IN Q1, LARI EXCHANGE RATE HAS STRENGTHENED Q-O-Q, BUT WEAKENED Y-O-Y
Monetary policy report, released by National Bank of Georgia (NBG), indicates that in the 1st quarter, nominal exchange rate of lari has strengthened quarter-on-quarter against the US dollar by 0.7%, while against euro – by 1.1%.
In turn, nominal effective exchange rate of lari has strengthened during the reporting period by 2.7% quarter-on-quarter, but weakened by 6.1% year-on-year.
REPRESENTATIVES OF BANKING SECTOR EXPECT INSIGNIFICANT GROWTH OF EXPENSES ON FINANCIAL RESOURCE
Referring to research of credit conditions, monetary policy report of National Bank of Georgia (NBG) next says that representatives of Georgian banking sector expect insignificant growth of expenses on financial resource in the next (3rd) quarter.
It is noted also that representatives of the banking sector expect insignificant toughening of interest rates for credits, issued in foreign currency.
IN 2019, INCOME OF NBG FROM MANAGEMENT OF INTERNATIONAL RESERVES INCREASED BY 63%
National Bank of Georgia (NBG) reported that its income from management of international reserves amounted in 2019 to 224 million lari. In comparison with 2018, the volume has increased by 63%, notes NBG in the annual report for 2019.
ENERGY COMMUNITY: ADOPTION BY GEORGIA OF LEGISLATION ON ENERGY EFFICIENCY WILL FACILITATE ATTRACTION OF FINANCIAL RESOURCES
Georgian Ministry of Economy and Sustainable Development reported that secretariat of the Energy Community (platform for energy cooperation between the EU and its neighbor countries) welcomes adoption by Georgia of legislation on energy efficiency. The Secretariat points that adoption of this legislation will promote attraction of financial resources to the country, the Ministry said.
FORESTRY USE TO BE ALLOWED ONLY ON THE BASIS OF 10-YEAR PLAN
Levan Davitashvili, Georgia’s Minister of Environmental Protection and Agriculture, declared that according to new Forest Code of the country, presence of 10-year forest management plan became obligatory for use of forest resources.
The Code envisages also creation of forestry and starts introduction of international practice of division of forests by categories, depending on functional purpose, the minister specified.
UK RECOGNIZED GEORGIAN SEAFARER CERTIFICATES
Georgia and the United Kingdom signed the memorandum on mutual recognition of seafarer certificate, Georgian Marine Transport Agency reported.
As a result, Georgian seamen will be allowed for employment on vessels, floating under the British flag.
IN 2 MONTHS AFTER REGULAR FLIGHTS’ RESUMPTION, AIRLINES MUST TO COMPENSATE COST OF TICKETS FOR FLIGHTS, CANCELLED BECAUSE OF COVID-19
In 2 months after resumption of regular flights, airlines will be obliged to compensate cost of tickets for flights, which they have cancelled because of COVID-19 pandemic, Georgian Civil Aviation Agency declared.
Respectively, passengers will be able either to exchange their cancelled tickets for ones on desirable date, or to demand refund of cost, the Agency specified.
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