Daily News July 5, 2019	Days:  03 04 05 08 09

economics

IN Q2, REFINANCING CREDITS INCREASED BY 5.9% Q-O-Q, BUT DECREASED BY 34.5% Y-O-Y

National Bank of Georgia reported that in the 2^nd quarter, 13 refinancing credits (7-day) were issued, totaling to 8.3 billion lari.

If compared with the 1^st quarter (7.84 billion lari), the volume has increased by 5.9%.




IN Q2, DEMAND FOR DEPOSIT CERTIFICATES 3.2 TIMES EXCEEDED EMISSION

National Bank of Georgia reported that in the 2^nd quarter, demand for deposit certificates (discount security with maturity of 3 months) 3.2 times exceeded emission.

In particular, total demand for the reporting period made up 192.1 million lari, while total emission (placed through 3 auctions) – 60 million lari.




IN Q2, EMISSION OF 2-YEAR AND 5-YEAR BONDS INCREASED

Georgian Finance Ministry reported that in the 2^nd quarter, emission of treasury bills and treasury bonds totaled to 515 million lari.

In the same period of 2018, emission totaled to 415 million lari (same volume for every quarter of the year).




FINANCE MINISTRY: AIMING RAPPROCHEMENT WITH THE EU DIRECTIVE, ALMOST ALL VAT-RELATED PROVISIONS WILL BE AMENDED

Georgian Finance Ministry announced start of public consideration of amendments to Georgian Tax Code, which are drafted with aim of rapprochement with the EU directive.

As the Ministry specified, the draft was prepared for rapprochement with the EU directive on VAT (2006/112/EC), pointing that this rapprochement is part of Georgia’s obligations within agreement on association with the EU.




COMMUNICATION COMMISSION SUMMED UP RESULTS OF THE TWINNING PROJECT

Today, Georgian National Communication Commission summed up results of the 19-month Twinning project, which was implemented with financing of the EU since December 2017.

The Commission pointed that documents, prepared within the project, provide rapprochement with European regulations and legislation.




NEW RESIDENT REPRESENTATIVE OF THE IMF IN GEORGIA GOT TO WORK

Today, Georgia’s Minister of Economy and Sustainable Development Natia Turnava held a meeting with new resident representative of the IMF Selim Cakir.

As the Ministry said, the parties discussed course of the IMF program in Georgia, tendencies in Georgian economy and ongoing and planned reforms.

business

“FITCH RATINGS”: FINAL RATING OF PERPETUAL AT1 NOTES OF “TBC BANK” IS “B-”

Fitch Ratings declared that it has assigned final long-term rating “B-” to perpetual additional Tier 1 (AT1) notes of Georgia’s largest TBC Bank, totaling to $125 million. “The final rating is in line with the expected rating assigned on June 24”, the agency noted.

society

“TI GEORGIA”: BATUMI MUNICIPALITY SPENDS 33.24M LARI FOR MAINTENANCE OF LEGAL ENTITIES

TI Georgia, Georgian branch of Transparency International, reported that Batumi municipality spends 33.24 million lari for maintenance of its legal entities. The sum makes up 21.5% of total expenditure of Batumi budget for 2019 (154.36 million lari), the organization noted.