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Economic Press Monitor

August 4 - 10, 2019

Previous Issues:  Days: < 20 27 03 10 17 > 

 

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economic & politics

    NETGAZETI.GE: “HOW GEORGIA HAS TO FIGHT AGAINST CYBER-FRAUD? – CONSIDERATION IN TBILISI”

    August 9, 2019 - On August 8, representatives of National Bank of Georgia (NBG), Banking Association, the Interior Ministry and other state departments held the meeting behind closed doors, on which they discussed cyber-fraud, so-called “phishing”.

    According to the Banking Association president Alexander Dzneladze, facts of such crime became especially frequent recently both in Georgia and in the world.


    TABULA: “TSERETELI: THEY WANT TO COMMENCE A SUIT AGAINST MY FATHER AND TO MANIPULATE ME THROUGH THIS”

    August 9, 2019 - “I think, they want to institute criminal proceeding against my family member, my father, and through these, I think, they will try to manipulate me”, founder of TV Pirveli broadcasting company Vakhtang Tsereteli declared to journalists after his interrogation.

    “They asked me questions of internal details of 11-years-old transaction, on which I declared that I really do not remember internal details”, Tsereteli said.


    BANKEBI DA FINANSEBI: “CONCLUSION OF SAMKHARAULI EXPERTISE: SIGNATURE ON THE DOCUMENT BELONGS NOT TO KIBAR KHALVASHI, BUT TO OTHER PERSON”

    August 9, 2019 - High-rank official in the government of National Movement and now leader of opposition party Winning Georgia Irakli Okruashvili insists that in 2010, he and businessman Kibar Khalvashi signed in Berlin an agreement, under which Khalvashi recognized himself as only nominal owner of Rustavi-2 TV company.

    According to Okruashvili, Khalvashi’s signature on this agreement is confirmed by three examinations, but Khalvashi’s lawyer and current director general of Rustavi-2 Paata Salia claims that the document is forged.


    NETGAZETI.GE: “HOW $300M WERE TRANSPORTED FROM AZERBAIJAN – KADAGIDZE RECALLS EVENTS OF AUGUST 2008”

    August 8, 2019 - “Nobody, including us, was ready for war of August 2008”, Giorgi Kadagidze, who headed National Bank of Georgia during Georgia-Russia war, declared on anti-occupation action in Tbilisi on August 7. “The first that occurred after Russian aggression, along with a set of other factors, and what is quite natural reaction – people addressed to banks and began to withdraw deposits”, he said.


    TABULA: “ACCORDING TO “RUSTAVI-2”, KUMSISHVILI AND ALAVIDZE WILL BE INTERROGATE AGAIN ON THE EMBEZZLEMENT CASE”

    August 5, 2019 - Georgian Prosecutor’s Office will interrogate again the former ministers Dmitry Kumsishvili and Zurab Alavidze on case of embezzlement in large volume, Tabula reports with reference to Rustavi-2 TV company.

    According to TV company, the investigation accelerated after arrival in Georgia of representatives of European Investment Bank (EIB), who suspect that high-ranks plundered or appropriated the funds, allocated for the project of highway construction.


    FORBES GEORGIA: “40 REGISTERED CASES – RAISE OF RATE OF BRIBETAKING IN PUBLIC INSTITUTIONS”

    August 5, 2019 - In the first half of the year, 287 violations of officials are recorded in Georgia that is by 15% less in comparison with the same period of previous year, the magazine reports with reference to the Interior Ministry.

    The article specifies that most frequent violations in public departments are abuses of office – there was revealed 149 such cases, which rate of uncoverage is zero.


macroeconomics & budget

    FORBES GEORGIA: ““G&T” EXPECTS STRENGTHENING OF LARI TO THE MARK OF 2.75-2.80 UNTIL END OF THE YEAR”

    August 8, 2019 - Investment bank Galt&Taggart (G&T) expects strengthening of lari to 2.75-2.80 GEL/USD until end of the year, the magazine reports.

    In 2020, lari has to become even stronger and will fluctuate within 2.60-2.65 GEL/USD, G&T forecasts.


    TABULA: “NAMCHAVADZE: ARTIFICIALLY MAINTAINED RATE WILL BE A GUARANTOR OF INSTANT, BIGGER DEPRECIATION”

    August 7, 2019 - Economist Beso Namchavadze (analyst at TI Georgia, Georgian branch of Transparency International) estimates that $33 million, sold by National Bank of Georgia (NBG) last week, “is rather demonstration of “presence” of NBG, which had to curb panic that was achieved at least partially”.

    However, “By sale of reserves, we will be happy until September at most”, Namchavadze indicates.


    FORBES GEORGIA: “WHAT ROSE IN PRICE MOST OF ALL FOR THE LAST YEAR?”

    August 7, 2019 - Referring to Sakstat, the magazine reports that annual inflation at the end of July made 4.6%.

    During the year, i.e. after July 2018, the biggest price growth was observed for green beans – by 71%, onions – by 66%, the magazine report.


    FORBES GEORGIA: “40.7M LARI – BUDGETARY ORGANIZATIONS’ TRAVEL EXPENSES FOR 6 MONTHS”

    August 7, 2019 - For the first half of the year, Georgian budgetary organizations spent for travel expenses 40.7 million lari, the magazine reports. The article notes that this sum by 3.3 million lari exceeds an indicator of the same period of previous year.


    KVIRIS PALITRA: “THERE ARE SUSPICIONS THAT FLUCTUATION OF LARI RATE IS RESULT OF CONSPIRACY”

    August 5, 2019 - Georgian national currency, lari, started depreciation against the US dollar in 2015, passed mark of 2 GEL/USD and continued falling in the next years, the newspaper says.

    While commenting on recent devaluation of lari, former council member at National Bank of Georgia (NBG) Elguja Mekvabishvili declares in his interview to the newspaper that NBG was late with interventions.


conflict and court

    NETGAZETI.GE: ““GEORGIAN RAILWAY” ACCEPTED NEGOTIATIONS WITH LABOR UNIONS”

    August 9, 2019 - Administration of Georgian Railway expresses readiness for negotiations with New Labor Union of Railroaders, the state-owned company said in the letter of August 8.

    In return, the labor union welcomed on August 9 a stance of the company and expressed readiness to join to mediation process.


    REZONANSI: “ROAD CONSTRUCTION IS CONDUCTED ACCOMPANIED BY PERMANENT PROTEST”

    August 8, 2019 - Within the last month, several protest actions were organized on construction of roads in Georgia, the newspaper reports.

    The article indicates that currently, workers on construction of Samtredia-Grigoleti Autobahn have went on strike, while a month ago, workers held an action on construction of Shorapani-Dzirula road section.


    NETGAZETI.GE: “THE “RAILWAY” CALLS POPULIST THE DEMAND OF EMPLOYEES ON SALARIES’ GROWTH BY 50%”

    August 5, 2019 - New Labor Union of Railroad Workers said that part of employees of Georgian Railway plans to launch a labor dispute lawsuit with demand of salaries’ increase.

    In reply, Georgian Railway declared that New Labor Union of Railroad Workers the strike has no prerequisites at this stage.


companies

    FORBES GEORGIA: “THE OLDEST NETHERLANDS BREWERY “ROYAL SWINKELS FAMILY BREWERS” ACQUIRED 40% IN “ARGO””

    August 8, 2019 - The Netherlands brewery Royal Swinkels Family Brewers acquired 40% in Georgian brewery Argo, the magazine reports (cost of transaction is not specified).

    As the article notes, license for brewing in Georgia of Bavaria brand of the Netherlands brewery was issued for the first time in 2016, while brewing of another brand, Hollandia, was started together with Argo in 2017.


    NETGAZETI.GE: “KHAZARADZE AND JAPARIDZE TO TRANSFER THEIR SHARES IN THE “CONSORTIUM” TO TRUST FUND”

    August 6, 2019 - Founders of Georgia’s largest TBC Bank Mamuka Khazaradze and Badri Japaridze will transfer own shares in Anaklia Development Consortium (builds deep-water port in Anaklia on Georgian Black Sea shore) to trust fund.

    Khazaradze connects the decision with case of TBC Bank (Georgian Prosecutor’s Office launched case on accusation of illegal income), Netgazeti.Ge reports.


    TABULA: “DUTIES OF SUPERVISORY COUNCIL CHAIRMAN AT “ANAKLIA CONSORTIUM” TO BE EXECUTED BY COWGILL”

    August 6, 2019 - Anaklia Development Consortium declared that duties of chairman of supervisory council will be executed by Michael Cowgill (president of the American Chamber of Commerce in Georgia). The council will have also new members – Ted Jonas (senior counsel at Tbilisi office of international law firm Dentons) and Jean-Patrick Voisin (president of Concorde Capital).


agriculture & food

    BANKEBI DA FINANSEBI: “WE HAVE BRILLIANT RESULTS IN RESPECT OF MARMORATED STINK BUG – WE EXPECT VERY GOOD HARVEST OF HAZELNUT”

    August 7, 2019 - “We have brilliant results in respect of marmorated stink bug [Halyomorpha halys, the pest]”, Georgia’s Deputy Minister of Environmental Protection and Agriculture Giorgi Khanishvili declared to journalists. “Marmorated stink bug’s population is considerably reduced”, he said.


    FORBES GEORGIA: “IN JULY, EXPORT OF GEORGIAN WINE TO RUSSIA DECREASED BY 21.9%”

    August 6, 2019 - Referring to Georgian National Wine Agency, the magazine reports that Georgia’s wine export to Russia amounted in July to 3.55 million bottles, decreasing by 21.9% in comparison with same period of previous year.

    At that, the article notes that Georgia’s wine export to Russia for January-July made up 29.13 million bottles, increasing by 2% year-on-year.


tourism

    FORBES GEORGIA: “IN JULY, RECORD NUMBER OF TOURISTS ARRIVED TO GEORGIA”

    August 6, 2019 - Referring to Georgian National Tourism Administration, the magazine reports that 1.1 million visitors arrived to Georgia in July, of whom tourists made up 570,482 (i.e. those, who stayed in the country for more than 24 hours).

    The magazine points that Georgia never hosted such number of tourists in July.


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