Economic Press Monitor February 5 - 11, 2023	Days:  28 04 11 18 25

economic & politics

REZONANSI: “SITUATION IN THE NATIONAL BANK BECAME TENSE – THE CENTRAL DEPARTMENT DOES NOT LIKE THE NEW BILL AND ELECTION OF A NEW PRESIDENT COULD FAIL”

February 10, 2023 - Georgian Parliament considers in accelerated mode a bill, which adds the post of the first vice-president to the council of National Bank of Georgia (NBG).

Whereas, NBG vice-president Archil Mestvirishvili indicates importance of exceed in number of non-executive members of the council over executive members.




NETGAZETI.GE: “WHO WILL ACT AS NATIONAL BANK PRESIDENT – AMENDMENTS TO THE LAW”

February 9, 2023 - The Georgian Parliament approved in the 1^st reading amendments to the law “On the National Bank of Georgia” (NBG). The amendments aim to resolve the issue related to execution of duties of the NBG president in his absence.




BANKEBI DA FINANSEBI: “KOBAKHIDZE – MANAGEMENT OF THE SWISS BANK IS PLUNDERING, THE ULTIMATE GOAL IS THE SECOND FRONT, PROCEEDING FROM THIS, ROBBERY OF THE CENTURY CONTINUES”

February 9, 2023 - Irakli Kobakhidze, chairman of the ruling Georgian Dream, stated that Bidzina Ivanishvili (billionaire founder of the ruling party) “is demanded to return to politics in order to influence the authorities, and the ultimate goal is the second front” (in the war with Russia). “For that end, they ask him to return to politics, which Bidzina Ivanishvili does not do”, he emphasized.




FORBES GEORGIA: “IN THE DEMOCRACY RANKING, GEORGIA IS ON THE 90^TH POSITION”

February 8, 2023 - In Economist Intelligence Unit’s Democracy Index 2022, Georgia occupies 90^th position among 167 countries with 5.2 points (out of 10 possible). In 2021, Georgia was on the 91^st position with 5.12 points.




TABULA: “US: IN CASE OF RESTORATION OF FLIGHTS WITH RUSSIA, COMPANIES INVOLVED IN THE PROCESS WILL BE SANCTIONED”

February 6, 2023 - The US State Department indicated that “many Western countries, including the United States, prohibit entry of Russian aircrafts into their airspace”, Voice of America reports.

“We will be concerned, if flights resume between Russia and Georgia, given that companies at Georgian airports may become targets for sanctions”, the US State Department said.




NETGAZETI.GE: “THE EU CALLS ON GEORGIA TO JOIN SANCTIONS IMPOSED ON RUSSIA IN THE AVIATION SECTOR – STANO”

February 6, 2023 - Peter Stano, lead spokesperson for Foreign Affairs and Security Policy at the European Commission, indicates that because of Russia’s illegal aggression against Ukraine, the EU imposed sanctions on Russian aviation and banned flights to Russia.

“The EU calls on Georgia to join the sanctions imposed by the EU and other countries against Russia in the aviation sector”, Stano decalres.




BANKEBI DA FINANSEBI: “TANGO IS NOT REQUIRED, TALKS ABOUT A TWO-WAY DANCE ARE NEEDLESS – IF RUSSIA’S UNILATERAL SANCTION ON FLIGHTS IS LIFTED, IT SHOULD BE WELCOMED – KOBAKHIDZE”

February 6, 2023 - Irakli Kobakhidze, chairman of the ruling Georgian Dream, declared that if Russia lifts the unilateral sanction on air communication with Georgia, “we should welcome it, proceeding from interests of our citizens and compatriots”. There are 800,000 citizens of Georgia, Georgians living in Russia, he indicated.

energy, oil & gas

REZONANSI: “ALL REQUIREMENTS OF KHAISHI RESIDENTS WILL BE MET, AND THE COUNTRY WILL ADD “KHUDONHES””

February 8, 2023 - The Georgian government assures that the KhudonHES will be built in such a way that Khaishi and other villages of the mountainous Svaneti region will not be flooded.

For his part, power engineer Simon Baramidze notes that the old scheme (the project of hydroelectric power plant construction was not implemented because of the protests of the local population) envisaged flooding of the village with churches and cemeteries, while according to the new scheme, the hydroelectric dam will be located 6 km higher, above Khaishi, which will save settlements.




REZONANSI: “THEY ARE SEARCHING FOR A LARGE OIL AND GAS DEPOSIT IN GEORGIA”

February 7, 2023 - Georgian State Oil and Gas Agency reported that there is a high potential for oil and gas extraction in the village of Chaladidi of Khobi district in Samegrelo region. Start of seismic studies is planned for summer, said the Agency head Giorgi Tatishvili.




BANKEBI DA FINANSEBI: “LEKVINADZE – COST OF FUEL IMPORT AND OTHER PRICING FACTORS ARE DECREASED, BUT HIGH MARGINS REMAIN”

February 7, 2023 - Irakli Lekvinadze, head of Georgian National Competition Agency, said that pricing analysis was conducted throughout the whole 2022. Since last March, the process of fuel cost reduction has begun and, if compared with the peak period, price has decreased for all types of fuel by about 1.2 lari, he declared.

companies

BANKEBI DA FINANSEBI: “WITH SUPPORT OF “BASISBANK”, NEW HOTEL “DADIANI INN” WAS OPENED IN ZUGDIDI”

February 10, 2023 - Dadiani Inn hotel has been opened in the historical district of Zugdidi (Samegrelo region). Construction of a 30-room hotel was started in 2019.




FORBES GEORGIA: ““AXEL” – GEORGIAN NETWORK OF BUSINESS ANGELS”

February 9, 2023 - Axel, Georgian network of business angels, was created 1.5 years ago and currently unites over 75 investors. During this period, 8 deals with startups were accomplished and investments of $600,000 were made.




FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, A NEW “ONYX HOTEL” WAS OPENED IN TBILISI”

February 7, 2023 - A new 4-star Onyx Hotel was opened in Tbilisi. The 100-room hotel is located on 5,500 square m.




BATUMELEBI: ““ANAGI” WON THE 78M TENDER OF BATUMI CITY HALL”

February 6, 2023 - LLC Anagi won the 78.59 million lari tender, announced by Batumi City Hall, the newspaper reported. The company was the only bidder.

finances & banking

BANKEBI DA FINANSEBI: “SUSPICIOUS AMOUNTS FROM THE RUSSIAN FEDERATION – GEORGIAN BANKING ASSOCIATION WARNS CUSTOMERS”

February 8, 2023 - Georgian Banking Association indicated growth of number of cases, when in exchange for a certain amount, strangers offer individuals to transfer amounts to their personal accounts in Georgian banks, and then ask to withdraw the cash. These types of amounts are mainly credited from Russia.

construction

REZONANSI: “STANDARD OF SEISMIC STABILITY WILL BE TOUGHENED IN GEORGIA”

February 10, 2023 - From 2024, Georgian construction standard will include European codes, which, among other things, will increase seismic stability and safety of buildings, the newspaper says. The article notes that the country has adopted the current standard in 2010 and it is already outdated.