HEAD OF FISCAL COMMITTEE: NBG AND “TBC BANK” HAVE TO WORK TOGETHER WITHIN LEGAL FRAMEWORK AND TO SETTLE THE ISSUE WITHOUT EXCESSIVE AGIOTAGE
“As financial sector does not like noise”, I consider that National Bank of Georgia (NBG) and TBC Bank “have to work together within legal framework and to settle the issue objectively and purely professionally, without excessive agiotage”, chairman of Georgian Parliament’s Fiscal Committee Irakli Kovzanadze declared.
“We heard the statement of the founder of TBC Bank that he wishes to present to the Parliament certain materials”, Kovzanadze said and stated that “The Parliament is open” and is ready to arrange a meeting, with representatives of both NBG and TBC Bank.
THE EU AND UNDP PROMOTE DEVELOPMENT OF MEDIATION AND ARBITRATION IN GEORGIA
New initiative of the EU and the UN Development Program (UNDP) seeks “development of Alternative Dispute Resolution (ADR) in Georgia”, said UNDP representation. Public presentation of the initiative was held in Tbilisi today.
FINANCIAL STABILITY COMMITTEE LEFT COUNTERCYCLICAL BUFFER AT THE LEVEL OF 0%
National Bank of Georgia (NBG) declared that its Committee on Financial Stability decided today to keep the countercyclical buffer (the macroprudential policy tool, set for the first time in December 2017) without change, at the level of 0%.
NBG indicated that after excessive growth of crediting, recorded in past quarters, year-on-year growth of credit portfolio in January decreased by 0.5 percentage points and, excluding exchange rate effect, made up 16.7%.
FINANCIAL STABILITY COMMITTEE CONSIDERS EXPEDIENT RAISE OF RESERVE REQUIREMENTS FOR FUNDS, ATTRACTED IN FOREIGN CURRENCY
National Bank of Georgia (NBG) reported that its Committee on Financial Stability recommends to Committee on Monetary Policy to consider raise of reserve requirements for funds, attracted in foreign currency, by 5 percentage points.
While explaining
the recommendation, NBG referred to need of mitigation of risks, raising from external sector, and additional growth of buffers.
NBG: IN Q1, BANKERS EXPECT INSIGNIFICANT GROWTH OF RESOURCES’ COST BOTH IN DOLLARS AND IN LARI
Referring to study of credit conditions, National Bank of Georgia (NBG) reported that representatives of Georgian banking sector expect in the 1st quarter growth of cost of resources, attracted both in the US dollar and in lari.
NBG noted that growth of cost of dollar resources will be caused by regulatory changes, while growth of cost of lari resources will be connected with growth of interest rates for lari deposits.
MINISTER OF REGIONAL DEVELOPMENT AND INFRASTRUCTURE: IN 2019, INVESTMENT OF 2B LARI IN INFRASTRUCTURE PROJECTS IS PLANNED
In 2019, investment of 2 billion lari in infrastructure projects is planned, Georgia’s Minister of Regional Development and Infrastructure Maia Tskitishvili reported, adding that this is year-on-year growth of 20% of investment volume.
While speaking in the Parliament, the Minister specified that the biggest budget has Roads Department – 1.3 billion lari.
NBG: IN Q3 OF 2018, RATIO OF INVESTMENTS TO GDP INCREASED BY 2.1 PERCENTAGE POINTS, OF SAVINGS – BY 2.7 PERCENTAGE POINTS
Monetary policy report, published recently by National Bank of Georgia (NBG), indicates that in the 3rd quarter of 2018, ratio of investments to GDP of the country made 34.5%. The report notes that if compared with 2017, the ratio increased by 2.1 percentage points.
INTERNATIONAL MISSION TO ASSESS STATISTICAL SYSTEM OF GEORGIA
Sakstat hosts the international mission, which arrived with 4-day working visit. As Georgian statistic service said, the mission aims to assess compliance of the country’s statistical system with European standards.
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