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Economic Press Monitor

October 31 - November 6, 2021

Previous Issues:  Days: < 23 30 06 13 20 > 

 

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economic & politics

    NETGAZETI.GE: “TEMUR CHKONIA CONFIRMS THAT HE PLANS TO LAUNCH BUSINESS IN TSALENJIKHA”

    November 5, 2021 - Tsalenjikha (Samegrelo region) is the only city in Georgia, where the opposition candidate (representative of United National Movement Gia Kharchilava) won in recent local elections in the country.

    Temur Chkonia, founder of Coca-Cola Bottlers Georgia, plans to meet with the newly elected mayor and does not exclude the possibility of opening a business in this municipality, Netgazeti.Ge reports.


    TABULA: “FADY ASLY ADDRESSED AN OPEN LETTER TO PRIME MINISTER IRAKLI GARIBASHVILI”

    November 5, 2021 - Fady Asly, chairman of ICC Georgia, Georgian branch of International Chamber of Commerce, addressed an open letter to Georgia’s Prime Minister Irakli Garibashvili. Tabula published his letter in full.


    NETGAZETI.GE: “FROM TUESDAY, RALLIES IN REGIONS AND IN TBILISI ON 7 NOVEMBER – PLAN OF THE OPPOSITION”

    November 1, 2021 - By results of local elections, held in Georgia on October 30, candidates from the ruling Georgian Dream won mayor’s post in 63 out of 64 cities and municipalities, while candidate from the opposition United National Movement (UNM) won only in 1 city, Tsalenjikha (Samegrelo region).

    The opposition does not recognize results of the local self-government elections, as it believes that the ruling party has falsified them.


    BANKEBI DA FINANSEBI: “FINANCE MINISTRY – IMF ONCE AGAIN RECOGNIZED GEORGIAN REFORMS AS EXAMPLE OF SUCCESS FOR THE REGION”

    November 1, 2021 - The IMF has published another regional survey on the Middle East and Central Asia. In the survey, the IMF indicated that reforms should be carried out in the region in order to simplify procedures, as well as to increase expertise and build capacity of judicial sector and insolvency managers and improve the reorganization process.


    REZONANSI: ““DREAM” IS CELEBRATING, OPPOSITION DOES NOT RECOGNIZE THE RESULTS – WHAT CONCLUSIONS DOES THE 2ND ROUND OF ELECTIONS ALLOW US TO DRAW”

    November 1, 2021 - In the 2nd round of local elections in Georgia (held on October 30), mayor candidates from the ruling Georgian Dream won in 19 cities, while candidate from the opposition United National Movement won in 1 city only (Tsalenjikha).

    In turn, 42 members of various sakrebulos (self-government bodies) were elected in the 2nd round in majoritarian precincts countrywide, of whom representatives of the ruling party made up 28, while representatives of opposition – 14, the newspaper reports.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “IOSEB ARCHVADZE: IF IT WERE NOT INCREASED IMPORT PRICES, INFLATION RATE IN OCTOBER 2021 HAD NOT EXCEED 4-4.5%”

    November 4, 2021 - The article said that in this October, similarly to August, annual inflation in Georgia made up 12.8%. In connection with this subject, a comment by an economics expert Ioseb Archvadze is offered.


    BANKEBI DA FINANSEBI: “AJARA BUDGET-2022 IS DEFINED AS 436M LARI”

    November 1, 2021 - Tornike Rizhvadze, head of Ajara government, said that the autonomy’s budget for the year 2022 makes up 436 million lari. According to the draft, the volume of transfers for municipalities is also increasing next year and will amount to 135 million lari.


energy, oil & gas

    REZONANSI: “REDUCTION OF EXCISE ON FUEL IS DEMANDED ALREADY BY BUSINESS”

    November 4, 2021 - In Georgia, almost all types of fuel have risen in price and price of 1 liter has exceeded 3 lari, the newspaper points.

    As the article notes, oil-product importers see the only lever for fuel prices reduction in decrease of excise.


    REZONANSI: “AGAINST THE BACKGROUND OF ENERGY CRISIS RAGING IN EUROPE, SHARE OF CHEAP GAS FOR GEORGIA IS GROWING”

    November 4, 2021 - By 2022, Shah Deniz gas pipeline will transport 20 billion cubic m of gas, respectively, Georgia will receive more cheap gas next year from transit of Azerbaijani gas, the newspaper says.

    As the article notes, if this year Georgia received 1.01 billion cubic m of gas in total, then in 2022 this figure will reach 1.5 billion cubic m.


    NETGAZETI.GE: “FOR BUSINESS, NATURAL GAS RISES IN PRICE BY 20 TETRI – “SOCAR””

    November 3, 2021 - Since December 1, natural gas for non-household retail consumers of SOCAR Georgia Gas (regional distributor of gas in Georgian regions) will increase in price by 20 tetri, reports Netgazeti.Ge. Namely, price of 1 cubic m of gas will increase from 0.95 lari to 1.15 lari (VAT inclusive).


    FORBES GEORGIA: “ENERGY FUTURE OF THE COUNTRY: RENEWABLE ENERGY”

    November 2, 2021 - The magazine publishes opinion of David Narmania, chairman of Georgian National Energy and Water Supply Regulating Commission, who indicates that import dependence of Georgia increases more and more and forecast for the coming years is unenviable.

    The country has a great potential to diminish electricity imports at the expense of local electricity generation growth and become a net-exporter, Narmania points.


companies

    FORBES GEORGIA: “WITH ASSISTANCE OF “TBC CAPITAL”, “TBC BANK” PLACED ADDITIONAL PRIMARY CAPITAL EUROBONDS OF $75M”

    November 5, 2021 - TBC Bank, with assistance of TBC Capital and international investment banks, placed additional primary capital Eurobonds (AT1) of $75 million on Euronext Dublin (Ireland), the magazine reports.

    The article notes that after 2019, this is the first placement on international stock exchange, made by Georgian banking sector.


    FORBES GEORGIA: “BIG TRANSFORMATION”

    November 3, 2021 - The magazine publishes an interview with Nikoloz Medzmariashvili, who heads development company m2 since 2019. He lived in Austria for a long time and worked in banking and investment spheres there, while returned to Georgia in 2012.


    FORBES GEORGIA: ““SPACE” – THE FIRST INTERNATIONAL GEORGIAN FINTECH OF “TBC GROUP” | INTERVIEW WITH NIKA KURDIANI”

    November 3, 2021 - The newspaper publishes an interview with Nika Kurdiani, deputy director general of Georgia’s largest TBC Bank and supervisory board chairman of its Uzbek affiliate, digital bank TBC UZ.

    Kurdiani says that about 3 years ago, TBC Bank created on its own basis in Georgia a fintech of the Neobank type, Space.


    BANKEBI DA FINANSEBI: ““BASISBANK” HAS FULLY RESTORED CAPITAL REQUIREMENTS EXISTED BEFORE THE PANDEMIC”

    November 2, 2021 - At the beginning of 2020, National Bank of Georgia (NBG) allowed the banks to use capital buffers for management of credit risks that have increased due to spread of COVID-19.

    Despite the fact that a phased restoration of these requirements is planned by the end of 2023, Basisbank has refused this benefit ahead of schedule, starting from October 31.


ecology & health

    REZONANSI: ““IF THERE WILL BE NO SOME INCENTIVE OR RESTRICTIVE MEASURES, VACCINATIONS WILL GROW NO MORE” – AMIRAN GAMKRELIDZE”

    November 2, 2021 - Amiran Gamkrelidze, head of the National Center for Disease Control and Public Health, declared that steps that are more effective are needed for increase of daily rate of vaccination against COVID-19 in Georgia.

    “Despite the fact that we make a lot visits in districts, villages, a marathon is being underway and awareness has increased, resistance from the population is high”, Gamkrelidze said.


construction

    REZONANSI: ““IF THIS CONTINUES SO, BUILDERS WILL NOT HAVE DESIRE TO START CONSTRUCTION””

    November 5, 2021 - Irakli Rostomashvili, head of Georgian Developers Association, says that because of the pandemic, incomes of the population have decreased and this has affected sales of real estate too. Small projects have not stopped, but large development projects have not been implemented and are not implemented now too, he notes.


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