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Daily News

November 6, 2018

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economics

    NBG: IN Q3, INTEREST RATES ON DEPOSITS DID NOT CHANGE CONSIDERABLY

    National Bank of Georgia (NBG) reported that interest rates on deposits, placed in national and foreign currencies, did not change considerably in September in comparison with June (i.e. quarter-on-quarter).

    In its monetary policy report, NBG specifies that average rate on deposits, placed in national currency, made up 7.6%, while on deposits, placed in foreign currency – 2.7%.


    NBG: REASONS OF RECENT FLUCTUATIONS OF EXCHANGE RATE ON CURRENCY MARKET ARE NOT CONNECTED WITH FUNDAMENTAL ECONOMIC FACTORS

    As far as we know, reasons of recent fluctuations of exchange rate on currency market are not connected with fundamental economic factors, National Bank of Georgia (NBG) pointed in the special statement today.

    Instead, NBG pointed that current dynamics of the rate is negatively affected by environment, created in the country because of presidential elections (to remind, the first round of elections was held on October 28, while the second round, where pro-governmental candidate Salome Zurabishvili will compete with opposition candidate Grigol Vashadze, is not appointed yet).


    NBG: IN Q3, NOMINAL EXCHANGE RATE OF LARI AGAINST DOLLAR DEPRECIATED BY 3.5% Q-O-Q

    National Bank of Georgia (NBG) reported that nominal exchange rate of lari against the US dollar depreciated in the 3rd quarter by 3.5% quarter-on-quarter. Depreciation against euro made up for the same period 0.8%.


    YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION: RAPID ACTIONS MUST BE TAKEN FOR STOPPING OF LARI DEVALUATION

    Young Financiers and Businessmen Association declared that “drop of lari exchange rate against dollar reached in the recent period a disturbing point”, and urged the government and National Bank of Georgia (NBG) to take timely and rapid actions for stopping of lari depreciation. For that end, the Association offered 5 recommendations.


    GEORGIAN MINISTRY OF ECONOMY PARTICIPATES IN NEW ECONOMIC FORUM IN SINGAPORE

    Georgian Ministry of Economy and Sustainable Development reported that the Minister Giorgi Kobulia participates in New Economic Forum in Singapore.

    According to the Ministry, Kobulia made a speech on the panel, held in a round table format on “One Belt, One Road” project.


    GEORGIAN SIDE CONSIDERS DIRECTIONS OF POSSIBLE COOPERATION IN AGRARIAN SPHERE WITH ARGENTINA AND URUGUAY

    Georgian Ministry of Environmental Protection and Agriculture reported that the minister Levan Davitashvili considered concrete directions and potential of future cooperation in the sphere of agriculture within his visit to Argentina.

    According to the Ministry, memorandum of cooperation was signed between Georgia and Argentina that creates a possibility of implementation of joint projects.


    SWISS-ALLOCATED $6M TO BE SPENT FOR DEVELOPMENT OF SYSTEM OF PROFESSIONAL AGRICULTURAL EDUCATION IN GEORGIA

    The UN Development Program (UNDP) declared that $6 million, allocated in 2018-2022 by Swiss government, will be spent for development of system of professional agricultural education in Georgia.

    UNDP will implement the mentioned initiative with financing Swiss Development and Cooperation Agency (SDC) and in cooperation with Georgian government.


business

    GEORGIAN PRODUCERS OF KVEVRI WINE PARTICIPATE IN INTERNATIONAL EXHIBITIONS IN THE US

    Georgian Ministry of Environmental Protection and Agriculture reported that Georgian producers of kvevri wine (kvevri – Georgian clay vessel for traditional winemaking) participated in international artisan wine fair “Raw Wine” in New York.

    The Ministry noted that Georgian companies will also take part in “Raw Wine LA”, exhibition of the same format, which will be held on November 11-12 in Los Angeles.


    TENDER ON CONSTRUCTION OF CHUMATELETI-KHEVI ROAD SECTION TO BE ANNOUNCED IN THE NEXT FEW DAYS

    Georgian Ministry of Regional Development and Infrastructure declared that tender on construction of Chumateleti-Khevi section of the road through Rikoti pass will be announced in the next few days.

    The project envisages construction of 4-lane road on the mentioned section, having length of 11.7 km.


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Exchange Rates (NBG)
  11/09/18 + / -
  USD   2.7146   0.0359
  EUR   3.0800   0.0605
  RUR   4.0430   0.1003
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