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Daily News


April 6, 2021

IN THIS ISSUE:

1. IN Q1, DEMAND FOR DEPOSIT CERTIFICATES INCREASED BY 11.5% Y-O-Y
2. “TBC CAPITAL”: EXPECTATIONS FOR LARI EXCHANGE RATE AGAINST THE US DOLLAR ARE SLIGHTLY WORSENED
3. “TBC CAPITAL”: IN 2021, 25% OF REVENUE, GENERATED FROM TOURISM IN 2019, WILL BE RESTORED
4. “TBC CAPITAL”: AT THE BEGINNING OF 2021, DECLINE RATE DECREASED ON TBILISI AND BATUMI RESIDENTIAL REAL ESTATE MARKETS
5. BY THE END OF MAY, NEWLY CREATED DEVELOPMENT AND REFORM COUNCIL HAS TO PREPARE A 10-YEAR DEVELOPMENT PLAN FOR GEORGIA
6. IMPLEMENTATION OF THE NEW EXECUTIVE CODE TO START IN OCTOBER
7. WB REGIONAL DIRECTOR DISCUSSED COOPERATION ISSUES WITH GEORGIAN’S PREMIER AND FINANCE MINISTER
8. SPECIAL MANAGER OF “GEORGIAN MANGANESE”: 14-POINT DEVELOPMENT PLAN HAS BEEN ACTUALLY FULFILLED

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1. IN Q1, DEMAND FOR DEPOSIT CERTIFICATES INCREASED BY 11.5% Y-O-Y
Economics

National Bank of Georgia reported that in the 1st quarter, demand for deposit certificates (discount security with maturity of 3 months) exceeded emission 3.3 times.

In particular, in January-March, demand totaled to 199.5 million lari, against of 179 million for the same period of 2020 (i.e. increasing year-on-year by 11.5%).

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2. “TBC CAPITAL”: EXPECTATIONS FOR LARI EXCHANGE RATE AGAINST THE US DOLLAR ARE SLIGHTLY WORSENED
Economics

Expectations for lari exchange rate against the US dollar are slightly worsened, TBC Capital said in the forecast, released at the end of March. According to the company, the exchange rate is expected to fluctuate within the range of 3.2-3.5 GEL/USD.

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3. “TBC CAPITAL”: IN 2021, 25% OF REVENUE, GENERATED FROM TOURISM IN 2019, WILL BE RESTORED
Economics

According to baseline scenario, Georgia in 2021 will restore 25% of revenue, generated from tourism in 2019, TBC Capital said. In 2022, recovery of 90% is projected.

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4. “TBC CAPITAL”: AT THE BEGINNING OF 2021, DECLINE RATE DECREASED ON TBILISI AND BATUMI RESIDENTIAL REAL ESTATE MARKETS
Economics

At the beginning of this year, decline rate on residential real estate markets of Tbilisi and Batumi slowed down, TBC Capital reported. The company expects that the sector will return to its pre-crisis indicators in 2022.

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5. BY THE END OF MAY, NEWLY CREATED DEVELOPMENT AND REFORM COUNCIL HAS TO PREPARE A 10-YEAR DEVELOPMENT PLAN FOR GEORGIA
Politics

Georgian government established an interagency council for development and reforms, which will elaborate a 10-year development plan for the country, administration of the government reported.

The council, consisting of ministers, MPs and other officials, will be headed by Georgia’s Prime Minister.

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6. IMPLEMENTATION OF THE NEW EXECUTIVE CODE TO START IN OCTOBER
Economics

Date of entry in force of Georgia’s new Executive Code is defined October 1, announced MP Mikheil Sarjveladze (one of the authors of the bill).

Sarjveladze explained drafting of the code by outdated current law “On Enforcement Proceedings”, adopted in 1999, which does not meet modern challenges.

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7. WB REGIONAL DIRECTOR DISCUSSED COOPERATION ISSUES WITH GEORGIAN’S PREMIER AND FINANCE MINISTER
Economics

Sebastian Molineus, World Bank (WB) regional director for the South Caucasus, met on April 5 with Georgia’s Prime Minister Irakli Garibashvili and the Finance Minister Lasha Khutsishvili.

As the government said, participants of the meeting discussed issues of cooperation, the WB’s assistance to Georgia during the COVID-19 pandemic, ongoing and planned projects.

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8. SPECIAL MANAGER OF “GEORGIAN MANGANESE”: 14-POINT DEVELOPMENT PLAN HAS BEEN ACTUALLY FULFILLED
Business

Special manager of Georgian Manganese (mining and processing enterprise, operating in Chiatura of Imereti region) Nikoloz Chikovani declared that 14-point development plan, prepared for improvement of difficult situation in the enterprise, has been actually fulfilled. So far, because of objective conditions, some issues remain unsolved, he noted.

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Exchange Rates (NBG)
  04/13/21 + / -
  USD   3.4235   0.0003
  EUR   4.0709   0.0089
  RUR   4.4397   0.0063
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