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Economic Press Monitor

August 11 - 17, 2019

Previous Issues:  Days: < 20 27 03 10 17

 

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economic & politics

    FORBES GEORGIA: “THE MOST EXPENSIVE FACULTIES AND TRAINING PROGRAMS IN GEORGIA”

    August 15, 2019 - In most state universities of Georgia, tuition fee is fixed, making up 2,250 lari a year, the magazine reports.

    Instead, annual tuition fee in some private higher education institutions exceeds 10,000 lari, the magazine notes.


    REZONANSI: “AIR COMMUNICATION BETWEEN RUSSIA AND GEORGIA WILL NOT BE RESTORED UNTIL OCTOBER 2020”

    August 13, 2019 - Yury Barzykin, vice-president of the Russian Union of Travel Industry, declared that there are no prerequisites for restoration of air communication between Russia and Georgia (Russia banned air communication with Georgia since July 8).

    Now, tourist flow from Russia to Georgia is dropped by 70% at least, Barzykin told to Izvestia newspaper.


    TABULA: “CHIABERASHVILI: PENSION SCHEME WAS LEFT BY 50% OF THOSE, WHO COULD”

    August 13, 2019 - MP from oppositional European Georgia Zurab Chiaberashvili declared that “as of the mid July, about 148,000 people left the pension scheme”.

    By Chiaberashvili’s calculations, about 300,000 people could leave the scheme (participation in the scheme is mandatory for persons, who were below 40 years at the moment of respective law’s entry in force).


    NETGAZETI.GE: “IF BAIL IS EVEN 5 LARI, I WILL NOT PAY, IT IS THE MATTER OF PRINCIPLE – GVARAMIA”

    August 12, 2019 - Georgian Main Prosecutor’s Office declared that former director general of Rustavi-2 Nika Gvaramia entrusted LLC Intermedia to sell advertising time, causing thus damage on several millions to the TV company.

    As a restraint measure for Gvaramia the court used a bail of 40,000 lari, which the latter is not going to pay, Netgazeti.Ge reports.


    KVIRIS PALITRA: “IF POMPEO WILL ARRIVE”

    August 12, 2019 - Recently, the most popular international editions started publication of negative estimations of current processes in Georgia that directly strikes business appeal of the country, Levan Bodzashvili, former deputy secretary of National Security Council, indicates. In his interview to the newspaper, Bodzashvili specifies that potential investor sees that situation in the country is unstable and the government cannot settle it.


macroeconomics & budget

    REZONANSI: “IMPORTERS’ FORECAST CAME TRUE – PRODUCTS EN MASSE HAVE RAISED IN PRICE”

    August 15, 2019 - Georgian distributors executed their pre-announced decision and increased prices almost on all products in recent days by 5-12%, the newspaper reports.

    While explaining the move, importers point mainly at devaluation of lari.


    FORBES GEORGIA: “CAPITAL PROJECTS, FINANCED BY THE CREDIT, WHICH HAVE 0% INDICATOR OF FULFILLMENT”

    August 13, 2019 - For implementation of capital projects, Georgia’s state budget of the current year envisages 2.35 billion lari (or 17.9% of total expenditure), the magazine reports. The article notes that the main sources of financing of these projects are credits (51.6%) and budgetary funds (46.6%).


    FORBES GEORGIA: “IN 6 MONTHS, BUDGETARY ORGANIZATIONS SPENT 109.3M LARI FOR BONUSES AND SALARY SUPPLEMENTS”

    August 13, 2019 - In 6 months of this year, Georgian budgetary organizations spent 2.9 million lari for employees’ bonuses and 106.4 million lari – for salary supplements, the magazine reports. The article indicates that the volume has increased by 13.9% year-on-year.


    BANKEBI DA FINANSEBI: “ROMAN GOTSIRIDZE: LARI IS THE SAME COUPON WITHOUT SIX ZERO”

    August 12, 2019 - Roman Gotsiridze, leader of parliamentary fraction of oppositional National Movement and ex-president of National Bank of Georgia, estimates that lari is the same coupon, but without six zero.

    “Currency crisis in the country is already evident and lari approaches a mark of 3” (against the US dollar), Gotsiridze posted on Facebook.


energy, oil & gas

    FORBES GEORGIA: “CHALLENGES AND PROSPECTS IN ENERGY SPHERE – REVIEW OF THE SECTOR FROM “TBC””

    August 14, 2019 - TBC Capital names two main reasons for growth of electricity consumption in Georgia – cryptocurrency mining and growing tourism sector.

    According to research of TBC Capital, in 2018, large companies of cryptocurrency accounted for 7% of total electricity consumption.


companies

    FORBES GEORGIA: “IN THE FIRST HALF OF THE YEAR, “GHG” GOT PROFIT OF 31.3M LARI”

    August 15, 2019 - For 6 months of this year, Georgian Healthcare Group (GHG, includes medical corporation Evex and insurance company Imedi-L) gained income of 472.9 million lari, increasing the volume by 12.7% year-on-year, the magazine reports. Profit of the group for this period amounted to 31.3 million lari, increasing year-on-year by 10.2%.


    FORBES GEORGIA: “MINISTER: “R2” HAS ARREARS OF 28M, “IMEDI” – 19M, WHILE “MAESTRO” – OVER 8M”

    August 14, 2019 - Georgia’s Finance Minister Ivane Machavariani declared that tax arrears of Rustavi-2 TV company amount to 28 million lari, Imedi – 19 million lari, Maestro – over 8 million lari (the latter two companies are members of the same group). This debt was collected during past few years, he noted.


transport & communications

    FORBES GEORGIA: “KVESHETI-KOBI ROAD WILL BE BUILT BY CHINESE COMPANY, WHICH ACTIVITY THE WB HAS LIMITED”

    August 16, 2019 - Contract on construction of Kvesheti-Kobi road of 13 km is signed with Chinese China Railway 23rd Bureau Group Co.

    As the magazine reports, the World Bank (WB) has limited last year activity of China’s CRCC and its subsidiary China Railway 23rd Bureau Group Co for 9 months.


    TABULA: “ECONOMY MINISTER: IN CONNECTION WITH ENTRY OF “RYANAIR”, YOU WILL HEAR GOOD NEWS IN THE NEXT FEW DAYS”

    August 14, 2019 - Georgia’s Minister of Economy and Sustainable Development Natia Turnava said that negotiations in connection with entry of Irish low-coster Ryanair in Georgian market are at the final stage, Tabula reports. “In the next few days, you will hear very good news from us”, the Minister declared.


agriculture & food

    TABULA: ““KULA”, “MARNEULI”, “SUPREMO” – PRODUCTS, IN WHICH “MOMXMAREBELI.GE” REVEALED NONFOOD COLORING AGENT”

    August 16, 2019 - Georgian Center of Strategic Research and Development conducts monitoring of production, represented on Georgian market.

    As a result of monitoring of 42 samples of tkemali (plum sauce), tomato sauce, adjika and red pepper, nonfood coloring agent was revealed in 6 ones, Tabula reports.


construction

    TABULA: “FOR NATIONAL BANK, NEW HEAD OFFICE WORTH 50M LARI WILL BE BUILT”

    August 16, 2019 - In near future, construction of new head office of National Bank of Georgia (NBG) is planned, Tabula reports. As the article notes, cost of the project of class A office makes up 50 million lari.


    FORBES GEORGIA: “RUSSIA, IRAN, ISRAEL – FROM WHICH COUNTRIES REAL ESTATE IN TBILISI IS PURCHASED”

    August 16, 2019 - Referring to research of TBC Capital, the magazine reports that foreigners’ interest in acquisition of the real estate in Tbilisi had increased from 2015 to 2018.

    In particular, if foreigners accounted for 3% in total realized real estate in 2015, their share in 2018 made up already 13%.


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Exchange Rates (NBG)
  08/16/19 + / -
  USD   2.9232   0.0050
  EUR   3.2395   0.0160
  RUR   4.4227   0.0328
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