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Economic Press Monitor


April 16, 2018

IN THIS ISSUE:

1. SOON, ONLY BANKS AND USURERS WILL REMAIN
2. THERE IS STILL EMPTINESS ON PLACE OF HOTEL WORTH $60M, PLEDGED DURING ELECTIONS
3. BAKHTADZE: BANKS FOIST CREDITS TO POPULATION, DOOMED TO BANKRUPTCY
4. MAMUKA BAKHTADZE OFFERS MEETING TO DEPUTIES OF THE PARLIAMENT

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1. SOON, ONLY BANKS AND USURERS WILL REMAIN
Finances & Banking

Irakli Berdzenadze, head of Non-Banking Financial Institutions Association, points that after National Bank of Georgia (NBG) toughened regulation for online crediting organizations, about 60% of these organizations left the market.

According to CreditInfo Georgia (credit bureau), 46 online crediting organizations used their service in 2016, while in 2017 – only 22.

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2. THERE IS STILL EMPTINESS ON PLACE OF HOTEL WORTH $60M, PLEDGED DURING ELECTIONS
Construction

During parliamentary elections of 2016, Bidzina Ivanishvili (billionaire ex-premier of Georgia) announced about construction of hotel in Anaklia, Ganmukhuri, with participation of his Co-Investment Fund.

As the article says, no construction is underway for now on this territory, works are not even launched.

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3. BAKHTADZE: BANKS FOIST CREDITS TO POPULATION, DOOMED TO BANKRUPTCY
Finances & Banking

“Banks are focusing on foisting credits to the population doomed to bankruptcy”, Finance Minister Mamuka Bakhtadze declares. “Exactly, this time the situation is created, when the banking system is not an economy-developing force, but a brake”, he points.

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4. MAMUKA BAKHTADZE OFFERS MEETING TO DEPUTIES OF THE PARLIAMENT
Economic & Politics

In interview to TV company Imedi, Finance Minister Mamuka Bakhtadze offered a meeting to deputies of the Parliament. “Next week, I want to come in the Parliament, to meet representatives of ruling team, as well to opposition” and “to talk about those reforms, which we plan to carry out”, he declared.

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Exchange Rates (NBG)
  04/23/18 + / -
  USD   2.4488   0.0086
  EUR   2.9944   0.0073
  RUR   3.9406   0.0323
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