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Daily News

April 2, 2021

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economics

    IN 2020, DEFICIT OF GEORGIA’S CURRENT ACCOUNT REACHED 12.3% OF GDP

    In 2020, negative balance of Georgia’s international payments made up $2 billion, or 12.3% of GDP, reported National Bank of Georgia (NBG). In 2019, deficit of current account made up $897.3 million, or 5.1% of GDP.


    IN MARCH, ANNUAL INFLATION MADE UP 7.2%

    Sakstat reported that annual inflation in March made up 7.2%. In comparison with previous month (i.e. February), inflation rate made up 4.2%.


    NBG SOLD $160M IN Q1

    In the 1st quarter, National Bank of Georgia (NBG) has sold $160 million at currency auctions. If compared with the same period of 2020, the volume has increased by 60%.


    IN 2020, NET PROFIT OF GEORGIAN INSURANCE COMPANIES INCREASED BY 88.9%

    Georgian State Service for Insurance Supervision reported that net profit of the country’s insurance companies totaled in 2020 to 47.6 million lari. If compared with 2019, the volume has increased by 88.9%.


    ROADS DEPARTMENT: 2021 WILL BE A CRUCIAL YEAR IN CONSTRUCTION OF RIKOTI ROAD

    In terms of progress of construction of the highway on Rikoti pass, 2021 will be a crucial year, declared Georgian Roads Department.

    The Department reported that work is simultaneously underway on 4 sections of the road, 62 bridges and 39 tunnels.


business

    “FITCH” IMPROVED OUTLOOK OF 3 GEORGIAN BANKS

    On March 31, Fitch Ratings reported that it has revised outlook for TBC Bank, Sakartvelos Banki (Bank of Georgia) and Liberty Bank from “negative” to “stable”. Long-term issuer default ratings (IDR) of these banks were affirmed at the level of “BB-”, “BB-” and “B+”, respectively.


    COMPANY “OAKLAND” TO BUILD RESIDENTIAL RECREATION COMPLEX IN SURAMI

    Georgian Ministry of Economy and Sustainable Development declared that company Oakland will build a residential recreation complex in Surami (Shida Kartli region). To this end, the company acquired land plot of 6 ha within the framework of the state program “100 Investment Proposals for Business”.


    “PRODUCE IN GEORGIA” ASSISTED “KOMPAVA GEORGIA” TO LAUNCH FOOD ADDITIVES’ PRODUCTION

    With assistance of the State Agency Produce in Georgia, Kompava Georgia has opened recently an enterprise in Tbilisi for production of proteins and other food additives, reported Georgian Ministry of Economy and Sustainable Development.

    As the Ministry noted, investments in the enterprise amounted up to 2 million lari.


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Exchange Rates (NBG)
  04/13/21 + / -
  USD   3.4235   0.0003
  EUR   4.0709   0.0089
  RUR   4.4397   0.0063
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