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Economic Press Monitor


November 8, 2019

IN THIS ISSUE:

1. DESPITE INCREASE OF EXCISE, THE SUM, WHICH ENTERED THE BUDGET FROM TOBACCO BUSINESS, HAS DECREASED, WHILE CONSUMPTION – HAS NOT
2. “TBC LEASING” ATTRACTED FINANCIAL RESOURCE OF 9M EUR
3. “TBC” AND “MOUNTAIN RESORTS’ DEVELOPMENT COMPANY” SIGNED PARTNERSHIP AGREEMENT
4. “GEORGIA CAPITAL” PLANS DEVELOPMENT OF NEW DIRECTION ON THE REAL ESTATE MARKET

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1. DESPITE INCREASE OF EXCISE, THE SUM, WHICH ENTERED THE BUDGET FROM TOBACCO BUSINESS, HAS DECREASED, WHILE CONSUMPTION – HAS NOT
Macroeconomics & Budget

In 9 months of this year, Georgian budget’s revenues from excise on cigarettes have decreased year-on-year by 14%, the newspaper reports. It should be noted that excise on tobacco is raised since January 1.

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2. “TBC LEASING” ATTRACTED FINANCIAL RESOURCE OF 9M EUR
Companies

PROPARCO (affiliated structure of French Development Agency (AFD)) allocated 9 million EUR to Georgian TBC Leasing, the newspaper reports. This resource will be directed to financing of small and medium business.

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3. “TBC” AND “MOUNTAIN RESORTS’ DEVELOPMENT COMPANY” SIGNED PARTNERSHIP AGREEMENT
Companies

Georgia’s largest TBC Bank and state-owned Mountain Resorts’ Development Company signed 3-year partnership agreement, the magazine reports. The bank was selected after bids invitation by the company.

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4. “GEORGIA CAPITAL” PLANS DEVELOPMENT OF NEW DIRECTION ON THE REAL ESTATE MARKET
Construction

Georgia Real Estate Holding (GRE) will be a kind of platform of investment company Georgia Capital and will combine developer company m2 Group and the direction of hotels and tourism, the magazine reports.

Post of director general at m2 Group will be occupied by Shota Berekashvili, while GRE will be headed by Irakli Burdiladze.

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Exchange Rates (NBG)
  11/12/19 + / -
  USD   2.9618   0.0015
  EUR   3.2645   0.0052
  RUR   4.6247   0.0108
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