Daily News

IN THIS ISSUE:

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%.

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.

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.

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.

Sakstat reported that in the 1^st 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.

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.

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.

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.