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Economic Press Monitor


October 9, 2019

IN THIS ISSUE:

1. FOREIGN CURRENCY RESERVES DECREASED IN SEPTEMBER BY $94M
2. “TBC CAPITAL” EXPECTS GROWTH OF TOURISTS’ NUMBER BY 5% UNTIL END OF THE YEAR
3. HEALTHCARE MINISTRY WANTS TO ESTABLISH MINIMAL WAGE
4. “AJARA GROUP” BOUGHT SANATORIUM IN ABASTUMANI, WHERE “ROOMS HOTEL” WILL BE OPENED

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1. FOREIGN CURRENCY RESERVES DECREASED IN SEPTEMBER BY $94M
Macroeconomics & Budget

In September, foreign currency reserves of National Bank of Georgia (NBG) decreased month-on-month by $94 million (by 2.7%) and made up $3.4 billion, the magazine reports.

The article notes that volume of reserves returned to the level, fixed in nearly April.

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2. “TBC CAPITAL” EXPECTS GROWTH OF TOURISTS’ NUMBER BY 5% UNTIL END OF THE YEAR
Tourism

TBC Capital forecasts growth of tourists’ number in Georgia by 5% until end of the year, the magazine reports.

The article indicates that despite difficult summer season (Russian ban on air communication with Georgia), expectations of TBC Capital are positive.

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3. HEALTHCARE MINISTRY WANTS TO ESTABLISH MINIMAL WAGE
Economic & Politics

Tamar Barkalaia, Georgia’s Deputy Minister for IDPs from Occupied Territories, Labor, Healthcare andSocial Protection, declared that the government and the Parliament work on issue of minimal wage. Corresponding amendments have to be made to the Labor Code.

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4. “AJARA GROUP” BOUGHT SANATORIUM IN ABASTUMANI, WHERE “ROOMS HOTEL” WILL BE OPENED
Companies

Ajara Group acquired sanatorium in Abastumani, built in 1924, where hotel Rooms Abastumani will be opened, Tabula reports. The hotel should be opened in a year and a half.

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Exchange Rates (NBG)
  10/15/19 + / -
  USD   2.9701   0.0000
  EUR   3.2725   0.0053
  RUR   4.6078   0.0229
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