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Economic Press Monitor


February 8, 2019

IN THIS ISSUE:

1. TOP 10 OF BUDGET WASTING
2. BANKS GAINED IN 2018 INCOME OF 1 BILLION 901 MILLION LARI FROM CREDITS, ISSUED TO PRIVATE INDIVIDUALS
3. PROPERTY, SEIZED BY BANKS, MAKES UP 149.5M LARI
4. THIS IS THE 2ND PHASE OF CIGARETTES’ PRICE GROWTH, THERE WILL BE 3RD AND 4TH WAVES SOON TOO

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1. TOP 10 OF BUDGET WASTING
Macroeconomics & Budget

The magazine publishes top-10 examples of budget wasting in 2018.

The largest sum falls on Georgian Railway – 213 million lari (the project of Tbilisi bypass railroad, suspended in 2013).

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2. BANKS GAINED IN 2018 INCOME OF 1 BILLION 901 MILLION LARI FROM CREDITS, ISSUED TO PRIVATE INDIVIDUALS
Finances & Banking

In 2018, Georgian banks gained interest income, totaling to 3.29 billion lari, the newspaper reports. Out of total, 2.9 billion lari was share of income from issued credits.

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3. PROPERTY, SEIZED BY BANKS, MAKES UP 149.5M LARI
Finances & Banking

In the 4th quarter of 2018, cost of movable and immovable property of bad borrowers, being seized by Georgian banks, totaled to 149.59 million lari, the newspaper reports.

The largest sum falls on Sakartvelos Banki (Bank of Georgia) – 56.93 million lari.

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4. THIS IS THE 2ND PHASE OF CIGARETTES’ PRICE GROWTH, THERE WILL BE 3RD AND 4TH WAVES SOON TOO
Economic & Politics

Since 2019, excise rate for filter-less cigarettes in Georgia was equalized with one for filter cigarettes and made up 1.7 lari (per box of 20 cigarettes), while ad valorem tax on filter cigarettes was raised from 10% to 30%.

These changes caused on consumer market price growth on cigarettes of 20-25%, the newspaper reports.

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Exchange Rates (NBG)
  07/19/19 + / -
  USD   2.8845   0.0131
  EUR   3.2410   0.0219
  RUR   4.5787   0.0179
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Dear readers,

Wish you happy New Year! Let happiness, peace and prosperity be with you and your beloved ones in 2019!

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