Daily News

IN THIS ISSUE:

National Bank of Georgia (NBG) reported that as of September 30, total external debt of the country amounted to $16.7 billion (39.5 billion lari). This volume corresponds to 112.2% of GDP for the last four quarters.

National Bank of Georgia (NBG) reported that as of September 30, net international investment position of Georgia made up negative $21.5 billion (53.3 billion lari). This volume corresponds to 144.4% of GDP for the last four quarters, NBG noted.

National Bank of Georgia (NBG) reported that negative balance of international payments of the country amounted in the 3^rd quarter to $120.4 million (291.4 million lari). This volume corresponds to 2.9% of GDP for the reporting quarter.

Finance Ministry declared that regular emission of so-called benchmark bonds will begin on primary market of the state securities in 2018. This tool represents enlarged emission with previously known frequency and equal volumes, the Ministry explained.

Ministry of Economy and Sustainable Development reported about public considerations of plans of development regulation, which were worked out by initiative of Agency for Alpine Resorts Development for alpine resorts Gudauri and Bakuriani.

Plan of development regulation for 6 areas of Gudauri was developed by company Free Architects.

Minister of Economy and Sustainable Development Dimitri Kumsishvili declared that investments of over 700 million lari were made during past 5 years in JSC Georgian State Electrosystem (state-owned company for electricity transmission and dispatching).

“In next 10 years, at least 1.5 billion lari will be invested only in major infrastructure”, declared Kumsishvili, who had visited the company and acquainted with its activity today.

National Bank of Georgia (NBG) reported about publishing of manual for General Risk Assessment Program (GRAPE), the risk-based supervision framework.

The manual reflects those principles, which provide ground for supervising activities, and values, which guide each employee, engaged in execution of supervising function, NBG stated.

National Bank of Georgia (NBG) declared that because of violation of requirements on consumer protection and protracted reactions on clients’ claims, 5 microfinancial organizations and one commercial bank (are not named) are fined.

NBG specified that during inspection at one of the microfinancial organizations, interest rates and penalties were revealed, which exceed set limits (effective interest rate of 100% and penalty of 150% annually).

Microfinancial organization Crystal has issued 2-year bonds of 10 million lari, reported Galt&Taggart company, which served the transaction.

According to Galt&Taggart, demand for bonds considerably exceeded the offer that caused establishment of yield rate at the level of 0%.

National Communication Commission declared that consent was given to LLC Banet on acquisition of the whole share (100%) in LLC Micronet.

The Commission pointed that both companies operate mainly in different municipalities, so their merger will not cause change of competitive environment in corresponding segment of communication market.