Daily News October 25, 2019	Days:  23 24 25 28 29

economics

IN Q3, RATIO OF BANKING ASSETS TO GDP INCREASED BY 11.5 PP Y-O-Y

National Bank of Georgia reported that as of October 1, ratio of Georgian banks’ assets to GDP of the country made up 105.2%. If compared with the previous quarter, the ratio has increased by 4.1 percentage points (pp), while if compared with the same period of previous year – by 11.5 pp.




IN Q3, NET PROFIT OF COMMERCIAL BANKS INCREASED BY 50% Y-O-Y

National Bank of Georgia reported that net profit of Georgian commercial banks amounted in the 3^rd quarter to 289.4 million lari. If compared with the previous quarter, the volume has increased by 78.4%, while if compared with the same period of previous year – by 50%.




AS OF SEPTEMBER 30, DEBIT CARDS DECREASED IN NUMBER BY 11.6% Y-O-Y, CREDIT CARDS – BY 15.7%

National Bank of Georgia reported that as of September 30, there were 6.02 million banking debit cards in circulation in Georgia. If compared with the previous (the 2^nd) quarter, the number has decreased by 6.7%, while if compared with the same period of 2018 – by 11.6%.




DEPUTY FINANCE MINISTER: NUMBER OF DISPUTES, RELATED TO PROFIT TAX, DECREASED FOR THE LAST 2 YEARS BY 95%

Georgia’s Deputy Finance Minister Lasha Khutsishvili pointed that within reform of profit tax, administration of this tax is simplified in the country.

“Clear confirmation of this is number of tax disputes, related to profit tax, which has decreased for the last 2 years by 95%”, Khutsishvili indicated.




MOST OFTEN, COMPANIES APPLY TO BUSINESS OMBUDSMAN FOR MEDIATION IN THEIR RELATIONS WITH THE FINANCE MINISTRY

Office of Georgian business ombudsman reported that 249 applications were received from business in 9 months of this year. As the office said, work on 129 cases is completed and in 68% of these cases, state departments took into account position of the office.




IN AGRARIAN COMMITTEE, PROSPECTS OF COOPERATION WITH POLISH SIDE WERE DISCUSSED

Today, Georgian Parliament’s Committee on Agrarian Issues held a meeting with representatives of the Tbilisi office of Polish Investment and Trade Agency (PAIH). As the Committee said, the parties discussed prospects of cooperation.

business

“RYANAIR” TO LAUNCH FLIGHTS TO GEORGIA IN NOVEMBER

Irish low-coster Ryanair starts regular flights to Tbilisi and Kutaisi, Georgian Civil Aviation Agency said. On October 24, the airline received the permission.




“FORTUNE GROUP OF HOTELS” OPENED IN TBILISI, “HOLIDAY INN” – IN TELAVI

Today, 120-room hotel of Fortune Group of Hotels was opened in Tbilisi with assistance of Georgian Economy and Sustainable Development Ministry’s Produce in Georgia Agency.

As the Agency reported, total investments in the project made up $9.5 million.




WITHIN “PRODUCE IN GEORGIA” STATE PROGRAM, NEW ENTERPRISE LAUNCHED IN TBILISI

Georgian Ministry of Economy and Sustainable Development reported that within “Produce in Georgia” state program, new enterprise of Zodi+, engaged in local natural stone processing, was opened today in Tbilisi. Investments in the project exceeded 2 million lari, the Ministry said.