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Economic Press Monitor

May 27 - June 2, 2018

Previous Issues:  Days: < 19 26 02 09 16 > 

 

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economic & politics

    TABULA: “HOW MONITORING OF RUSSIAN FREIGHTS ON OCCUPIED TERRITORIES WILL BE CONDUCTED – AGREEMENT DETAILS”

    May 31, 2018 - Russia and Switzerland agreed on implementation of Russia-Georgia agreement of November 9, 2011, which envisaged creation of mechanism of monitoring of turnover of freights from Russia through occupied territories of Georgia (Abkhazia and Tskhinvali region).

    According to the agreement of 2011, special fund should be created, which will be administered by Switzerland.


    TABULA: “SAAKASHVILI ON IRI: CREATED BY ME STATE INSTITUTIONS ARE RAZED TO THE GROUND”

    May 31, 2018 - According to research of International Republican Institute (IRI), in Georgia increased discontent of population with work of the central institutes, including polices, courts, Prosecutor’s Office, the Parliament.

    “According to polls, practically all created by me state institutes, which maintained popularity until recently, are razed to the ground”, so reacted to the research results the ex-president of Georgia Mikheil Saakashvili in his Facebook.


    NETGAZETI.GE: “PAYMENT OF OLD CREDIT BY THE RATE OF 1.65 AND FREEZING OF “SUSPICIOUS DEBT” FOR 2 YEARS – SAAKASHVILI’S PROMISES”

    May 28, 2018 - In connection with banking debt of population, Georgian ex-president Mikheil Saakashvili made 2 promises, pointing that they will be surely fulfilled, when Georgian Dream will left the power, Netgazeti.Ge reports.

    In particular, Saakashvili promised that all citizens, who took credits under the exchange rate of 1.65 GEL/USD, will carry out payments not by new rate, but by old one.


    FORBES GEORGIA: “REFORM OF PRIVILEGES”

    May 28, 2018 - Under the auspices of socio-economic reforms, a number of amendments is about to be made to Tax Code, the magazine reports.

    In particular, income of small business will be subject since July 2018 to taxation by 1% instead of 3% and 5%.


macroeconomics & budget

    REZONANSI: “GEORGIANS IN TURKEY HAVE RUN INTO DIFFICULTIES AND SEND LESS AND LESS MONEY”

    May 31, 2018 - Turkish lira and Russian ruble lose ground against the US dollar, while most Georgian emigrants reside exactly in these countries, the newspaper says.

    The article specified that this situation will reduce volume of money, which Georgian emigrants are sending to their family members and will complicate their social conditions.


energy, oil & gas

    TABULA: “BECAUSE OF SHUTDOWN OF “ENGURHES”, GEORGIA IS SUPPLIED FROM RUSSIA, TURKEY AND AZERBAIJAN”

    May 28, 2018 - At night May 24, there was an accident on EngurHES and part of territory of this hydroelectric station was flooded. Now, the station is stopped, so Georgia has to balance demand for electricity with import, Tabula reports.


conflict and court

    TABULA: “ACCORDING TO APPEAL COURT DECISION, CONSTRUCTION IN VAKE PARK COULD BE RESUMED”

    May 29, 2018 - On May 28, Tbilisi Court of Appeal cancelled decision of the city court, which suspended construction of hotel in Vake Park of the capital, Tabula reports.

    Court of Appeal’s judgment did not satisfy the claim of non-governmental organization Green Alternative and instead, satisfied the appeal of companies Tiflis Kostava and Grail.


    FORBES GEORGIA: “RIGHT(FREEDOM) OF PROPERTY”

    May 29, 2018 - Zaza Tavadze, chairman of Georgian Constitutional Court, indicates that court practice in regard of property right gradually develops in the last 10 years. “An example of this is judgement, made on case “Georgian citizen Nodar Dvali against Parliament of Georgia””, he specifies.


    KVIRIS PALITRA: “OIL COMPANIES WON BY 55:3 AGAINST COMPETITION AGENCY – WHERE 52M DISAPPEARED”

    May 28, 2018 - Competition Agency has completed new study of the market of automobile fuel and unlike the first study, fined importers and sellers of oil-products with 3 million lari, the newspaper reports. After first study, conducted in 2015, the Agency fined the companies with 55 million lari.


companies

    FORBES GEORGIA: “SHARES OF KARTLI WIND POWER PLANT WILL BE PLACED ON IPO BY “GALT&TAGGART””

    May 30, 2018 - IPO of shares of Kartli wind power plant will be served by Galt&Taggart company, which won the corresponding tender, the magazine reports. The matter concerns placement of 25% of shares.


transport & communications

    FORBES GEORGIA: “HOW MUCH COSTS INTERNET IN GEORGIA AND IN THE WORLD”

    June 1, 2018 - Referring to National Communication Commission, the magazine reports that in 2017, cost of Georgian basket of fixed Internet packages of 12-30 Mbps (calculated according to purchasing power parity, PPP) made up 29.13 EUR.

    According to article, this price is higher, than in Norway, Belgium, the UK and other countries.


    FORBES GEORGIA: “THE MOST POPULAR BRANDS OF MOBILE PHONES IN GEORGIA”

    June 1, 2018 - Referring to National Communication Commission, the magazine reports that 30% of Georgian population give preference to mobile phones of Samsung. There are 1.59 million mobile devices of Samsung in Georgia.


    BANKEBI DA FINANSEBI: “FARE IN PUBLIC TRANSPORT WILL NOT INCREASE”

    May 31, 2018 - Tbilisi City Hall does not consider an issue of raise of fare in public transport and does not have such plans, the newspaper reports.

    According to the city transport service, the City Hall considers social factor as one of the major components in public transport service.


    REZONANSI: “BUS AND SUBWAY FARE COULD RAISE UP TO 80 TETRI”

    May 29, 2018 - Mayor of Tbilisi Kakha Kaladze says that the City Hall will present in the next few days the transport policy document of the capital, one of components of which is development of unified system of payment in public transport. The new system will apply not only to public transport, but to minibuses too, he notes.


finances & banking

    TABULA: “GVENETADZE: IN A CERTAIN PERIOD, ADOPTION OF REGULATION OF CRYPTOCURRENCIES WILL BECAME NECESSARY”

    May 30, 2018 - President of National Bank of Georgia Koba Gvenetadze declares that population has to understand that cryptocurrencies are characterized by quite high fluctuation, therefore upon investment in them, perhaps, “quite big surprises can take place”.

    “Probably, in a certain period, adoption of regulation will become obligatory, but for now, the whole world and the central banks are in process of study, what the phenomenon it is”, Gvenetadze declares.


    NETGAZETI.GE: “MAMUKA BAKHTADZE – 630 THOUSAND PEOPLE ARE IN SO-CALLED BLACK LIST”

    May 30, 2018 - Finance Minister Mamuka Bakhtadze declares that 25-30% of the country’s population is placed on so-called black list and they have no access to finances, i.e. are unable to get credit.

    “That means that 630,000 people, who can have competitive idea or project to launch own business, are excluded from economic life of our country”, Bakhtadze specifies.


    TABULA: “BUTSKHRIKIDZE ON RESULTS OF REGULATION: PAYMENTS BY INSTALLMENTS DECREASED BY 50%, CONSUMER LOANS – BY 70%”

    May 30, 2018 - Vakhtang Butskhrikidze, director general of TBC Bank, says that because of toughening by National Bank of Georgia of requirement on assessment of borrower’s insolvency, in TBC Bank “issuing of consumer loans decreased by about 50-70%”. “Regarding payment by installments, reduction makes up 30-50%”, he points.


construction

    TABULA: “CONSTRUCTION IS SUSPENDED BECAUSE OF ROCK COLLAPSE, THE CITY HALL CHARGED “GDG” TO REINFORCE THE ROCK”

    June 1, 2018 - The rock collapsed upon construction of hotel on Kipiani Street in Old Tbilisi area.

    Tbilisi City Hall suspended the construction and charged investor company, Georgian Development Group Plus (GDG+) to reinforce the rock, Tabula reports.


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