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Economic Press Monitor


June 22, 2022

IN THIS ISSUE:

1. BANKS, GOVERNMENT AND FINANCIERS CONFIRM THAT LARI WILL CONTINUE TO STRENGTHEN THROUGHOUT THE YEAR
2. BAKERIES WILL GET GAS WITH DISCOUNT EVERYWHERE, EXCEPT TBILISI
3. ARCHIL MORCHILADZE – IN TOTAL VOLUME OF PAID MEDICINES, SHARE OF MEDICINES IMPORTED FROM TURKEY IS STILL INSIGNIFICANT AND REMAINS WITHIN 3%
4. WITH SUPPORT OF “SAKARTVELOS BANKI”, “AXIS TOWERS” WERE OPENED

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1. BANKS, GOVERNMENT AND FINANCIERS CONFIRM THAT LARI WILL CONTINUE TO STRENGTHEN THROUGHOUT THE YEAR
Macroeconomics & Budget

Against the background of Russia-Ukraine war, there were signs of depreciation of lari, but the exchange rate today is still stable and even strengthening, the newspaper says. Current official rate makes up 2.92 GEL/USD.

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2. BAKERIES WILL GET GAS WITH DISCOUNT EVERYWHERE, EXCEPT TBILISI
Energy, Oil & Gas

From July 1, cost of natural gas for non-household consumers increases in Georgia both in Tbilisi (up to 1.35 lari per cubic m) and in regions (up to 1.38 lari).

SOCAR Georgia Gas, which supplies gas to regions, says that the tariff for mass producers of bread will be preferential and will make up 1.15 lari.

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3. ARCHIL MORCHILADZE – IN TOTAL VOLUME OF PAID MEDICINES, SHARE OF MEDICINES IMPORTED FROM TURKEY IS STILL INSIGNIFICANT AND REMAINS WITHIN 3%
Ecology & Health

On Georgian health insurance market, “The situation in the corporate segment has been somehow settled”, says Archil Morchiladze, founder of Georgian Insurance Group. “The main challenge remains the lack of full-fledged individual insurance”, he points in an interview with the newspaper.

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4. WITH SUPPORT OF “SAKARTVELOS BANKI”, “AXIS TOWERS” WERE OPENED
Companies

Axis Towers, a complex of 2 identical 41-floor skyscrapers, was opened on Chavchavadze Avenue in Tbilisi on June 16.

Investments in the project amounted to about $150 million, $60 million of which were allocated by Sakartvelos Banki (Bank of Georgia), the magazine reports.

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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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