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Daily News


March 25, 2020

IN THIS ISSUE:

1. “EUROPEAN GEORGIA” SUGGESTS THE AUTHORITIES TO LOWER TAXES, AS A MEASURE AGAINST ECONOMIC CRISIS
2. FORMER PRESIDENT OF NBG: THE AUTHORITIES COULD NOT PROTECT LARI
3. YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION CALLS FOR TOUGHENING OF MONETARY POLICY
4. NBG SOLD $40M
5. YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION AND CIVIL ORGANIZATIONS OFFER THE GOVERNMENT ANTI-CRISIS SOCIAL PACKAGE
6. ALL EMPLOYERS HAVE TO DEVELOP PLAN OF READINESS AND REACTION IN CONNECTION WITH INFECTIOUS DISEASES
7. ECONOMY MINISTER: MEDICAL MASKS ARE DISTRIBUTED ACCORDING TO PRIORITIES
8. LLC “GARDABANI HEAT POWER PLANT-2” GOT LICENSE FOR ELECTRICITY GENERATION

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1. “EUROPEAN GEORGIA” SUGGESTS THE AUTHORITIES TO LOWER TAXES, AS A MEASURE AGAINST ECONOMIC CRISIS
Economics

On March 24, European Georgia presented own plan of fight against economic crisis in the country, caused by coronavirus pandemic. According to this plan, private sector will retain 690 million lari, the opposition party pointed.

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2. FORMER PRESIDENT OF NBG: THE AUTHORITIES COULD NOT PROTECT LARI
Economics

Roman Gotsiridze, chairman of oppositional parliamentary fraction of National Movement and president of the National Bank of Georgia (NBG) in 2005-2007, declared that lari met the arisen crisis unprepared. “The authorities could not protect lari”, he said on March 24 on air of Rustavi-2 TV company.

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3. YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION CALLS FOR TOUGHENING OF MONETARY POLICY
Economics

Georgian Young Financiers and Businessmen Association pointed at panic background and transfer through expectations channels to national currency as the main reason of recently started sharp devaluation of lari.

Use of interventions (sale of the US dollars) by National Bank of Georgia (NBG) will be insufficient for return of lari exchange rate to its real balance mark, the Association declared.

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4. NBG SOLD $40M
Economics

As promised yesterday, National Bank of Georgia (NBG) sold $40 million at the currency auction today. The average weighted rate made up 3.4563 GEL/USD.

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5. YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION AND CIVIL ORGANIZATIONS OFFER THE GOVERNMENT ANTI-CRISIS SOCIAL PACKAGE
Economics

Georgian Young Financiers and Businessmen Association and several Georgian civil organizations offer the government of the country an anti-crisis package, which envisaged financial aid to persons, who lost job because of coronavirus pandemic.

As initiators of the anti-crisis package declared, compensation to such citizens has to be provided by “the British model”.

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6. ALL EMPLOYERS HAVE TO DEVELOP PLAN OF READINESS AND REACTION IN CONNECTION WITH INFECTIOUS DISEASES
Economics

Georgian Ministry of Economy and Sustainable Development declared that all employers of the country have to develop own plans of readiness and response to infectious diseases (emergency plan).

The Ministry pointed that a plan should follow instructions and recommendations of the National Center of Disease Control and Public Healthcare.

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7. ECONOMY MINISTER: MEDICAL MASKS ARE DISTRIBUTED ACCORDING TO PRIORITIES
Economics

Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared that “distribution of Georgia-made medical masks has started according to those priorities, which especially emphasize safety protection”.

These priorities include persons of 70 years and above, public employees, who work with quarantine zones, police officers, etc., she said.

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8. LLC “GARDABANI HEAT POWER PLANT-2” GOT LICENSE FOR ELECTRICITY GENERATION
Business

Electricity generation license was issued to LLC Gardabani Heat Power Plant-2, Georgian National Energy and Water Supply Regulating Commission reported. The 230-MW heat station of the combined cycle, located in Gardabani municipality of Kvemo Kartli region, was put in operation this year.

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Exchange Rates (NBG)
  04/06/20 + / -
  USD   3.1740   0.0164
  EUR   3.4295   0.0161
  RUR   4.1547   0.0475
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Dear readers,

We wish you a Happy New Year! Let it be peaceful, prosperous and full of joy for you and your beloved!

We are leaving for holidays and will resume our updates on January 8.

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