Daily News April 11, 2017	Days:  07 10 11 12 13

economics

NBG: PORTFOLIO INVESTMENTS IN 2016 MADE UP NEGATIVE $329M

National Bank of Georgia reported that portfolio investments in 2016 were negative, amounting to $329 million. Ratio of this volume to GDP made up 2.3%.




NBG: YIELD OF THE GOVERNMENT’S 10-YEAR BONDS MADE UP 3.9% IN MARCH

Referring to Bloomberg, National Bank of Georgia reported that in March, yield of Georgian government’s 10-year bonds, placed on London Stock Exchange, made up 3.9%.

In the end of 2016 (i.e. a quarter ago), the yield made up 4.5%, while in March 2016 (i.e. a year ago) – 5.3%.




“SOCIETY AND BANKS”: IN TOTAL CREDIT BUREAU’S RECORDS, MICROFINANCE ORGANIZATIONS ACCOUNT FOR 30%, WHILE ONLINE LENDERS – 35%

Non-governmental organization Society and Banks said that database of JSC CreditInfo Georgia (the only credit bureau in Georgia) contains more than 18 million records at this stage.

In accordance with the financial sector participants, information is distributed as follow: commercial banks – 13%, microfinance organizations – 30%, online lenders – 35%, insurance and leasing companies – per 3%, the organization pointed.




PUBLIC REGISTRY TO CONDUCT REGISTRATION OF STATE PROPERTY ABROAD

Following the government’s initiative, National Agency of Public Registry begins unified registration of the state rights on property, located abroad.

“Rights of Georgian state, related to real estate abroad, will be systematically registered and published on official web site of the Registry”, the Agency said.




NBG AND CENTRAL BANK OF TURKEY AGREED ON COOPERATION

National Bank of Georgia (NBG) reported about signing of memorandum of understanding with Central Bank of Turkey.

Under the memorandum, the parties agreed to maintain regular business dialogue on expert level, exchange information on economic and financial development between two countries, NBG said.

business

NBG: IN MARCH, SHARE OF “SAKARTVELOS BANKI” PRICED AT 30.4 GBP, WHILE ONE OF “TBC BANK” – 11.4 USD

Referring to Bloomberg, National Bank of Georgia reported that in March, price per share of Sakartvelos Banki (Bank of Georgia) on London Stock Exchange made up 30.4 GBP, while price per share of TBC Bank – 11.4 USD.

To compare, in the end of 2016 (i.e. a quarter ago), price per Sakartvelos Banki’s share made up 31 GBP, while of TBC Bank – 11.4 USD.




“TBC BANK” REVISED DECISION ON COMMISSION FEE INCREASE ON THE BACK OF CUSTOMERS’ NEGATIVE REACTION

TBC Bank declared about cancellation of previously announced decision on growth of commission fee on utility payments, conducted through online and mobile banking.

As the bank specified, in several days after announcement, “many negative comments and estimation have been made by our loyal customers”.




COFFEE PLANT TO BE STARTED WITHIN “PRODUCE IN GEORGIA” PROGRAM

Ministry of Economy and Sustainable Development declared that LLC Capsulo will launch within “Produce in Georgia” state program “ecologically clean coffee capsules factory” in this October. After 2 years, the company plans to export own production to Azerbaijan, Armenia, Ukraine and Kazakhstan.




TEXTILE PLANT TO BE STARTED IN POTI WITHIN “PRODUCE IN GEORGIA” PROGRAM

Ministry of Economy and Sustainable Development declared that within “Produce in Georgia” state program, LLC Pelin Global Georgia will open textile factory in Poti in this August.

Total investments in the project, being implemented with support of Entrepreneurship Development Agency, makes up 7.44 million lari, the Ministry said.

society

UNDP PERMANENT REPRESENTATIVE TO GEORGIA: GEORGIA REPORTS SOME OF THE REGION’S HIGHEST LEVELS OF INCOME INEQUALITIES

Niels Scott, head of UNDP representation in Georgia, said that Georgia “reports some of the region’s highest levels of income inequalities”.

According to UNDP’s Human Development Index (HDI), Georgia ranks the 70^th among 188 countries and territories.




REPORT ON NATIONAL HUMAN RIGHTS STRATEGY’S IMPLEMENTATION: SAFETY AT WORK REMAINS ESSENTIAL PROBLEM IN GEORGIA

Report on implementation of Georgia’s National Human Rights Strategy for 2014-2020 states that safety at work remains essential problem in Georgia.

“After enactment of new state program on labor inspection in 2016, possibility of creation of effective mechanism should be additionally thought out, which will have enforcement authority”, the document points.