Daily News August 2, 2017	Days:  31 01 02 03 04

politics

TBILISI MAYOR: WE HAD MET ALMOST NULLIFIED BUDGET

Tbilisi Mayor David Narmania declared that when new team under his management accepted power in the City Hall 3 years ago, “we had met almost nullified budget”.

“Sums, allocated for the city, were spent for wellbeing of particular persons and against this heavy heritage, we had needed to do very big work”, the Mayor declared, while presenting report on 3 years’ activity today.

economics

NBG: GDP GROWTH IN 2017 IS EXPECTED TO EXCEED 4%

According to the last forecast of National Bank of Georgia (NBG), real GDP growth rate in 2017 will exceed 4%. As the forecast points, negative risk factors are decreased in comparison with the previous period.




NBG: NEGATIVE BALANCE OF INTERNATIONAL PAYMENTS IN 2017 WILL BE WITHIN 12%

According to the last forecast of National Bank of Georgia (NBG), Georgia’s negative balance of international payments in 2017 will be within 12%.

According estimations for the 2^nd quarter, commodity export has increased by 30%, while import – by 4% (excluding drugs for hepatitis C elimination program), NBG specifies.




NBG: INFLATION REMAINS ABOVE THE TARGET, BUT GROWTH CORRESPONDS TO FORECAST

National Bank of Georgia (NBG) declared that inflation rate remains above the target level (4%), but growth corresponds to the forecast.

To remind, inflation in the 2^nd quarter averaged at 6.4%.




NBG BLOG: DESPITE EXCHANGE RATE FLUCTUATIONS, SHARE OF OVERDUE CREDITS DID NOT GROW

Despite fluctuations of the exchange rate, share of overdue credits did not grow, points the article, published on blog of National Bank of Georgia (NBG).

The article, which lacks indication of the author, specifies that those, who borrowed in foreign currency, had managed to continue servicing of their credits, what was affected also by restructuring of credits, conducted by banks in various forms.




“PRODUCE IN GEORGIA” AGENCY STARTS STUDY OF SECTORS, HAVING HIGH POTENTIAL OF EXPORTING

Ministry of Economy and Sustainable Development reported that its Agency Produce in Georgia starts profound studying of sectors, having high potential of exporting. The study will be conducted jointly with experts of German GFA Consulting Group.

business

INSURANCE OF OBLIGATIONS’ FULFILLMENT ACCOUNT FOR 65.3% IN PORTFOLIO OF “KAMARA”

State Service for Insurance Supervision reported that in total premium, attracted by International Insurance Company Kamara as of March 31, insurance of obligations’ fulfillment accounted for 65.3%. In this segment, the company attracted 77,774 lari, increasing the volume by 39.3% year-on-year.




LIFE INSURANCE ACCOUNTED FOR 87.6% IN PORTFOLIO OF “TAO”

State Service for Insurance Supervision reported that in total premium, attracted by Tao as of March 31, life insurance accounted for 87.6%. In this segment, the company attracted 12,477 lari, reducing the volume by 66.2% year-on-year.




INTERNATIONAL INVESTORS ASSOCIATION OF GEORGIA: TURKISH “SERCHEM INDUSTRIAL” PLANS LAUNCH OF MACHINE OILS’ PRODUCTION IN GEORGIA

International Investors Association of Georgia declared that Turkish company Serchem Industrial plans opening of enterprise for machine oils’ production in Georgia in near future.

The matter concerns opening of the enterprise in Poti free industrial zone, which will employ about 100 locals.

society

NBG WARNS PERSONS, INTERESTED IN INVESTMENT IN CORPORATE BONDS

National Bank of Georgia (NBG) release a statement today, pointing that investment in corporate bonds is connected with personal risk for investor and requires corresponding care and analysis.

Corporate bonds are secured neither by the state nor by NBG, NBG notes and specifies that payment of principal sum of investment and of accrued interest depend on solvency of bonds’ issuer company.