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Daily News

July 27, 2020

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politics

    GEORGIA ALLOWS CITIZENS TO DEPART TO TURKEY FOR WORK IN CASE OF EMPLOYER INVITATION

    Citizens of Georgia will be able to depart to Turkey for work, if they present official invitation of Turkish employer for a period of 3 months, administration of Georgian government reported. Upon return home, these Georgians will have to pass obligatory 2-week quarantine.


economics

    AS OF JULY 1, RATIO OF DEPOSITS TO GDP INCREASED BY 4.2 PP Y-O-Y, OF CREDITS – BY 5.5 PP

    National Bank of Georgia reported that as of July 1, ratio of total assets of Georgian banks to GDP of the country made up 98.3%.

    If compared with end of the 1st quarter, the ratio has reduced by 0.2 percentage points (pp), but if compared with the same period of 2019, it has increased by 5.4 pp.


    AS OF JUNE 30, TOTAL BANKS ASSETS INCREASED OF COMMERCIAL BY 11% Y-O-Y, LIABILITIES – BY 16.5%

    National Bank of Georgia reported that assets of Georgian banks totaled as of June 30 to 49.3 billion lari. If compared with the 1st quarter, the volume has reduced by 1.7%, but if compared with the same period of 2019, has increased by 11%.


    AS OF JUNE 30, NUMBER OF BANKS’ BRANCHES INCREASED BY 8 Q-O-Q AND BY 25 Y-O-Y

    National Bank of Georgia reported that all 15 commercial banks, operating in Georgia, had run in the country 162 branches as of June 30. The number has increased by 8 units quarter-on-quarter and by 25 units year-on-year.


    NBG CONSIDERS LICENSING OF DIGITAL BANKS

    National Bank of Georgia (NBG) declared that issue of digital bank licensing is under consideration.

    NBG indicated that entities, interested in obtaining the license for digital bank or development of digital bank framework, have to address office of financial innovations of NBG.


    NBG: GEORGIA’S REGULATING FRAMEWORK OF SECURITIES MARKET HAS TO BE HARMONIZED WITH IOSCO STANDARDS

    It is important that Georgian regulating framework of securities market was harmonized with standards, developed by International Organization of Securities Commissions (IOSCO), National Bank of Georgia (NBG) declared.

    To remind, NBG, which became associated member of IOSCO in 2018, awaits obtaining the status of permanent member in near future.


    REGULATING COMMISSION LAUNCHED ADMINISTRATIVE PROCEEDINGS IN ORDER TO SET PLANNED TARIFF RATES

    Georgian National Energy and Water Supply Regulating Commission declared about launch of administrative proceeding in order to set planned tariff rates.

    The matter concerns companies, which tariffs’ validity expires on December 31.


    AS OF JULY, EXPORT OF PEACHES INCREASED BY 45% Y-O-Y

    “This year, we expect peaches harvest of about 30,000-35,000 t, of which a part is designated for export”, declared Levan Davitashvili, Georgia’s Minister of Environmental Protection and Agriculture.

    As the Ministry specified, Georgia already exported about 12,000 t of peaches that by 45% exceeds indicator of the same period of 2019.


business

    “GEORGIA GLOBAL UTILITIES” PLACED BONDS OF $250M

    Georgia Global Utilities (GGU, water supply and energy assets management), a holding company of investment company Sakartvelos Kapitali (Georgian Capital), placed international “green” bonds of $250 million.

    Bonds, which are rate by Fitch at the level of “B+” (stable outlook) and by S&P – at the level of “B” (positive outlook), are placed on the Irish Stock Exchange.


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