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Daily News

August 4, 2022

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politics

    “TI GEORGIA”: GEORGIA’S ECONOMIC DEPENDENCE ON RUSSIA IS GROWING COMPARED TO PREVIOUS YEARS

    TI Georgia, Georgian branch of Transparency International, declared that Georgia’s economic dependence on Russia is growing compared to previous years. The growth of Georgia’s income, received from Russia, “is mainly due to the soaring remittances” from this country, the organization explained.


economics

    IN JULY, GEORGIA’S ANNUAL INFLATION RATE MADE UP 11.5%

    Sakstat reported that in July, annual inflation in Georgia made up 11.5% (against of target of 3%). Monthly inflation (i.e. compared with the previous month, June) made up 0.2%.


    NBG LEFT MONETARY POLICY RATE INTACT

    National Bank of Georgia (NBG) reported that its Monetary Policy Committee decided on August 3 to keep the monetary policy rate (refinancing rate) intact. Accordingly, the monetary policy rate remains 11%.


    NBG: INFLATION WILL TEND TO DECLINE IN THE CURRENT AND NEXT YEARS – BUT AT RELATIVELY SLOW PACE

    The inflation will tend to decline in the current and next years – but at a slower pace compared to the previous forecast, declared National Bank of Georgia (NBG) on August 3.

    In case other things being equal, inflation will gradually approach the target level (3%) in the second half of 2023, NBG forecasts.


    NBG REDUCES MAXIMUM DURATION OF CONSUMER LOAN TO 3 YEARS

    National Bank of Georgia (NBG) decided to reduce the maximum duration of a consumer loan from 4 to 3 years. The change will enter in force on August 15.


    GEORGIA IS THE LEADER AMONG WINE IMPORTERS TO THE US IN TERMS OF SHARE OF ORGANIC WINES

    Georgia is the leader among wine importers to the US in terms of the share of organic wines, Georgian National Wine Agency reported, with reference to the American Association of Wine Economists (AAWE).

    In particular, according to AAWE, 11.3% of the total volume of wine delivered to the US from Georgia has an organic wine certificate.


    CONSTRUCTION OF KOBULETI BRANCH OF THE EAST-WEST MAIN GAS PIPELINE IS ON THE FINAL STAGE

    Construction of Kobuleti branch (Ajara) of the East-West main gas pipeline is on the final stage, declared Georgian Oil and Gas Corporation.

    Following decree of the Georgian government, the Corporation implements the project at its own expense.


business

    “CAMEX AIRLINES” PLANS TO CARRY OUT ITS FIRST COMMERCIAL FLIGHT IN THE 2ND HALF OF AUGUST

    Georgian Ministry of Economy and Sustainable Development reported that Georgian Civil Aviation Agency has completed certification process of the Georgian airline Camex Airlines (cargo transportation).

    The airline, which will be represented by 4 aircrafts, plans to carry out its first commercial flight in the 2nd half of August, the Ministry said.


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Exchange Rates (NBG)
  08/12/22 + / -
  USD   2.7089   0.0073
  EUR   2.7880   0.0036
  RUR   4.4083   0.0426
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