Daily News

IN THIS ISSUE:

State Audit Service stated that debt burden indicator (debt/GDP) is expected to reduce by 0.5 percentage points by end of 2017, but the debt volume to GDP will exceed determined limit of 40% again.

Namely, as of data, presented in budget-2016, public debt will reach 42.6% of GDP, while draft budget for 2017 envisages this rate at 42.1% of GDP.

State Audit Service reported that as of August, ratio of state securities’ emission to forecasted GDP makes up 6.8%.

At this stage, that ratio lags behind the target (10%), defined by the government-approved strategy on capital market development for 2016-2017, the Service pointed.

Strategy document on public debt management has not been published, State Audit Service declared.

In line with plan of state securities emission, target date for the document publication is the 1^st quarter of the current year, the Service noted.

National Bank of Georgia published preliminary data, showing that national currency supply has amounted by end of September to 2.77 billion lari. In 9 months of the year, the volume has increased by 10.5% (by 263.3 million lari).

National Bank of Georgia reported that loans, issued to national economy by Georgian banks (in national and foreign currencies), have totaled as of October 1 to 7.61 billion lari, increasing by 0.03% quarter-on-quarter.

Year-on-year comparison is not available, as since December 1, 2015, crediting of sole proprietors is accounted among household crediting, instead of business one.

Agriculture Ministry reported that from January 1 through October 23, Georgia’s export of agricultural production amounted to $524.5 million. If compared with the same period of 2015, the volume has increased by 11.5%, the Ministry said.

National Bank of Georgia reported that as of end of September, there were 8.08 million banking debit cards in circulation in the country. The number has increased by 5.7% quarter-on-quarter and by 11.7% – year-on-year.

National Bank of Georgia (NBG) reported that as of end of September, there were 741,814 banking credit cards in circulation in the country. The number has decreased by 0.4% quarter-on-quarter and by 2.7% – year-on-year.

TBC Bank Group has signed yesterday an agreement on acquisition of 100% in JSC Insurance Company Kopenbur. As TBC Bank declared, cost of the deal makes up $1.4 million in cash.

Sakartvelos Banki (Bank of Georgia) declared about successful attraction of $50 million for trade financing.

As the bank said, one-year trade finance club facility was arranged by Citi in cooperation with International Financial Corporation (IFC, member of the World Bank group), “contributing in funding and providing partial guarantee support through its Global Trade Finance Program”.

Agriculture Ministry reported about rehabilitation of Akhalsopeli drainage system on Tekhura interstream area in Senaki municipality (Samegrelo region). According to the Ministry, cost of the project makes up 679,000 lari.