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Economic Press Monitor

September 12 - 18, 2021

Previous Issues:  Days: < 07 14 04 11 18

 

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economic & politics

    TABULA: “IN 2020, “PRODUCE IN GEORGIA” FINANCED 5 SPONSOR COMPANIES OF “GEORGIAN DREAM” WITH 775,000”

    September 15, 2021 - Waste Detector, media project of the non-governmental organization Governance Monitoring Center (GMC), reported that in 2020, the state program “Produce in Georgia” has financed 5 sponsor companies of the ruling Georgian Dream with 775,000 lari in total. Among these companies are Gza (Road), Construction Service, Chateau Kvirike and others.


    BANKEBI DA FINANSEBI: “AS FINANCE MINISTER EXPLAINS, CERTAIN ADJUSTMENTS ARE EXPECTED IN CONNECTION WITH TAKING OF EXTERNAL DEBT”

    September 14, 2021 - Georgia’s Finance Minister Lasha Khutsishvili said that certain adjustments are expected in connection with taking of external debt. “Reduction of the debt level necessarily must start essentially this year”, he declared after the Georgian government meeting on September 13.


macroeconomics & budget

    TABULA: “TBILISI CITY HALL ANNOUNCES A 13.5M TENDER ON REHABILITATION OF VAKE PARK”

    September 15, 2021 - Tbilisi City Hall will allocate 13.5 million lari for rehabilitation of fountains and cascades in Vake Park, Tabula reports.

    The article notes that according to terms of the tender, announced on September 13, works should be completed in about 2 years.


    TABULA: “CITY HALL ALLOCATED 3.5M FOR REPAIR OF “GOTSIRIDZE” SUBWAY STATION, BUT THE PLATFORM MUST BE BUILT ANEW”

    September 14, 2021 - Tbilisi City Hall has allocated 3.5 million lari for reconstruction and overhaul of Gotsiridze subway station. Works, started in this February, were supposed to be completed in 3 months, but it turned out that the platform should be built completely anew.


    REZONANSI: “SHARP DEPRECIATION OF LARI IS NOT EXPECTED EVEN AFTER ELECTIONS”

    September 14, 2021 - “At the moment, lari exchange rate is subjected to political factor”, says doctor of economics Nika Shengelia. During the pre-election period (elections in local self-governments will be held in Georgia on October 2), “there will be substantial expenses on the part of the parties, but the government and the National Bank will do everything to prevent depreciation of lari”, he explains.


    KVIRIS PALITRA: “WHY THERE IS SHORTAGE OF SKILLED PERSONNEL IN THE COUNTRY OF UNEMPLOYED”

    September 13, 2021 - Expert Ioseb Archvadze indicates that unemployment rate in Georgia exceeds 22%. If we take into account how many people have left the country to work abroad, it turns out that our labor market is very modest, he says.


energy, oil & gas

    REZONANSI: “CRYPTOCURRENCY MINING LEADS GEORGIAN ENERGY SECTOR TO A DEAD LOCK”

    September 13, 2021 - Power engineer Gia Arabidze believes that cryptocurrency datacenters should be supplied with electricity on a commercial basis (and not enjoy a preferential tariff, as they currently do). A high electricity tariff presses the population, while datacenters in Gori and Gldani are supplied with cheap electricity, he points.


companies

    FORBES GEORGIA: ““TBC” AS EMPLOYER | INTERVIEW WITH VAKHTANG BUTSKHRIKIDZE”

    September 15, 2021 - After start of the pandemic “in 2020, we announced that we would not dismiss a single employee”, declares Vakhtang Butskhrikidze, director general of Georgia’s largest TBC Bank.

    In an interview with the magazine, Butskhrikidze points: “In this spring, a growth trend began in entire Georgian banking sector, that is why it is expected that we will have not to reduce employees, but, on the contrary, to add them”.


    NETGAZETI.GE: “COMPANY ASSOCIATED WITH THE DEPUTY MINISTER JOINS ASSESSMENT OF “NAMOKHVANHES” CONTRACT – “SJC””

    September 14, 2021 - Georgian Justice Ministry reported that legal analysis of the agreement on construction of NamokhvanHES, signed between the state and the Turkish company ENKA Renewable, will be conducted by CMS Cameron McKenna Nabarro Olswang, selected because of low price bid.

    For its part, Georgian non-governmental organization Social Justice Center (SJC) declared that local consultant of this company will be Mgaloblishvili, Kipiani, Dzidziguri (MKD), the law firm, in which the Deputy Justice Minister Tamar Tkeshelashvili had worked for years.


    BANKEBI DA FINANSEBI: ““TBC” INTRODUCES THE USE OF QUALIFIED ELECTRONIC SIGNATURE AND ELECTRONIC STAMP”

    September 13, 2021 - TBC Bank introduces the use of qualified electronic signature and stamp, the newspaper reports. As the article notes, this will allow to certify electronic documents by both the bank and the client.


agriculture & food

    BANKEBI DA FINANSEBI: ““IF FLOUR SUBSIDIZING PROGRAM IS NOT IMPLEMENTED, BREAD PRICE MAY INCREASE IN OCTOBER BY 10 TETRI””

    September 15, 2021 - “If the state turns on the subsidy program, the bread price will not increase, but if it does not turned on, [price] may increase by 10 tetri”, declared Malkhaz Dolidze, chairman of Georgian Bread Producers Association. However, he noted, “prices less likely will change until October” (on October 2, elections in local self-governance bodies will be held in Georgia).


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Exchange Rates (NBG)
  09/15/21 + / -
  USD   3.1129   0.0012
  EUR   3.6822   0.0063
  RUR   4.2846   0.0157
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