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Daily News

September 28, 2022

Previous Issues:  Days: < 22 23 26 27 28

 

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politics

    NBG VICE-PRESIDENT: THERE IS NO RISK OF TRANSFER OF SANCTIONS FROM “VTB BANK GEORGIA” TO OTHER PLAYERS OF GEORGIAN FINANCIAL SECTOR

    Papuna Lezhava, vice president of National Bank of Georgia (NBG), assures that there is no risk of transfer of sanctions (imposed by Western countries against Russia because of invasion of Ukraine) from VTB Bank Georgia to other players of Georgian financial sector.

    Immediately upon announcement of the sanctions, we took measures, as well as isolated specific risks in one bank only, so their transfer to other banks will not happen, Lezhava told journalists today.


economics

    BASELINE FORECAST OF NBG: IN 2022, GDP GROWTH WILL MAKE UP 9%, INFLATION – 11.8%

    The baseline scenario of National Bank of Georgia (NBG) envisages real GDP growth in 2022 at the level of 9%, while inflation at the level of 11.8%. In 2023, GDP growth is projected at 5%, inflation at 5% (the target is 3%).


    ACCORDING TO NBG’S BASELINE SCENARIO, MONETARY POLICY RATE WILL NOT CHANGE UNTIL END OF 2022

    The baseline scenario of National Bank of Georgia (NBG) envisages that the monetary policy rate (which makes up 11% currently) will not change until end of this year. In 2023, a decrease of 1.2 percentage points (pp) is projected.


    NBG FINANCIAL STABILITY COMMITTEE LEFT COUNTERCYCLICAL BUFFER UNCHANGED AT 0%

    National Bank of Georgia (NBG) reported that its Financial Stability Committee has left the countercyclical capital buffer unchanged at the level of 0%.

    NBG noted that the ratio of bank loans to GDP has decreased in Georgia, reflecting the effect of high economic growth and strengthening of the exchange rate.


    NBG VICE-PRESIDENT: DYNAMICS, WHICH WE HAVE IN CONNECTION WITH REMITTANCES, IS TEMPORARY

    Papuna Lezhava, vice-president of National Bank of Georgia (NBG), said that dynamics, which is currently in connection with remittances to Georgia, is temporary.

    According to our estimation, the volume of remittances should decrease and return to the historical level, Lezhava told journalists today.


    EU-FUNDED STUDY: GEORGIA’S LABOR MARKET LACKS TECHNICAL AND INDUSTRY QUALIFICATIONS

    Results of the EU-funded study, conducted in the target regions, indicate that there is lack of technical and industry qualifications in the Georgian labor market. At that, short-term programs that promote self-employment are particularly popular.


    TBILISI MAYOR: THERE ARE CHALLENGES IN TERMS OF MOVEMENT AND PUBLIC TRANSPORT IN TBILISI

    Tbilisi Mayor Kakha Kaladze admitted that there are challenges in terms of movement and public transport in Tbilisi. However, “the municipality is doing everything to resolve these problems”, he assured.


business

    “TBILISOBA-2022” WILL BE HELD ON OCTOBER 1-2

    Tbilisi City Hall announced that Tbilisoba (the city fest) will be held this year on October 1-2. The events will be held in Rike and Legvtakhevi Park, as well as on Orbeliani, Gudiashvili and Europe Squares, and will include installations, exhibitions, concerts, business and gastronomic markets, sports and children’s events.


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Exchange Rates (NBG)
  09/28/22 + / -
  USD   2.8336   0.0049
  EUR   2.7086   0.0263
  RUR   4.8156   0.0519
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