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TOUGHENING OF MONETARY POLICY TO START FROM THE NEXT WEEK
(Daily News: January 30, 2015)
“We decided to start toughening of monetary policy from the next week”, president of National Bank of Georgia (NBG) Giorgi Kadagidze declared. Kadagidze has said the mentioned at the special briefing on recent economic developments, which he held today.
GEORGIAN PREMIER: DEVALUATION OF LARI TOWARDS DOLLAR IS PART OF REGIONAL AND GLOBAL PROCESS
(Daily News: January 29, 2015)
Analysis of recent devaluation trend of Georgian lari towards the US dollar shows that the mentioned phenomenon is caused by recent developments in the region and is part of a global process, Prime Minister Irakli Garibashvili declared at the government’s meeting today. Consideration of devaluation “out of this context will not be right”, he pointed.
OPPOSITIONAL MP: LARI DEVALUATION CAUSED SERIOUS PROBLEMS TO GEORGIA’S POPULATION
(Daily News: January 29, 2015)
MP from oppositional National Movement Zurab Japaridze declared that devaluation of lari has caused serious problems to Georgia’s population. Lari devaluation has seriously damaged pensioners, socially unprotected persons, police officers, servicemen and all those people, who gets wage or pension from the state, the MP said.
EX-PRESIDENT OF NBG: NBG SHOULD INCREASE REFINANCE RATE AND TO HALVE REFINANCING LOANS
(Daily News: January 29, 2015)
While commenting on lari devaluation, head of Economic Development Center and former president of National Bank of Georgia (NBG) Roman Gotsiridze declared that NBG “has to act rapidly”. On his Facebook page, Gotsiridze wrote that NBG has to increase refinancing rate and to halve refinancing loans.
Tabula: ““UNM” DEMANDS REVISION OF LIVING WAGE AND CORRESPONDING METHODOLOGY”
(Economic Press Monitor: January 28, 2015)
United National Movement (UNM) demands revision of living wage. According to Gigi Tsereteli, MP from this oppositional party, correction of living wage is essential in conditions when food and drugs have increased in price.
Tabula: “KADAGIDZE: THE MAIN THING IS THAT DEVALUATION OF LARI NOT TO GROW INTO TOTAL PRICE INCREASE”
(Economic Press Monitor: January 28, 2015)
Giorgi Kadagidze, president of National Bank of Georgia (NBG), declares that “the main goal of NBG today is not to (allow) grow of lari devaluation towards dollar into total price increase”. “In case, if we see that inflationary expectations, existing in public today, have grown or there is a risk of growth into substantial price increase, we will conduct for sure the appropriate policy and we will have an adequate response”, Kadagidze notes.
Rezonansi: “LARI IS AT THE BOTTOM, THERE WILL BE NO PANIC DROP ANYMORE”
(Economic Press Monitor: January 27, 2015)
The survey conducted on the newspaper’s web site, 73% of respondents named “Georgia’s weak economy” and “the government’s wrong economic policy” as main reasons for devaluation of national currency. In January, lari has lost already 6% of its value, while during last year, national currency has devaluated by 12.6%, the newspaper reports.
Kviris Palitra: “GENERALLY, LARI DEVALUATION PROCESS SHOULD STOP IN NEXT FEW DAYS”
(Economic Press Monitor: January 26, 2015)
The article brings comments of experts Irakli Lekvinadze and Roman Gotsiridze (ex-president of National Bank of Georgia) regarding resent devaluation of lari. According to Lekvinadze, external factor is the main driver of this process, namely, it caused reduction of remittances.
Rezonansi: “THE GOVERNMENT LOST CONTROL OF LARI”
(Economic Press Monitor: January 23, 2015)
Lari rate reached mark of 1.9845 GEL/USD, which was fixed last time in April 30, 2004, the newspaper reports. Merab Kakulia, former vice-president of National Bank of Georgia (NBG), names several reasons of lari devaluation.
EX-PRESIDENT OF NBG: MAIN REASON OF LARI DEVALUATION ARE PROBLEMS IN THE COUNTRY’S ECONOMY
(Daily News: January 22, 2015)
Head of Center for Economic Development and former president of National Bank of Georgia (NBG) Roman Gotsiridze considers that “main reason of lari devaluation are problems in the country’s economy, which are reinforced by unhealthy budget and which are influenced (non-essentially though) by external factors”. “They are searching for new reasons of lari devaluation, (…) approaching now to remittances”, Gotsiridze wrote on his Facebook page and added: “Despite decline of remittances in ending months of the last year in comparison with the same period of 2013, decrease through a year was insignificant”.
IMF: POTENTIAL EXTERNAL SHOCKS AND REGIONAL TENSIONS CREATE DOWNSIDE RISKS, BUT IMPROVEMENT OF ECONOMIC SITUATION IS STILL POSSIBLE
(Daily News: January 21, 2015)
As IMF said in its report, potential external shocks and regional tensions create downside risks for Georgian economy, but there are also opportunities for stronger economic performance. “Georgia’s high current account deficit and external debt create large gross external financing needs”, noted IMF and added that despite of stable funding, “regional tensions or monetary policy normalization in advanced countries could put this at risk”.
Bankebi da Finansebi: “STORM IN A GLASS OF WATER, OR LARI IN EPICENTER OF POLITICAL BATTLES”
(Economic Press Monitor: January 21, 2015)
On January 18, lari has devaluated by 9.6% towards the US dollar, if compared to the same period of the previous year, while – by 2.6%, if compared to the beginning of this year, the newspaper reports. Author of the article analyzes those factors, “which have changed the correlation between lari and dollar in the country”.
FORMER NBG PRESIDENT: MAIN REASON OF LARI DEVALUATION IS GROWTH OF MONEY SUPPLY AT THE END OF DECEMBER
(Daily News: January 16, 2015)
“The main reason of lari devaluation is enormous growth of money supply at the end of December”, declared Roman Gotsiridze, head of Economic Development Center and former president of National Bank of Georgia (NBG). As Gotsiridze explained on his Facebook page, the budget has received delayed foreign loan of $145 million, which the Finance Ministry has sold to NBG and put received 275 million lari in circulation.
Bankebi da Finansebi: “EXCISE TAX HAD TO BE INCREASED AND WE HAVE SUCH LIABILITY TO EU”
(Economic Press Monitor: January 15, 2015)
As Finance Minister Nodar Khaduri says in an interview with the newspaper, “the budget-2014 was fulfilled in revenue part by more than 100%, while expenditure approached 100%”. The Minister points that “unlike previous years, we are not amending the budget for last two years and are implementing adopted budget”.
ISET POLICY INSTITUTE: DUE TO CHRISTMAS AND NEW YEAR HOLIDAYS AND ECONOMIC FLUCTUATION, CCI IS REDUCED AGAIN
(Daily News: January 13, 2015)
Policy Institute of International School of Economics at Tbilisi State University (ISET Policy Institute) reported that consumer confidence index (CCI) in December reduced by 4 points down to -22.5 points, if compared with the previous month. In December, on the background of expensive holiday shopping, consumer confidence decreases as a rule, authors of the report declare and note that similar situation was observed in 2014, being added this time with some economical fluctuations.
Rezonansi: “BY CRAWLING AND WRIGGLING, LARI TO DEVALUATE AGAIN”
(Economic Press Monitor: January 13, 2015)
Lari continues devaluation against the US dollar, while the government links this trend with external factors and says that dollar continues to strengthen in many countries, the newspaper says. As expert Mikhail Tokmazishvili notes, lari devaluation lasts already for several years, but until November 2014 this process was smooth, while from November to January devaluation was too harsh, which caused “some problems for economic development”.
Netgazeti.Ge: “BUDGET GAP OR DEVALUATION OF LARI? – WHAT WILL THE GOVERNMENT CHOOSE?”
(Economic Press Monitor: December 26, 2014)
The Finance Ministry reports that 277.7 million lari have been spent in past 4 days for fulfillment of expenditure plan of the state budget. In December (through December 24), about 717.7 million lari is spent, while in order to fulfill plan (9.08 billion lari) by 100%, expenditure of 584 million for should be executed.
EX-PRESIDENT OF NBG: THROUGH LAST 4 DAYS, THE GOVERNMENT SPENT 280M LARI
(Daily News: December 25, 2014)
Chairman of Center for Economic Development, former president of National Bank of Georgia (NBG) Roman Gotsiridze declared that “The government gave promise to be cautious with lari”, but as it seemed lari rate has stabilized, “they started throwing out money in past 4 days”. “They already spent 280 million lari, whereas in previous whole 20 days they have spent 490 million only”, Gotsiridze wrote on his Facebook page, adding that “if it continues so, we must expect either devaluation of lari, or price growth in February”.
NBG FORECASTS DECREASE OF GDP GROWTH IN Q4 AND ANNUAL GROWTH OF ABOUT 5%
(Daily News: December 24, 2014)
National Bank of Georgia (NBG) forecasts that in the 4th quarter, GDP growth rate will decrease due to base effect, while annual growth will make up within 5%. According to current forecast, the growth rate will be 5% in 2015 too, being driven mainly by growth of domestic demand, NBG pointed.
Bankebi da Finansebi: “NEGATIVE FACTORS, CAUSED BY REDUCTION OF REMITTANCES, WILL BE BALANCED BY SAVINGS, CAUSED BY OIL PRICE DECLINE”
(Economic Press Monitor: December 24, 2014)
Archil Gachechiladze, head of Galt&Taggart investment company, notes that Georgia is depended on Russia in terms of remittances, export, tourism and investments. Remittances from Russia have been reduced by 30%, that is 8-9% of GDP and “these figures will not be annulled”, Gachechiladze declares.
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