Daily News May 17, 2022	Days:  13 16 17 18 19

economics

IN Q1, PROFIT OF GEORGIAN COMMERCIAL BANKS INCREASED BY 0.4% Y-O-Y

National Bank of Georgia reported that in the 1^st quarter, net profit of the country’s banking sector totaled to 413.49 million lari. If compared with the same period of last year, the volume has increased by 0.4%.




IN 2021, TOTAL OPERATIONAL LOSSES OF GEORGIAN COMMERCIAL BANKS DECREASED BY 6.5%

National Bank of Georgia (NBG) reported that in 2021, operational losses of Georgian commercial banks totaled to 27.7 million lari. If compared with 2020, the volume has decreased by 6.5%.




NBG: IN 2021, VOLUME OF LOANS, WRITTEN OFF BY THE BANKING SECTOR, INCREASED BY 95.5%

National Bank of Georgia (NBG) said that in 2021, volume of loans, written off by the banking sector, has increased by 95.5% compared to 2020.

Most of the written off loans were issued in the retail segment, NBG indicated.




ADB AND AFD PLAN TO SUPPORT GEORGIA IN REFORM OF RAILWAY SECTOR

Asian Development Bank (ADB) declared that it will render technical assistance to the Georgian government and state-owned Georgian Railway in preparation of a concept for reforming the railway sector. The amount of technical assistance (grant) should make up $250,000.




ECONOMY MINISTER: IN JANUARY-APRIL, GEORGIA’S REVENUES FROM TOURISM RECOVERED TO 69% OF 2019 SHOWING

Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, declared that 2021 was not active year in terms of tourism in Georgia, while in 2022 it is planned to recover tourism revenues to 70% of the 2019 showing (last pre-pandemic year).

In January-April, tourism sector of the country has already recovered to 69%, and revenues of about $582 million have been received, the Minister told journalists.




NBG RESEARCH: IN GEORGIA, HOTELS IN REGIONS ARE MORE DIVERSIFIED IN TERMS OF INCOME THAN ONES IN TBILISI

Referring to conducted research, National Bank of Georgia (NBG) declared that hotels, located in regions of the country, are more diversified in terms of income than ones, located in the capital city.

In particular, income from rooms rent in high-class Tbilisi hotels accounts for 74% of total income on average, NBG reported.




IN 2023, GEORGIA WILL BE HOST COUNTRY AT “ITB BERLIN” TOURISM EXHIBITION

In ITB Berlin 2023 tourism exhibition, Georgia will take part as a host country, reported Georgian Ministry of Economy and Sustainable Development. The country submitted the relevant application as far back as before the COVID-19 pandemic.

business

NEGOTIATIONS WITH ARAB AIRLINE “FLYADEAL” ARE UNDERWAY ON ITS OPERATION IN GEORGIA

Mariam Kvrivishvili, Georgia’s Deputy Minister of Economy and Sustainable Development, reported that negotiations are underway with Flyadeal, low-cost airline of Saudi Arabia, which plans to start operation on the Georgian market. Saudi Arabia is one of the most strategically important countries for Georgia, the Deputy Minister declared.