Daily News February 14, 2025	Days:  10 11 12 13 14

politics

EX-PRESIDENT OF NBG: EMPLOYING SO-CALLED “OFFSHORE LAW”, IVANISHVILI CAUSED HUNDREDS OF MILLIONS OF LARI DAMAGE TO THE BUDGET

Bidzina Ivanishvili (billionaire founder and honorary chairman of the Georgian Dream), who, employing the so-called “offshore law”, moved recently works of art to Georgia and re-registered assets worth more than $1 billion (lands, hotels, malls, etc.) on Georgian companies, all without paying taxes, caused hundreds of millions of lari in damage to the budget and put himself in a privileged position compared to other businesses, ex-president of the National Bank of Georgia (NBG) Roman Gotsiridze posted on the social network.

As Gotsiridze explains, the so-called “offshore law” is in force until 2028, while assets “relocated” into the country under this law, although in fact it is a paper manipulation, are exempt from property tax until 2030.




IDFI: DECLINE IN OVERALL CRIME RATE IN GEORGIA IN 2024 IS PROBABLY DUE TO FACTORS THAT ARE LITTLE RELATED TO IMPROVEMENT OF CRIMINOGENIC SITUATION

The decline in the overall crime rate in Georgia in 2024 is probably due to factors that are little related to the improvement of the criminogenic situation in the country, the Institute for the Development of Freedom of Information (IDFI) suggests.

Among these factors, IDFI identifies the weakening of police control in the election year (parliamentary elections were held in Georgia in 2024), the impact of changes in the leadership of the Interior Ministry on the practice of crimes accounting, weakening the fight against corruption, decline of complaints to the police, etc.

economics

AS OF JANUARY 1, GEORGIA’S RATIO OF DEPOSITS TO GDP INCREASED BY 1 PP Y-O-Y, RATIO OF LOANS TO GDP – BY 2.7 PP

As of January 1, ratio of deposits in Georgian banks to GDP of the country made up 64%, the National Bank of Georgia (NBG) reported.

A year ago (i.e. as of January 1, 2024), the ratio made up 63% (respectively, the year-on-year growth made up 1 percentage point (pp)).




IN 2024, PROFIT OF GEORGIAN BANKS INCREASED BY 14% Y-O-Y

As of December 31, 2024, net profit of Georgian banking sector totaled to 3.1 billion lari, the National Bank of Georgia (NBG) reported. If compared to December 31, 2023, the volume has increased by 14%.




“GALT&TAGGART”: IN 2024, SALES OF APARTMENTS IN TBILISI INCREASED BY 1% Y-O-Y

In 2024, despite the turbulent environment in the Tbilisi residential real estate market, total apartment sales increased by 1% compared to 2023, Galt&Taggart said in the review. In total, 40,346 apartments were sold in the reporting year.




“GALT&TAGGART”: NET METERING LIMIT IN “ENERGOPRO GEORGIA” NETWORK IS REACHED, ACCEPTANCE OF NEW APPLICATIONS IS SUSPENDED

In the network of EnergoPro Georgia (serves Georgian regions), the net accounting limit has been reached (taking into account the applications received), and acceptance of new applications has been suspended, Galt&Taggart reported in the review for 2024. In the network of TELASI (serves Tbilisi), acceptance of applications continues.




“GALT&TAGGART”: ONLY 0.1% OF TOTAL SUPPLY WAS SOLD THROUGH GEORGIA ENERGY EXCHANGE

Since launch of Georgian energy exchange (July 1, 2024), 17.5 GWh has been sold through it, which is only 0.1% of total supply in the country, Galt&Taggart reported in the review for 2024. In total, 21 users are registered on the energy exchange.




“GALT&TAGGART”: FROM JULY, NEW DIRECT CONSUMERS WILL APPEAR ON GEORGIAN ELECTRICITY MARKET

Because of legislative amendments, new direct consumers will appear on Georgian electricity market from this July, Galt&Taggart said in the review.

In particular, the market concept implies mandatory registration as a direct consumer for all companies connected to the 35-110 kV network, and for those 6-10 kV consumers, which consume at least 1 million kWh monthly.