MONETARY POLICY RATE IN GEORGIA DECREASED TO 10%
National Bank of Georgia (NBG) reported that its Monetary Policy Committee decided today to decrease the monetary policy rate (refinancing rate) by 0.25 percentage points. Accordingly, the rate makes up now 10%.
NBG FORECAST: UNTIL END OF THE YEAR, INFLATION IN GEORGIA WILL STAY BELOW TARGET
According to the current forecast, all other things being equal, inflation in the next months of this year will be below the target level of 3%, National Bank of Georgia (NBG) declared. In the medium term, inflation will stay near the target, NBG noted.
“SOCIETY AND BANKS”: AS A RESULT OF DECREASE OF REFINANCING RATE IN GEORGIA, LOAN PAYMENTS REDUCED FOR 186,632 BORROWERS
As of August 1, there were 186,632 loans in Georgia, tied to floating interest rate (mostly, to the refinancing rate), the non-governmental organization Society and Banks reported.
As a result of today’s decision of the Monetary Policy Committee to decrease the refinancing rate by 0.25 percentage points to 10%, monthly loan payments will be reduced for 186,632 borrowers, Society and Banks noted.
“TBC CAPITAL”: AVERAGE EXPORT PRICE FOR GEORGIAN WINE HAS BEEN DECREASING IN RECENT YEARS
Average export price for Georgian wine has been decreasing in recent years, TBC Capital indicates in the market review. Thus, average price of 1 l of Georgian wine in 2022 made up $2.49, decreasing year-on-year by 16%.
“TBC CAPITAL”: IN 2022, GEORGIA’S BEER PRODUCTION IN NATURAL EXPRESSION INCREASED BY 8.7%, IN MONETARY EXPRESSION – BY 33%
In 2022, Georgia produced 120 million l of beer (year-on-year growth – 8%) worth 285 million lari (growth – 33%), TBC Capital indicates in the market review. There were 46 active beer companies in the country last year.
GEORGIAN ROADS DEPARTMENT: WITHIN SAMTREDIA-GRIGOLETI ROAD PROJECT, CONSTRUCTION OF 2 SECTIONS IS COMPLETED, WORKS ON 2 ONES CONTINUE
The project of Samtredia-Grigoleti highway construction envisages construction of 51 km of road in total, which is divided into 4 sections. From here, construction of 2 sections totaling to 28 km has been already completed, the Georgian Roads Department reported.
GEORGIAN MINISTRY OF ENVIRONMENT PROTECTION AND AGRICULTURE: PURCHASE OF GRAPES DAMAGED BY HAIL IS ABOUT TO FINISH
Purchase of grapes, damaged by hail in September in various municipalities of the country, is about to finish, Georgian Ministry of Environment and Agriculture declared. State-owned LLC Harvest Management Company processed up to 7,000 t of damaged grapes, the Ministry noted.