NBG SET BASE RATE OF COUNTERCYCLICAL BUFFER AT 1%
National Bank of Georgia (NBG) reported that its Financial Stability Committee decided today to set a neutral (base) rate of countercyclical buffer at the level of 1%. Until now, the rate made up 0%.
NBG: DURING THE CURRENT YEAR, CREDIT ACTIVITY IN GEORGIA WILL CONFORM WITH NOMINAL ECONOMIC GROWTH
Credit activity in Georgia during the current year will be commensurate with nominal economic growth, National Bank of Georgia (NBG) said.
In January, loans increased by 13.3% year-on-year (excluding the exchange rate effect), NBG reported, pointing that this was largely caused by growth of business loans.
NBG: IN FEBRUARY, INFLATIONARY EXPECTATIONS OF ECONOMIC ACTIVITY PARTICIPANTS DECREASED COMPARED TO JANUARY
Referring to survey conducted among economic activity participants, National Bank of Georgia (NBG) reported that inflationary expectations in Georgia decreased in February compared with the previous month (i.e. January).
In particular, NBG specified that share of respondents, who expect prices to rise above 8% over the next 1 year, has decreased.
ISET INDICATES POSSIBLE NEGATIVE RESULTS OF PRICE CONTROL
International School of Economics at Tbilisi State University (ISET) said that in 2022, average annual price growth in the category of food and non-alcoholic beverages in Georgia made up 17.9%, while share of food costs in total household consumption expenditure in 2021 made up 48.7%.
In order to reduce food prices, Georgian Ministry of Economy and Sustainable Development was instructed this year to draft a law in compliance with the EU Directive 633 of 2019.
WITH PARTICIPATION OF THE US TREASURY, TECHNICAL ASSISTANCE PROJECT WILL BE IMPLEMENTED IN GEORGIAN REVENUE SERVICE
Georgian Revenue Service reported that a technical assistance project of the US Treasury will be implemented in the department over the next 5 years.
The project will contribute to the Service’s institutional capacity building, familiarization with international practice, the Revenue Service said.
WB TO FUND A NEW IRRIGATION PROJECT IN GEORGIA
The state-owned LLC Georgian Melioration reported that the GRAIL project (Georgia Resilient Agriculture Irrigation and Land Project) will be launched soon, which will last 6 years. Preparation works of the project are at the final stage, the company said.
TBILISI CITY HALL OFFERS BUSINESS TO TAKE PART IN REPLACEMENT-REHABILITATION OF BUILDINGS IN HISTORICAL DISTRICTS OF THE CITY
Tbilisi Mayor Kakha Kaladze declared that the business sector will be able to join the process of replacement-rehabilitation of buildings in the historical districts of the capital. The replacement-rehabilitation will be implemented after reaching an agreement with the owners of emergency houses.
OWNERS OF EMERGENCY HOUSES IN HISTORICAL DISTRICTS OF TBILISI WILL BE ABLE TO SELL THEM AT AUCTION
Tbilisi Mayor Kakha Kaladze declared that owners of emergency houses, located in the historical districts of the capital, will be given the opportunity to sell their property through auction.
“After a joint appeal and consent from the owners, Tbilisi City Hall will measure the real estate and provide an expert assessment of this property in order to determine the value”, the Mayor said at the city government meeting today.