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Daily News


June 22, 2022

IN THIS ISSUE:

1. NBG LEFT MONETARY POLICY RATE INTACT
2. NBG DOES NOT EXCLUDE USE OF ADDITIONAL INSTRUMENTS IN CASE OF CONTINUED HIGH CREDIT GROWTH
3. “TBC CAPITAL”: EXPECTATIONS IMPROVED REGARDING LARI EXCHANGE RATE
4. “GALT&TAGGART”: IN 2022, WE DO NOT EXCLUDE EVEN FULL RECOVERY OF TOURISM IN GEORGIA
5. IN Q1, GEORGIA’S CONSTRUCTION COST INDEX INCREASED BY 12.8 PP Y-O-Y
6. GEORGIAN SIDE DISCUSSED PROSPECTS OF COOPERATION WITH DFC
7. OVER 200 PARTICIPANTS ATTENDED THE EU-GEORGIA BUSINESS FORUM
8. “SPACEX” PLANS TO PROVIDE INTERNET IN GEORGIA VIA “STARLINK” SYSTEMS

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1. NBG LEFT MONETARY POLICY RATE INTACT
Economics

National Bank of Georgia (NBG) reported that its Monetary Policy Committee decided today to keep the refinancing rate intact. Accordingly, monetary policy rate remains 11%.

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2. NBG DOES NOT EXCLUDE USE OF ADDITIONAL INSTRUMENTS IN CASE OF CONTINUED HIGH CREDIT GROWTH
Economics

National Bank of Georgia (NBG) indicated that despite the tightened monetary policy, credit activity in the country has remained at a high level throughout the year.

This is a result of acceleration, on the one hand, of consumer lending and, on the other hand, of lending in foreign currency, NBG explained, noting that the measures, taken in this direction in the recent period, should affect the lending growth rate gradually.

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3. “TBC CAPITAL”: EXPECTATIONS IMPROVED REGARDING LARI EXCHANGE RATE
Economics

TBC Capital declares that expectations related to the lari exchange rate have improved, though slightly.

By the end of this year, the approximate exchange rate of lari against the US dollar will be about 2.8 GEL/USD, against euro – 3.06 GEL/EUR, TBC Capital forecasts.

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4. “GALT&TAGGART”: IN 2022, WE DO NOT EXCLUDE EVEN FULL RECOVERY OF TOURISM IN GEORGIA
Economics

Galt&Taggart said that according to the baseline scenario, tourism revenues were expected to recover in 2022 to 85% of the 2019 level (i.e. pre-pandemic).

However, taking into account the revenues in May and the effect of migrants, we do not exclude even a full recovery of tourism in 2022, Galt&Taggart indicated.

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5. IN Q1, GEORGIA’S CONSTRUCTION COST INDEX INCREASED BY 12.8 PP Y-O-Y
Economics

Sakstat reported that in the 1st quarter, Georgia’s construction cost index increased by 12.8 percentage points (pp) compared to the same quarter of 2021.

The change is caused mainly by increase of prices of construction materials by 13.6%, Georgian statistics service said.

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6. GEORGIAN SIDE DISCUSSED PROSPECTS OF COOPERATION WITH DFC
Politics

Today, Georgia’s Prime Minister Irakli Garibashvili met in Tbilisi with Scott Nathan, executive director of the US International Development Finance Corporation (DFC).

At the meeting, attention was paid to the existing strategic partnership and prospects for future cooperation, administration of the Georgian government said.

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7. OVER 200 PARTICIPANTS ATTENDED THE EU-GEORGIA BUSINESS FORUM
Economics

On June 21, the EU-Georgia business forum was held in Tbilisi for the first time, being attended by over 200 participants. The event, which held with the support of the EU, was organized by the European Business Association.

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8. “SPACEX” PLANS TO PROVIDE INTERNET IN GEORGIA VIA “STARLINK” SYSTEMS
Business

Georgian National Communication Commission reported that the American company SpaceX plans to provide internet access in Georgia via Starlink (satellite broadband internet system).

As the Commission noted, representative of SpaceX arrived in Georgia to get acquainted with the situation on the spot.

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Exchange Rates (NBG)
  06/28/22 + / -
  USD   2.9336   0.0013
  EUR   3.1040   0.0026
  RUR   5.4929   0.0679
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