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Daily News


August 11, 2017

IN THIS ISSUE:

1. PORTFOLIO INVESTMENTS IN Q1 MADE UP $3M
2. RULE APPROVED FOR ASSETS’ CLASSIFICATION AND LOSS RESERVE CREATION AND USE BY COMMERCIAL BANKS
3. VOLUME OF PROPERTY, SEIZED BY FINANCIAL SECTOR, INCREASED IN 6 MONTHS BY 6.1%
4. 6-MONTH REVENUE FROM TOURISM MADE UP $1.09B
5. NATIONAL WINE AGENCY’S CHAIRMAN: ACCORDING TO OUR FORECAST, ABOUT 140,000-150,000 T OF GRAPES WILL BE INDUSTRIALLY PROCESSED
6. TASTING COMPETITION OF GEORGIAN WINES TO BE HELD IN MOSCOW
7. TBILISI CITY HALL: BECAUSE OF UNAUTHORIZED ARRANGEMENT OF OPEN CAFES, PROCEEDING ON CONSTRUCTION OFFENCE LAUNCHED AGAINST 16 SUBJECTS
8. FINANCE MINISTRY’S INVESTIGATIVE SERVICE DETAINED ONE PERSON BECAUSE OF REALIZATION OF EXCISE GOODS WITHOUT TAX STAMPS
9. “GMOBILE” GOT LICENSE ON NUMERATION RESOURCE’S USE FOR MOBILE COMMUNICATION SERVICE PROVISION

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1. PORTFOLIO INVESTMENTS IN Q1 MADE UP $3M
Economics

National Bank of Georgia reported that portfolio investments in Georgia amounted in the 1st quarter to $3 million. Ratio of this volume to GDP makes up 0.1%.

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2. RULE APPROVED FOR ASSETS’ CLASSIFICATION AND LOSS RESERVE CREATION AND USE BY COMMERCIAL BANKS
Economics

President of National Bank of Georgia (NBG) approved rule for classification of assets and creation and use of loss reserve by commercial banks. Respectively, the rule, adopted in 2014, is declared lapsed.

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3. VOLUME OF PROPERTY, SEIZED BY FINANCIAL SECTOR, INCREASED IN 6 MONTHS BY 6.1%
Economics

National Bank of Georgia reported that volume of property, seized by financial sector (loan guaranty of bad borrowers), amounted in the end of June to 168.9 million lari.

Since start of the year (i.e. in 6 months), the volume has increased by 6.1%.

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4. 6-MONTH REVENUE FROM TOURISM MADE UP $1.09B
Economics

Referring to the Interior Ministry and National Tourism Administration, National Bank of Georgia reported that Georgia’s revenue from tourism for 6 months of this year amounted to $1.09 billion.

For comparison, NBG indicated that revenues for the whole 2016 made up $2.17 billion.

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5. NATIONAL WINE AGENCY’S CHAIRMAN: ACCORDING TO OUR FORECAST, ABOUT 140,000-150,000 T OF GRAPES WILL BE INDUSTRIALLY PROCESSED
Economics

Chairman of National Wine Agency Giorgi Samanishvili declared that “quite big” harvest is expected this year. “According to our forecast, about 140,000-150,000 t of grapes will be industrially processed”, he said.

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6. TASTING COMPETITION OF GEORGIAN WINES TO BE HELD IN MOSCOW
Economics

On August 23, tasting competition of Georgian wines will held in Moscow, reports alcoholic market information portal Alcomarket.Info. The competition will take place in head office of wholesale company METRO Cash&Carry.

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7. TBILISI CITY HALL: BECAUSE OF UNAUTHORIZED ARRANGEMENT OF OPEN CAFES, PROCEEDING ON CONSTRUCTION OFFENCE LAUNCHED AGAINST 16 SUBJECTS
Society

City Hall of Tbilisi declared that because of arrangement of open cafes on renewed Agmashenebeli Avenue without permission, proceeding on construction offense is launched against 16 subjects.

These subjects are required either to present confirming documentation or to dismantle their constructions, the City Hall said.

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8. FINANCE MINISTRY’S INVESTIGATIVE SERVICE DETAINED ONE PERSON BECAUSE OF REALIZATION OF EXCISE GOODS WITHOUT TAX STAMPS
Society

Finance Ministry declared that its Investigative Service has detained one person upon “transportation-realization of large quantity of excise goods without tax stamps”.

The investigation established that the mentioned person was engaged in selling in Tbilisi of alcoholic beverages without tax stamps – cognac Hennessy XO and vodka Beluga, the Ministry said.

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9. “GMOBILE” GOT LICENSE ON NUMERATION RESOURCE’S USE FOR MOBILE COMMUNICATION SERVICE PROVISION
Business

National Communication Commission reported that permission on usage of 10,000 subscriber numbers (550-030000 – 550-039999) for provision of mobile communication service is issued to LLC Gmobile.

The permission is termless (subjected to annual renewal), while its area of coverage includes whole territory of Georgia.

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Exchange Rates (NBG)
  08/18/17 + / -
  USD   2.3895   0.0010
  EUR   2.8067   0.0131
  RUR   4.0213   0.0020
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