NEXT STAGE OF EASING OF RESTRICTIONS, IMPOSED BECAUSE OF COVID-19, ANNOUNCED
Administration of Georgian government announced that starting from February 8, work of municipal transport and open and closed markets will be resumed countrywide. Although restrictions will still remain for weekends.
KAKHA KEMOKLIDZE APPOINTED AS HEAD OF GEORGIAN GOVERNMENT’S ADMINISTRATION
Administration of Georgian government reported about appointment of new head, Kakha Kemoklidze, who according to the administration, works in public service for years.
Since July 2019 and until appointment, Kemoklidze was chief of staff of Georgian National Security Council.
IN JANUARY, ANNUAL INFLATION MADE UP 2.8%
Sakstat reported that in January, annual inflation in Georgia made up 2.8%. In turn, monthly inflation (i.e. in comparison with the previous month, December 2020) made up 1.1%.
NBG PRESIDENT: LOCAL DEMAND WILL BE MAIN DRIVER OF ECONOMIC GROWTH THIS YEAR, WHILE EXTERNAL DEMAND WILL REMAIN ESSENTIALLY REDUCED
President of National Bank of Georgia (NBG) Koba Gvenetadze declared that main driving force of Georgia’s economic growth this year will be local demand. Instead, external demand will remain essentially reduced, being expected to increase insignificantly in 2021 too, he pointed.
“SOCIETY AND BANKS”: DECISION OF MONETARY POLICY COMMITTEE IS CONTINUATION OF CAUTIOUS APPROACH AND RESPONSE TO GROWTH OF INFLATION RISKS
Non-governmental organization Society and Banks estimates that decision of the Monetary Policy Committee of the National Bank of Georgia is a continuation of cautious approach, displayed in previous periods, and a response to growth of inflation risks.
To remind, the Committee decided on February 3 to keep the monetary policy rate intact (i.e. at the level of 8%).
ECONOMY MINISTER: THE STATE WILL SUBSIDIZE INTERESTS ON LOANS, ISSUED TO RESTAURANTS AND FOOD INDUSTRY BEFORE DECEMBER 2020
Natia Turnava, Georgia’s Minister of Economy and Sustainable Development, announced that representatives of restaurants and food industry can submit from February 8 to March 5 an application for receiving the state subsidies on credits interest. The corresponding amendments were made to the state program “Produce in Georgia”.
IN 2020, TBILISI ACCOUNTED FOR 73% OF BANKING LOANS
National Bank of Georgia reported that in total volume of credits, issued by Georgian banks as of December 31, 2020 (38.2 billion lari), Tbilisi accounts 73.9%. Namely, credits, issued in Tbilisi, totaled as of the reporting date to 28.2 billion lari, increasing by 18.5% year-on-year.
ECONOMY MINISTRY: USAID’S NEW STRATEGIC PLAN ENVISAGES PROMOTION OF ENERGY REFORMS AND IMPROVEMENT OF GEORGIAN ECONOMY
New strategic plan of USAID envisages promotion of energy reforms, support to small and medium-sized businesses and general improvement of Georgian economy, Georgian Ministry of Economy and Sustainable Development reported.
The plan was discussed at the meeting of Natia Turnava, Georgia’s Economy Ministry, and Peter Wiebler, USAID Mission Director, held in Tbilisi on February 3.
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