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Economic Press Monitor

August 7 - 13, 2022

Previous Issues:  Days: < 16 23 30 06 13

 

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economic & politics

    TABULA: “BANK TRUSTS DON’T EVEN ANSWER FOR QUITE SOME TIME IVANISHVILI’S LETTERS AND QUESTIONS – “MKD””

    August 10, 2022 - Georgian law firm MKD declared that for quite some time, bank trusts don’t even answer letters and questions from representatives of Bidzina Ivanishvili (billionaire founder of the ruling Georgian Dream). MKD represents Ivanishvili’s interests in litigation with the Swiss bank Credit Suisse.


    TABULA: “DEGNAN: WE DID NOT TALK WITH IVANISHVILI ABOUT HIS PERSONAL FINANCIAL TRANSACTIONS OR SANCTIONS”

    August 9, 2022 - Kelly Degnan, the US ambassador to Georgia, declared that during her meeting with Bidzina Ivanishvili (on March 21), they “didn’t talk about his personal financial transactions, sanctions, or anything that could be twisted as blackmail or an attempt to drag Georgia into the war”.

    The ambassador stated this in an interview with TV company Formula, stressing that “at the meeting, there was no conversation about these topics at all”.


    BANKEBI DA FINANSEBI: “HEALTHCARE MINISTER – IN TOTAL, OVER 18M LARI WAS SPENT DURING UKRAINIAN REFUGEES’ STAY IN HOTELS”

    August 8, 2022 - Zurab Azarashvili, Georgia’s Minister of IDPs from Occupied Territories, Labor, Healthcare and Social Protection, declared that in total over 18 million lari was spent during Ukrainian refugees’ stay in the country’s hotels. Most part of the expenses was covered by Tbilisi City Hall, National Tourism Agency and Ajara government, he noted.


macroeconomics & budget

    FORBES GEORGIA: “GEORGIA RANKS 26TH IN THE WORLD IN TERMS OF NEGATIVE BALANCE OF FOREIGN TRADE”

    August 10, 2022 - Referring to the World Bank (WB), the magazine reports that in 2020, Georgia ranked 26th among 160 countries in terms of negative balance of foreign trade in relation to GDP. The country’s ratio of the negative trade balance to GDP made up 20%.


    REZONANSI: “AREAS HAVE BEEN LEGALIZED TO OVER 500 IDP FAMILIES – LEVAN DAVITASHVILI”

    August 9, 2022 - Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, declared that areas have been legalized to over 500 families of internally displaced persons (IDPs). The areas are legalized in Abasha, Batumi, Khoni, Kutaisi, Mtskheta, Poti, Tbilisi, Tskaltubo and Zugdidi municipalities, he specified.


energy, oil & gas

    NETGAZETI.GE: “GOVERNMENT EXPECTS FUEL TO DROP IN PRICE AT THE END OF AUGUST”

    August 12, 2022 - Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, declared that issues of competition on the fuel market, as well as the search for cheap sources of fuel supply are being considered together with the private sector.

    “The government expects that by the end of this month fuel prices at filling stations will significantly decrease”, the Minister pointed.


    REZONANSI: “SOON, PRICE OF PETROL WILL DECREASE BELOW 3 LARI, OF DIESEL – 4 LARI”

    August 11, 2022 - The newspaper supposes that soon, the price of petrol at small (not-branded) filling stations will decrease below 3 lari per 1 liter, while of diesel – below 4 lari.

    The article indicates that strengthening of lari exchange rate had a positive effect on prices of oil-products, being added with current events on the world market.


    FORBES GEORGIA: “GREATER SECURITY OF GEORGIA’S ENERGY SECTOR – CHALLENGES AND OPPORTUNITIES”

    August 8, 2022 - Over the past 10 years (2011-2021), share of electricity import from Russia reached the peak in 2021 and made up 9% of Georgia’s consumption. This was caused by the shutdown of EngurHES for reconstruction, while 80% of imported electricity was consumed in Russia-occupied Abkhazia.


    FORBES GEORGIA: “ENERGY-INDEPENDENT GEORGIA – INTERVIEW WITH ROMEO MIKAUTADZE”

    August 8, 2022 - Romeo Mikautadze, Georgia’ Deputy Minister of Economy and Sustainable Development, says that 2025-2030 is the turning point when most of the facilities, for which contracts/memoranda have already been signed with investors, will be built and put in operation in Georgia.

    This will reduce dependence on import, and the country will be able to consume electricity locally generated for almost entire year, Mikautadze points in an interview with the magazine.


companies

    FORBES GEORGIA: “TORNIKE KORDZAIA IS APPOINTED DIRECTOR OF RETAIL BANKING AT “LIBERTY BANK””

    August 12, 2022 - Tornike Kordzaia has been appointed director of retail banking at Liberty Bank, the magazine reports. He has 11-year experience of working in financial organizations.


    TABULA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, “CAUCASUS ROAD PROJECT” COMPLETED CONSTRUCTION OF A BRIDGE IN ARMENIA”

    August 11, 2022 - Georgian company Caucasus Road Project has completed construction of a bridge in Yerevan (Armenia), having length of 252 m and width of 30 m. Total cost of the project makes up $13.5 million.


    FORBES GEORGIA: “GASTRONOMIC ACADEMY IN GURJAANI – A NEW STAGE IN DEVELOPMENT OF THE INDUSTRY”

    August 10, 2022 - In 2024, Caucasian University will open Gastronomic Academy in Gurjaani (Kakheti region), the magazine reports. The project will be implemented in cooperation with the Basque Culinary Center, which was established in San Sebastian (Spain) in 2011.


transport & communications

    BANKEBI DA FINANSEBI: ““GEORGIAN RAILWAY” HAS THE HIGHEST RATE OF FREIGHT TRAFFIC OVER THE PAST 7 YEARS”

    August 9, 2022 - Georgian Railway reported that in the first 2 quarters of this year, a total of 6.8 million t of freight was transported, which is by 13.3% more compared with the same period of 2021.

    Revenues from transportation exceeded 191 million lari, which is the highest showing for the past 7 years.


agriculture & food

    REZONANSI: “BY LAUNCHING BIO-PRODUCTION ASSISTANCE PROGRAM, THE STATE HAS CREATED A GREAT INCENTIVE FOR FARMERS”

    August 11, 2022 - The Georgian government has launched a program to promote bio-production, the initial budget of which makes up 300,000 lari, the newspaper reports. The program is implemented by Georgian Rural Development Agency.


construction

    REZONANSI: “DESPITE THE POSITIVE TRENDS, BUILDERS DO NOT PLAN TO REDUCE REAL ESTATE PRICES”

    August 12, 2022 - In the last period, real estate prices have been constantly rising, which is partly attributed to the exchange rate, while partly – to the rise of materials in price, the newspaper says.

    Now, the process of reduction of cost of building materials has begun, but representative of the sector Irakli Rostomashvili considers that apartments will still rise in price.


tourism

    BANKEBI DA FINANSEBI: “A NEW, UNIQUE PRODUCT “CARAVAN” HAS APPEARED ON THE GEORGIAN TOURIST MARKET”

    August 12, 2022 - Musical Caravan is a tourist movement that will hold monthly tourist events in Georgian regions together with musicians from September, the newspaper reports.

    To this end, a memorandum of understanding was signed between the Caravan and Georgian travel company Go Tour on August 11.


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Exchange Rates (NBG)
  08/12/22 + / -
  USD   2.7089   0.0073
  EUR   2.7880   0.0036
  RUR   4.4083   0.0426
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