AGREEMENT ON ASSISTANCE TO INVESTMENTS BETWEEN GEORGIA AND UAE ENTERED IN FORCE
Georgian government declared that agreement “On assistance and mutual protection of investments between the government of Georgia and the government of the United Arab Emirates” has entered in force today (day of respective resolution’s publication).
Georgian government approved the agreement by respective resolution on July 31.
NBG PLANS TO EXPAND REQUIREMENTS TOWARD COEFFICIENT OF CREDIT SERVICING ON NON-BANKING FINANCIAL INSTITUTIONS ALSO
The posting, published in the blog of National Bank of Georgia, reports that regulations are in process of development, which will ensure collection by credit bureau of information on debts of private individuals and legal entities in all large credit organizations.
As a result, expansion of requirements of coefficient of credit servicing will became possible to non-banking financial institutions, where risk of so-called “irresponsible crediting” is high, the posting states.
ANNUAL INFLATION IN JULY MADE UP 6%
Sakstat reported that annual inflation in July made up 6%. At that, in comparison with previous month (i.e. June), deflation of 0.9% was observed.
IN 6 MONTHS, PLAN OF THE STATE BUDGET’S REVENUES IS OVERFULFILLED BY 6.6%
Treasury Service of the Finance Ministry reported that revenues of the state budget amounted for 6 months of the year to 4.67 billion lari, making up 106.6% of the semiannual plan.
Tax revenues amounted to 4.08 billion lari (105.1% of the plan).
FACTUAL EXPENDITURE OF THE STATE BUDGET FOR JANUARY-JUNE MADE UP 95.1% OF THE PLAN
Treasury Service of the Finance Ministry reported that adjusted 6-month allocations of the state budget amounted to 4.56 billion lari. In turn, factual expenditure made up 95.1% of this sum.
ENERGY MINISTRY: THE BUDGET WILL FINANCE GAS INSTALLATION TO 17,833 HOUSEHOLDS
Energy Ministry declared that in 17 municipalities of the country, 74 villages were selected and in 55 of them complete gas installation will be conducted, while in 19 ones – projecting works only.
As a result, more 17,833 households will be able to use natural gas, the Ministry pointed.
NBG BLOG: INDICATORS OF BANKS’ PROFITABILITY ARE QUITE ADEQUATE FOR LOCAL MARKET
Local banks’ return on assets (ROA) makes up 2.6% on average, while return on equity (ROE) varies within 15-20%, says article, published on the blog of National Bank of Georgia (NBG).
The article, which lacks indication of the author, points that in case of taking riskiness of share capital into account, the mentioned indicators of profitability are quite adequate for the local market.
NATIONAL BUREAU OF ENFORCEMENT LAUNCHED ONLINE SHOP
National Bureau of Enforcement declared about launch of new service for citizens – electronic (online) shop (eshop.nbe.gov.ge).
In the shop, the property which was seized within enforcement proceedings, will be placed for 80% of its cost, the Bureau said.
“GWP” CONDUCTED PRIVATE PLACEMENT OF BONDS FOR 40M LARI
GWP (Georgian Water&Power, water and sewerage company of Tbilisi) declared that it has conducted private placement of 6-month bonds with nominal value of 40 million lari. Annual yield on bonds, denominated in lari, equals to refinancing rate of National Bank of Georgia plus 4%.
TEA PLANT TO BE BUILT IN VANI MUNICIPALITY
Ministry of Economy and Sustainable Development declared that tea-processing plant will be built in Vani municipality (Imereti region) within the state program of tea plantations’ rehabilitation.
For that end, National Agency of State Property handed over the land site of 18 ha in the mentioned municipality in 25-year lease to LLC Pereta Chai.
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