports in 9 months (3.2 million people, both regular and charter flights), Turkish Airlines accounts for 11% (350,706 passengers).

The only Georgian carrier, Georgian Airways, transported 298,964 passengers, i.e. 10% of total. More...

PILOT BEEKEEPING BASE OPENED IN SAMEGRELO

Agriculture Ministry reported that pilot beekeeping base of the Ministry’s Research Center was opened today in village Mukhuri (Samegrelo region).

As the Ministry said, the base consists of two laboratories, office and auxiliary buildings. More...

PHYTOSANITARY AND BIODIVERSITY RESEARCH INSTITUTE TO BE BUILT IN KOBULETI

Ajara government declared that construction of phytosanitary and biodiversity research institute has started in Kobuleti.

For the purpose of the institute construction, budget of Batumi State University envisaged 1.58 million lari, the government reported. More...

WITHIN “PRODUCE IN GEORGIA” PROGRAM, PRODUCTION OF CONCRETE PLATES TO START NEXT YEAR IN TBILISI

Ministry of Economy and Sustainable Development declared that within industrial component of “Produce in Georgia” state program, LLC NeoStar is going to launch manufacturing of concrete plates in the next year.

Total investments amount to 11.96 million lari, the Ministry said. More...

Forbes Georgia: “GEORGIA’S GLOBAL POSITION IN TERMS OF QUALITY OF EDUCATION”

According to quality of education, the World Economic Forum places Georgia on the 101^st position among 137 countries. At that, by criterion of quality of mathematics and science education, Georgia occupies the 103^rd position. More...

Tabula: “THE GOVERNMENT WILL INSURE YOUR DEPOSIT WITH YOUR MONEY – WHAT EFFECT THIS REFORM WILL HAVE”

Since January 2018, deposits, placed by individuals in the Georgian commercial banks, will be insured by special state fund. Through monthly payment of obligatory commission fee, deposited sum of up to 5,000 lari will be compensated in case of bankruptcy of the bank. More...

Tabula: “CABLE OPERATORS STOPPED BROADCASTING OF “RUSTAVI-2”, “IMEDI” AND OTHER TV CHANNELS”

Cable operators stopped broadcasting of Rustavi-2, Imedi, Maestro, GDS, Marao and Komedi Arkhi (Comedy Channel).

They explain the action with demand of Media Right Georgia to pay the fee for broadcasting of signal of these Georgian TV channels. More...

Bankebi da Finansebi: “ENACTMENT OF LAW ON TOBACCO TO CUT THOUSANDS OF JOBS”

Paata Bairakhtari, vice-president of Georgian Young Financiers and Businessmen Association, considers that law “On Tobacco Control”, which will enter in force on January 1, 2018, limits mainly small and medium business.

For example, regulation envisages prohibition of realization of tobacco along streets and roads, respectively, besides budgetary losses, job will be lost by thousands of people, engaged in this business, Bairakhtari specifies. More...

Netgazeti.Ge: “THE “DREAM” ACCOUNTS FOR 90% OF DONATIONS, RECEIVED BY ALL SUBJECTS – AUDIT REPORT”

State Audit Service reported that election subjects have received between July 1 and October 17 donations, totaling to 13 million lari. Out of this sum, 90% (11.64 million lari) is share of ruling Georgian Dream, Netgazeti.Ge says. More...

TAX & LAW BRIEF

THE ORDER #137/04 OF THE PRESIDENT OF THE NATIONAL BANK OF GEORGIA

The financial organization may impose the commission fee or liquidated damages for full or partial prepayment or refinancing of credit.

In case of transfer of loan receivables or otherwise assign loan agreements, the Financial Organization shall put in the transfer contract obligation of the transferee to follow ethical rules in accordance with Code of Ethics of the Financial Organization. More...