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Daily News

February 21, 2019

Previous Issues:  Days: < 15 18 19 20 21

 

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politics

    ECONOMY MINISTRY: GEORGIA WILL BECOME MEMBER OF INTERGOVERNMENTAL FORUM ON MINING, MINERALS, METALS AND SUSTAINABLE DEVELOPMENT

    Georgian Ministry of Economy and Sustainable Development declared that the country will become member of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF). As the Ministry said, Georgian government already approved this initiative.


economics

    AS OF DECEMBER 31, 2018, TOTAL CREDITS INCREASED BY 17.2% Y-O-Y, EXCLUDING EXCHANGE RATE EFFECT

    National Bank of Georgia reported that credits, issued as of December 31 of last year by Georgian banks, totaled to 26.6 billion lari, increasing year-on-year by 17.2%, excluding exchange rate effect.

    Taking into account exchange rate effect, the year-on-year growth of credits made up 19.4%, while real growth (i.e. minus inflation) – 17.9%.


    IN 2018, VOLUME OF WRITTEN-OFF BANKING CREDITS INCREASED BY 19.8%

    National Bank of Georgia (NBG) reported that in 2018, Georgian banks wrote off credits, totaling to 448.9 million lari, which by 19.8% exceeds similar indicator of 2017. At that, volume of written-off credits in the 4th quarter amounted to 150.6 million lari.


    NEXT IMF MISSION STUDIES COURSE OF EXECUTION OF THE FUND-SUPPORTED PROGRAM

    Georgian Finance Ministry reported that the Minister Ivane Machavariani met today with head of the IMF mission Mercedes Vera Martin.

    As the Ministry said, purpose of the mission’s visit is studying of course of implementation of the IMF’s Extended Fund Facility (EFF).


business

    “TBC BANK” WITHDRAWS ALL COURT CASES AGAINST NBG AND PAYS CHARGED PENALTY OF 1M LARI

    This morning, the joint statement of TBC Bank and National Bank of Georgia (NBG) was published, in which TBC Bank says that it “withdraws all court cases against the National Bank of Georgia and will pay approximately 1 million lari, which was previously requested by the NBG”.

    To remind, NBG imposed the mentioned penalty because of transactions of TBC Bank, made in 2007-2008.


    FOUNDER OF “TBC BANK”: I DECIDED TO LEAVE THE BANK, WHERE I SPENT 27 YEARS OF LIFE

    The founder of Georgia’s largest TBC Bank and now already former chairman of its supervisory council Mamuka Khazaradze posted on his Facebook page that as a result of attack on the bank, “our international shareholders suffered in a month a loss of $200 million, respectively, our country has been seriously damaged too”.

    “Without any investigation and court decision, serious reputation damage was inflicted to us in alleged connection with an absurd question of money laundering, which lack is proved at the international level”, says the post, published this morning.


    “TBC BANK GROUP”: IN 2018, NET PROFIT INCREASED BY 23.2%

    London-based TBC Bank Group, single owner of Georgian TBC Bank, reported net profit of 454.9 million lari for 2018. According to consolidated unaudited report, published today, the volume of profit has increased year-on-year by 23.2%.


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Exchange Rates (NBG)
  02/22/19 + / -
  USD   2.6598   0.0028
  EUR   3.0162   0.0034
  RUR   4.0543   0.0017
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