IMF MISSION: CONTAINING CURRENT SPENDING AND IMPROVING REVENUE COLLECTION REMAIN CRITICAL
“Containing current spending and improving revenue collection remain critical for increasing public investment to address infrastructure bottlenecks”, reads the conclusion of the IMF mission, which completed its visit to Georgia this week.
Regarding 2017, the mission indicates that “Current primary expenditure remained contained and public investment expanded”.
NBG: IN Q4 OF 2017, INTEREST RATES ON DEPOSITS DECREASED
National Bank of Georgia (NBG) reported that in December 2017, average weighted interest rates on deposits, placed in national currency, had increased by 0.4 percentage points (pp) in comparison with September and made up 7.3%. The rate on deposits, placed in foreign currency, had decreased by 0.1 pp, to 2.5%.
IN 2017, DEPOSITS INCREASED NOMINALLY BY 18.2%
National Bank of Georgia reported that total deposits in 2017 amounted to 19.8 billion lari, increasing nominally (without consideration of exchange rate effect) by 18.2% year-on-year.
If taking effect of exchange rate into account, deposits have increased by 16.6%, while real growth (i.e. considering exchange rate effect and excluding inflation) made up 9.9%.
IN 2017, RATE OF DEPOSITS’ DOLLARIZATION MADE UP 65.6%
National Bank of Georgia reported that taking into account exchange rate effect, rate of deposits’ dollarization (i.e. ratio of deposits, placed in the US dollars, to total deposits) in 2017 made up 65.6%. In 2016, this rate made up 70.9%.
ADB TO SUPPORT HOLDING OF INVESTMENT ENERGY FORUM IN TBILISI
In September, Tbilisi will host investment energy forum, which will be organized with assistance of Asian Development Bank (ADB), Georgian Ministry of Economy and Sustainable Development reported.
The event will be attended by representatives of governmental and private sectors from member countries of the Central Asia Regional Economic Cooperation (CAREC), as well as international organizations, the Ministry said.
YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION POINTS AT DEFECTS OF TBILISI MASTER PLAN
Young Financiers and Businessmen Association declared that presented master plan of Tbilisi land use is incomplete and does not envisage possible negative effects, so additional studies are necessary.
The Association pointed that it has started study, which aims assessment of financial and economic part of the master plan and preparation of relevant recommendations.
CURRENT OWNER OF “BADAGONI” REJECTS BLAMES OF CONTENDERS
At the briefing held today, current owner of winemaking company Badagoni Giorgi Salakaia rejected blames of Grakoro Trading Limited and Vladimir Janjgava (following application of this latter, the Finance Ministry Investigative Service has launched examination of Badagoni).
In particular, Grakoro Trading and Janjgava claim that Badagoni had taken in 2015 the credit of $10 million in Sakartvelos Banki (Bank of Georgia) and re-registration of stakes to Salakaia was made for this borrowing.
IN Q4 OF 2017, PROFIT OF “ISBANK GEORGIA” INCREASED 4.64 TIMES Y-O-Y
Isbank Georgia reported profit of 3.08 million lari for the 4th quarter of 2017. If compared with the same period of 2016, the volume has increased 4.64 times.
IN Q4 OF 2017, PROFIT OF “ZIRAAT BANK GEORGIA” HALVED Y-O-Y
Ziraat Bank Georgia reported net profit of 859,435 lari for the 4th quarter of 2017. If compared with the same period of 2016, the volume has halved.
“TI GEORGIA”: OWNER OF LAND SITE, ALLOCATED FOR CONSTRUCTION OF NEW OFFICE BUILDING OF “PUBLIC BROADCASTER”, IS THE STATE
TI Georgia, Georgian branch of Transparency International, declared that owner of land site, allocated for construction of new office building of Public Broadcaster, is the state.
Public Broadcaster got the site of 18,761 square m with buildings, located on Politkovskaya Street in Tbilisi, with “right of use” for free, the organization noted.
0.0009
