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Economic Press Monitor


December 29, 2017

IN THIS ISSUE:

1. RAISE OF ELECTRICITY TARIFF ROUGHLY VIOLATED THE LAW
2. 5,000 LARI IS THE SCANTY SUM FOR DEPOSIT INSURANCE
3. DRC – ONLINE CONSIDERATION OF ARBITRATION LAWSUIT FOR THE FIRST TIME IN GEORGIA
4. INSURANCE SECTOR, AFTER DEVELOPMENT, TO BECOME ONE OF SOLID PLAYERS ON THE CAPITAL MARKET
5. “TBC BANK” TO START CONSTRUCTION OF HEAD OFFICE OF THE MODERN CONCEPT IN APRIL 2018
6. “SOCAR” AND POLLUTED AIR

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1. RAISE OF ELECTRICITY TARIFF ROUGHLY VIOLATED THE LAW
Energy, Oil & Gas

Lawyer David Ebralidze indicates that energy tariff can reflect only executed expenses, but not the planned ones. Whereas current raise of consumer tariff is caused by the planned investments, he specifies.

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2. 5,000 LARI IS THE SCANTY SUM FOR DEPOSIT INSURANCE
Finances & Banking

The system of deposit insurance, which enters in force on January 1, 2018, will apply to deposits of up to 5,000 lari.

As professor at European University Gocha Tutberidze states, “5,000 lari is the scanty sum”.

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3. DRC – ONLINE CONSIDERATION OF ARBITRATION LAWSUIT FOR THE FIRST TIME IN GEORGIA
Companies

The center of consideration of lawsuits (DRC) has developed online system of arbitration. DRC will execute administration of online arbitration according to rules, which will enter in force on February 1, 2018.

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4. INSURANCE SECTOR, AFTER DEVELOPMENT, TO BECOME ONE OF SOLID PLAYERS ON THE CAPITAL MARKET
Finances & Banking

In his interview with the newspaper, head of State Service for Insurance Supervision Konstantin Sulamanidze indicates that insurance sector in Armenia makes up 0.65% of GDP, in Azerbaijan – 0.81%, Russia – 1.3%, Turkey – 1.6%, while in Georgia – 1.15%. “After introduction of obligatory insurance and expected economic growth, we expect that it [i.e. insurance share in Georgian GDP] will be 1.7% in 4-year prospect”, he declares.

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5. “TBC BANK” TO START CONSTRUCTION OF HEAD OFFICE OF THE MODERN CONCEPT IN APRIL 2018
Finances & Banking

TBC Bank has presented project of new head office and Tbilisi business center. Implementation of the project will begin in April 2018 and will come to the end in 2021.

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6. “SOCAR” AND POLLUTED AIR
Ecology & Health

Main oil depot of Azerbaijani SOCAR in Tbilisi is located on Kiziki Street, in only several meters from the settlement, the magazine points. The company got permission for construction of the oil depot in 2009.

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