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1. Bankebi da Finansebi: “BANKS ARE TAKING FIELD AGAINST CASH MONEY”
   (Economic Press Monitor: February 10, 2010)

   After the government and commercial banks came to terms and practically agreed on the banking and tax mortgage, the banks have raised a new issue. Bankers are preparing a proposal on introducing of non-cash payments on the legislative level.

2. ACTUAL TOPIC: RISK MANAGEMENT IN BANKING SPHERE
   (Daily News: February 2, 2010)

   On the background of crisis, Sarke considered issue of risk management as actual topic. We present comments of Nodar Khaduri, professor of economics at Tbilisi State University; Zurab Gvasalia, president of Georgian Banks Association, and Evan Kraft, director of Research Department of National Bank of Croatia.

3. Rezonansi: “BUDGET TO FUND TOURISM DEVELOPMENT BY 1.8M LARI”
   (Economic Press Monitor: January 27, 2010)

   The budget envisages 2.4 million lari for tourism department in 2010. Out of this sum, 1.8 million lari should be spent for tourist programs.

4. Rezonansi: “BANKING SYSTEM – REALITY AND PROSPECTS”
   (Economic Press Monitor: January 26, 2010)

   Zurab Gvasalia, president of Georgian Bank Association, notes that tendency of income growth in banking system became of irreversible character. Banks avoided problems of liquidity, containing the biggest risk of bankruptcy, and totally paid current foreign liabilities, he declares.

5. AZERBAIJAN TO ALLOT $100M IN TERMS OF BAKU-TBILISI-KARS RAILWAY CONSTRUCTION
   (Daily News: January 29, 2010)

   Zia Mamedov, Azeri Transport Minister, declared that $100 million will be allotted in terms of Baku-Tbilisi-Kars railway line construction (Georgian section) in 2010. In case of necessity to increase the mentioned sum, Azeri side is ready to review the issue, he noted.

6. Kviris Palitra: “BUDGET AND BANKS CAN NOT DIVIDE 150M LARI”
   (Economic Press Monitor: January 18, 2010)

   Banks and government are arguing on 150 million lari, accumulated in banks as mortgaged property. Banks are eager to have privileges during selling of this property, which owners may have tax indebtedness as well.

7. ADB TO ALLOT $1B TO GEORGIA IN 2010-2011
   (Daily News: January 18, 2010)

   Asian Development Bank (ADB) will allot $1 billion to Georgia in 2010-2011, Finance Minister Kakha Baindurashvili declared at the press conference yesterday. He noted that ADB is interested with the state-initiated investment projects and banking sector portfolio.

8. Rezonansi: “INVESTMENT FORECAST HAS 80% GAP”
   (Economic Press Monitor: January 13, 2010)

   Investment forecasts of the government have 80% gap, the newspaper says, noting that the declarations of the President, members of the government and Statistics Department do not coincide.

   According to the President’s forecast, investments of $2 billion are expected to inflow in 2010, according to the members of the government – investments of $1.5 billion, while according to head of National Investment Agency – $1.2 billion.

9. Rezonansi: “WHAT IS LARI’S FUTURE”
   (Economic Press Monitor: January 12, 2010)

   Tendency of lari weakening is evident and obvious, the newspaper writes. Current lari exchange rate is 1.7006 GEL/USD, while it was 1.667 GEL/USD is the same period of last year.

10. WORK ON ISSUES OF TAX PLEDGE AND BANKING MORTGAGE INTERACTIONS CONTINUES
    (Daily News: January 15, 2010)

    Meeting of working group, held yesterday in National Bank of Georgia (NBG), discussed issues of interactions between tax pledge and banking mortgage.

    Representatives of NBG, Finance Ministry, commercial banks and Banks’ Association considered a few models of problem mortgage loans regulation, existing in EU countries.

11. ZURAB GVASALIA: THE STATE-INITIATED TAX AMENDMENTS WILL INCREASE MORTGAGE LOAN VOLUME
    (Daily News: January 11, 2010)

    Zurab Gvasalia, president of Georgian Bank Association, considers that tax amendments, initiated by the government in order to support banking sector, would increase mortgage loans by 25%.

    Amendments should reduce risks of banks on mortgage credits, which may lead to reduction of interest rates as well, Gvasalia said.

12. ECONOMIC DEVELOPMENT MINISTER DISCUSSED WITH SPANISH DELEGATION EASING VISA REGIME WITH EU AND TRADE RELATIONS
    (Daily News: January 11, 2010)

    Georgian Economic Development Minister Zurab Pololikashvili has met with Spanish delegation today. The meeting scoped discussions on easing visa regime with EU and trade relations.

13. Rezonansi: “GEORGIA NOT TO BE DEPRIVED OF VETO RIGHT AT WORLD TRADE ORGANIZATION”
    (Economic Press Monitor: December 15, 2009)

    Today it clears up that all courtiers are eager to see Russia in the World Trade Organization (WTO) with exception of Georgia, the newspaper writes.

    Chiedu Osakwe, director of WTO’s Accession Division, declared that Georgia’s position “should not become a serious obstacle for positive decision of this issue”.

14. Bankebi da Finansebi: “DISAGREEMENT IN ECONOMIC MINISTRY”
    (Economic Press Monitor: December 9, 2009)

    Uruzmag Karkusov, Deputy Minister of Economic Development in his open letter to the President asks to create special structure for support of small and middle-sized business. Otherwise, Georgia will loose economic in 2010, Deputy Minister says.

15. Bankebi da Finansebi: “PERCENTAGE ON TREASURY BILLS REACHED RISKY MARK”
    (Economic Press Monitor: December 9, 2009)

    In due time, the government stopped issuing treasury bills due to high risk of corruption, but emission was resumed in 2009.

    Annual yield (AY) of those securities reached to 300-400% under Zurab Nogaideli’s ministership of finance.

16. Kviris Palitra: “WHY TEA AND COFFEE TO RISE IN PRICES”
    (Economic Press Monitor: December 7, 2009)

    From the next year, 12% customs tax will be applied to import of coffee beans and tonic tea. Finance Minister Kakha Baindurashvili explains the decision with need to impose same taxes for the similar products.

17. Rezonansi: “HOW MUCH IS BUYING POWER OF LARI DECREASED”
    (Economic Press Monitor: December 4, 2009)

    The rate of lari is stable, but its purchasing power is decreasing day by day, because of the price growth, the newspaper says. However, representatives of banking sector do not share such opinion.

18. Bankebi da Finansebi: “HOW JUSTIFIED ISSUING OF CREDITS FROM BUDGET IS”
    (Economic Press Monitor: December 2, 2009)

    The Budgetary Code permits issuing of credits for corporate and private individuals from the budget-2010 by order of the President or the government. The newspaper provides experts’ comments on the subject.

19. BEDIA DELAYED CHEESE PRODUCTION FOR INDEFINITE TIME
    (Daily News: November 30, 2009)

    Zurab Papava, director of LLC Bedia (mayonnaise producer), has told Sarke that the company delayed launch of cheese production for indefinite time. He explained delay with protracted works on implementation of technological process.

20. INVESTMENT-PROMOTING AGREEMENT SIGNED BETWEEN GEORGIA AND ESTONIA
    (Daily News: November 24, 2009)

    As Economic Development Ministry of Georgia declared, an agreement on investments promotion was signed today between Georgian and Estonian governments.

    Signing of the mentioned agreement was one of the key goals visit to Georgia of Estonian Minister of Economic Affairs and Communications Juhan Parts.

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