IN MARCH, LIVING WAGE IN GEORGIA INCREASED BY 2.4% Y-O-Y
Sakstat reported that living wage for average Georgian consumer amounted in March to 160.5 lari.
If compared with the same period of 2018 (156.7 lari), the indicator has increased by 2.4%.
“S&P”: HIGH DOLLARIZATION RATE IN GEORGIA, DESPITE NOTABLE DECREASE AFTER 2017, HAMPERS EFFICIENCY OF MONETARY POLICY
Independence of National Bank of Georgia (NBG) and floating exchange rate “increase flexibility of monetary policy, but high rate of dollarization still remains a challenge”, declares Standard&Poor’s (S&P).
The rating agency indicates that “high rate of dollarization, despite notable decrease after 2017, hampers efficiency of monetary policy”.
HEAD OF “ZK ADVISORY”: GEORGIAN ACCUMULATIVE PENSION SCHEME DOES NOT ENVISAGE GUARANTEED INCOME AND RESPONSIBILITY IN CASE OF ZEROING OF THE RETIREMENT ACCOUNT
Zviad Khukhunashvili, head of ZK Advisory, indicates that accumulative pension scheme, introduced in Georgia, does not envisage guaranteed pension, depending on profit from pension contributions’ investment.
At that, no guaranteed periodical profit at the time of approach of a retirement age is envisaged, Khukhunashvili told Sarke.
IN Q1, GEORGIA’S FOREIGN TRADE DECREASED BY 0.1% Y-O-Y
Sakstat released estimation, according to which Georgia’s foreign commodity trade turnover (without unorganized trade) amounted in January-March to $2.8 billion. If compared with the same period of 2018, the volume has decreased by 0.1%.
GEORGIAN PREMIER: WE AGREED WITH BULGARIA ABOUT LAUNCH OF THE PROJECT, UNIQUE FOR BOTH NATIONS
In Bulgaria, we agreed “about launch of the project, unique for both nations”, Georgia’s Prime Minister Mamuka Bakhtadze, who pays visit to Bulgaria, declared today. The matter concerns communication between Bulgaria and Georgia by means of a fiber-optic cable.
ECONOMY MINISTER: WE PLAN TO ATTRACT FDI OF $200M IN SUBSOIL SECTOR THIS YEAR
In the subsoil sector, we plan to attract foreign direct investments (FDI) of about $200 million this year, Georgia’s Minister of Economy and Sustainable Development Giorgi Kobulia declared. He expects that this sector will export in volume of about $600-700 million.
HEAD OF SUBSOIL AGENCY: 1ST PHASE OF SUBSOIL SECTOR’S REFORM IS COMPLETED
Maya Zavrashvili, head of Georgian Subsoil Agency, declared today about completion of the 1st phase of reform of the subsoil sector, which resulted in preparation of the policy document for the sector.
At the meeting with representatives of companies, operating in the sector, Zavrashvili specified that the policy document defines such main directions, as introduction of modern system of geological data management, revision and improvement of the licensing regime, updating of the fiscal regime – introduction of royalty system, based on market value, etc.
ECONOMY MINISTRY: INTERNATIONAL COLLEGE OF TOURISM WILL TRAIN ANNUALLY UP TO 2,000 EXPERTS
Georgian Ministry of Economy and Sustainable Development declared that international college of tourism will be opened in the country, which will train annually up to 2,000 experts of hotel, restaurant and culinary business.
With this aim, the Minister Giorgi Kobulia, head of National Tourism Administration Mariam Kvrivishvili and executive vice-president of the US-based McInerney Hospitality International Maia Tsereteli signed today the memorandum of cooperation.
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