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Economic Press Monitor

July 2 - 8, 2017

Previous Issues:  Days: < 24 01 08 15 22 > 

 

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economic & politics

    EUGEORGIA.INFO: “9 SECTORS, WHICH HAVE INVESTMENT POTENTIAL WITHIN DCFTA”

    July 6, 2017 - Within Deep and Comprehensive Free Trade Agreement between Georgia and the EU (DCFTA), PwC conducted study, which revealed 9 sectors in Georgia economy, which have investment potential within DCFTA, Eugeorgia.Info reports.

    The article notes that the study was funded by the UK Good Governance Fund.


    FORBES GEORGIA: “SIX REVIEWS DURING THREE YEARS”

    July 6, 2017 - “Despite of the fact that Georgia is the most reformed economy in the Caucasus and Central Asia, implementation of structural reforms is still necessary”, deputy managing director of IMF Tao Zhang declares. “This is required for reduction of demand for external capital, increase of resistance to shocks and facilitation of private investments”, he points.


    REZONANSI: “ESCAPE FROM OWN COUNTRY – DEMOGRAPHIC CRISIS GOES DEEP”

    July 5, 2017 - According to Sakstat, Georgia’s population in 2016 numbered 3.72 million people, while decreased by 2,000 in 2017.

    At that, during 2 last years, birth rate of the country exceeded its death rate by 17,000 people, i.e. the abovementioned reduction means that the country is left by able-bodied population, the newspaper says.


    REZONANSI: “FREE ELECTRICITY OF ENGURI IS ABSORBED IN ABKHAZIA BY SO-CALLED INVESTORS”

    July 4, 2017 - As MP Revaz Arveladze declares, businessmen specially come to Abkhazia, “make production there, and then take it back”. “Prime cost of electricity is low, labor force is cheap, these circumstances cause their interest”, he explains.


    KVIRIS PALITRA: “WHO WILL PROTECT RIGHTS OF VICTIMS OF FINANCIAL “PYRAMIDS”?”

    July 3, 2017 - “We expect that reduction of dollarization will cause in long-term period reduction of demand for dollars”, vice-president of the National Bank of Georgia (NBG) Archil Mestvirishvili declares.

    “Though dollarization is a complex issue and pricing in lari is one of parts”, Mestvirishvili points.


macroeconomics & budget

    FORBES GEORGIA: “STATE TREASURY’S FIRST AUCTION ON DEPOSITS PLACEMENT TOOK PLACE”

    July 6, 2017 - On July 4, auction of the Finance Ministry’s State Treasury on secured deposits with maturity of 3 months took place.

    Total volume of deposits, being put on the auction, made up 50 million lari, while weighted average interest rate – 7.194%, the magazine reports.


    KVIRIS PALITRA: “PRIVATE SECTOR FINDS DIFFICULTY IN PAYMENT OF EXTERNAL DEBT”

    July 3, 2017 - According to National Bank of Georgia, total external debt of Georgia amounts to $15.5 billion, from which $11 billion is debt of private sector.

    Doctor of economics David Aslanishvili declares: “Today, we do not have problem of public debt, as it could be said, we have good indicator of its ratio to GDP on a global scale – 40-42%”.


conflict and court

    TABULA: “DIESEL FUEL WORTH $2.3M WAS STOLEN FROM THE US EMBASSY IN TBILISI”

    July 7, 2017 - Referring to report for 2016, published by the Office of Inspector General for the US Department of State, Tabula reports that diesel fuel worth about $2.3 million was stolen from the US embassy in Tbilisi.

    Tabula notes that in respond to their enquiry, the US embassy stated in written: “We are informed on the report, published by Office of Inspector General for the US Department of State.


    TABULA: “$160,000 DISAPPEARED FROM THE US EMBASSY IN TBILISI”

    July 5, 2017 - The Office of Inspector General for the US Department of State published the special report in connection with the roguish scheme in Tbilisi embassy, Tabula reports.

    The scheme concerns funds of the state company TEA, which provided personal services on territory of the embassy (cafeteria, dry-cleaner, car wash, etc.).


    FORBES GEORGIA: ““GEORGIAN MANGANESE” WON TAX LAWSUIT AGAINST THE STATE IN APPEAL COURT”

    July 3, 2017 - Kutaisi appeal court judged that Revenue Service had defined tax debt of LLC Georgian Manganese without study and estimation of important circumstances of the case.

    The appeal court declared void and null grounds for imposition of penalty on the company and charged tax authority to issue new administrative act.


companies

    FORBES GEORGIA: “10 MOST PROFITABLE AUDITOR FIRMS IN GEORGIA”

    July 5, 2017 - In 2016, income of Georgian auditor firms and auditors totaled to 93.27 million lari, the magazine reports. At that, 74% of total income is share of top 10 auditor companies.


transport & communications

    FORBES GEORGIA: “OIL-PRODUCTS TRANSSHIPPED THROUGH BATUMI PORT DECREASED BY 29%”

    July 7, 2017 - Referring to manager of Batumi port, Kazakhstan’s KazMunaiGas, the magazine reports that in January-June, 1.15 million t of oil-products were transshipped through the port, decreasing year-on-year by 29.2%.

    As the article notes, Georgian ports receive oil-products from Azerbaijan, Kazakhstan and Turkmenistan.


finances & banking

    FORBES GEORGIA: “BALANCE FACTOR”

    July 7, 2017 - In interview to the magazine, president of National Bank of Georgia Koba Gvenetadze says: “We plan to increase transparency even more: commercial banks will have to prepare currently existing supervisory reports according to the reporting forms, approved in the EU”.

    “We plan also introduction of the third pillar of Bazel-III, within which commercial banks will be obliged to publish quantitative and qualitative information on elements of the capital, risk-weighted assets, remuneration of top management and other material issues”, Gvenetadze declares.


    REZONANSI: “LARI HAS BEEN “FROZEN”: THE RATE HAS TO BE 2.30 NOW”

    July 4, 2017 - For the last 3 weeks, National Bank of Georgia (NBG) has bought $70 million.

    Irakli Berdzenadze, head of Personal Banker organization, estimates that intervention of NBG would be much more effective during devaluation of lari, but not now, when because of various fundamental factors, the national currency became more or less stronger, the newspaper reports.


    FORBES GEORGIA: “INSURANCE COMPANIES WILL FINANCE THE SUPERVISOR”

    July 4, 2017 - Amendments to be made in law “On Insurance”, which charge insurers to make annual payments, the magazine reports. These payments will make up 1% of premium, attracted during a year, or 1% of insurer’s income from life insurance activities.


    FORBES GEORGIA: “IN 2 YEARS, NUMBER OF BITCOIN CONSUMERS IN GEORGIA HAS INCREASED BY 400%”

    July 3, 2017 - For the last 2 years, number of bitcoin consumers in Georgia has increased by 400%, while in 2017, in comparison with 2016 – by 130%, the magazine reports (not specifying number of consumers).

    Nika Chilindrishvili, commercial director of eMoney company, declares that Georgian consumers are carried out both large and small transactions in bitcoin.


construction

    REZONANSI: “IN 3-4 MONTHS, APARTMENTS TO RAISE IN PRICE EVEN MORE”

    July 6, 2017 - Since July 1, requirement on pricing in lari has entered in force, however, despite pre-held information campaign, 108 cases of violations are already revealed, the newspaper reports. The problem concerns mainly entities, engaged in construction and tourism service.


    FORBES GEORGIA: “FUTURE “COURCHEVEL” OF “RED CO””

    July 5, 2017 - Mirian Katamadze, founder of construction and development company Red Co., declared to the magazine that initial investments of the company amounted to $7 million and as a result, aparthotels appeared in Gudauri in 2012-2013. “We realized quickly that demand will exceed the volume of existing projects and the next investment sum had amounted to $40 million”, he noted.


    REZONANSI: “SHOPPING CENTERS, ENGULFED IN FLAMES”

    July 4, 2017 - During the last 5 years, 10 shopping centers or markets were burned down in Georgia, the newspaper points.

    In almost all cases, electrical wiring was named as the main reason for the fire, but suspicions arose that all this was organized artificially, the article indicates.


    TABULA: “UNDER DRAFT BILL, INSURANCE OF SHOPPING CENTERS BECOMES OBLIGATORY”

    July 4, 2017 - The Parliament adopted in first hearing the bill “On Obligatory Insurance”, which makes insurance of shopping centers and other public objects obligatory, Tabula reports.

    According to the draft, list of those objects, on which obligatory insurance will extend, should be adopted by the Parliament.


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