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Economic Press Monitor

March 5 - 11, 2017

Previous Issues:  Days: < 25 04 11 18 25 > 

 

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economic & politics

    TABULA: “VOLSKI ON BANKING SUPERVISION: NBG’S PRESIDENT HAD POLITICAL STATEMENTS”

    March 10, 2017 - While commenting issue of financial sector supervision, member of the Parliament majority Gia Volski says that in 2015, one of the reasons of separation of this function from the National Bank of Georgia (NBG) was that the president of NBG “had making quite political statements”. Change of banking supervision system “had poured cold water over the politically hot topic”, he states.


    TABULA: “KUTSNASHVILI ON BANKING SUPERVISION: WE, MPS ARE IN AN AWKWARD SITUATION”

    March 10, 2017 - The government plans to return that very model of financial sector supervision, which had been operating before separation of the supervision service from National Bank of Georgia (NBG) in 2015, Tabula says.

    As the article points, members of the Parliament majority should support restoration of the law, which cancellation they supported two years ago.


    FORBES GEORGIA: “VISA LIBERALIZATION – OPPORTUNITIES AND RISKS”

    March 9, 2017 - Free travel to the EU together with free trade will bring significant economic benefit to Georgia, the magazine points. Namely, the article indicates that “Small and middle-sized businessmen, who had to pass long and tiresome procedure for receiving visa (or their visa applications were even rejected), will be able to travel to European countries”.


    TABULA: “IVANISHVILI’S INFORMAL INFLUENCE MENTIONED IN THE US STATE DEPARTMENT’S REPORT”

    March 6, 2017 - The US State Department Report 2016 mentions strong informal influence of Bidzina Ivanishvili [billionaire ex-premier of Georgia] on the government and court, Tabula reports.

    The article points that Ivanishvili’s informal influence was also mentioned in the report of 2015.


macroeconomics & budget

    TABULA: “UNIVERSAL HEALTHCARE WILL BE DIFFERENTIATED FOR INDIVIDUALS WITH INCOME EXCEEDING 40,000 LARI”

    March 9, 2017 - Labor, Healthcare and Social Protection Minister David Sergeenko stated that universal healthcare program will apply differentially to those citizens, who have annual income exceeding 40,000 lari.

    “There are 32,000 such people.


conflict and court

    LIBERALI: “THE PRIME MINISTER: THIS IS LITIGATION BETWEEN TWO PRIVATE ENTITIES, CASE OF “RUSTAVI-2” IS EXAGGERATED”

    March 9, 2017 - Strasbourg Court left in force the decision on Rustavi-2 case and extended suspension of enforcement of the decision, made by the Supreme Court of Georgia.

    While commenting on the Strasbourg Court’s decision, Georgia’s Prime Minister Giorgi Kvirikashvili declared that the government has prepared response letter, which will be published soon.


    KVIRIS PALITRA: “BOOK OF DISCORD”

    March 6, 2017 - Publishers and Education Ministry could not agree on rule of schoolbooks’ approval, the newspaper reports.

    One of the first promises of current Education Minister was improvement of textbooks’ quality.


    TABULA: “LAWYERS OF “RUSTAVI-2” SUBMIT ADDITIONAL DOCUMENTATION TO STRASBURG”

    March 6, 2017 - Lawyers of Rustavi-2 broadcasting company will send additional documentation to Strasburg in order to extend mechanism of execution suspension, Tabula reports.

    “Besides, lawyers of the TV company will submit additional arguments to the European Court how important is to suspend execution of the decision of the Supreme Court of Georgia”, the article says.


companies

    REZONANSI: “SALARY ANARCHY AT “GEORGIAN RAILWAY””

    March 7, 2017 - Georgian Railway, which payroll amounts to about 145 million lari, spends 90 million lari for salaries of 10,000 employees, the newspaper reports. At that, more than 50 million lari is spent on salaries of 2,000 people, who hold the leading positions at the company.


transport & communications

    BANKEBI DA FINANSEBI: “RESTORATION OF THE RAILWAY VIA ABKHAZIA IS ECONOMICALLY UNPROFITABLE”

    March 10, 2017 - The economist Vakhtang Charaia points that “final effect has not been calculated” for the project of railway traffic restoration via Abkhazia. “Separate calculation of costs is prepared for the railway, according to which the project is unprofitable”, he notes.


    TABULA: “TRAVEL BY MINIBUS ON SHORT ROUTES IN TBILISI RAISED IN PRICE”

    March 9, 2017 - Tbilisi Micro-Bus company has declared that travel fee on short minibus routes will be equaled to the fee of municipal transport and make up 50 tetri instead of 40. Tariff on long routes, making up 80 tetri, will not be changed.


finances & banking

    BANKEBI DA FINANSEBI: “MONOPOLY OF “SAKARTVELOS BANKI” IN PUBLIC TRANSPORT COMES TO END”

    March 10, 2017 - Tbilisi Transport Company initiated start of new cash registers’ installation in the municipal buses.

    Deputy Mayor of Tbilisi Irakli Lekvinadze stated that from now, payment will be available through any banking cards as for resident citizens, as well as for tourists and foreign visitors (until now, travel fee was available to pay only by plastic cards of Sakartvelos Banki (Bank of Georgia) and Metromoney cards).


    BANKEBI DA FINANSEBI: “REQUIREMENT ON MINIMAL CAPITAL INCREASES FOR COMMERCIAL BANKS”

    March 7, 2017 - President of National Bank of Georgia Koba Gvenetadze declares that requirement for commercial banks’ minimum capital will be increased. Current requirement makes up 12 million lari, while it will be increased stage by stage to 50 million lari, he says.


    REZONANSI: “NOTHING CAN HELP LOAN CONVERSION PROGRAM”

    March 7, 2017 - Loan conversion program had to have 27,000 beneficiaries, however, as of the latest data, only 8.5% of this number applied to this offer.

    Expert Mikheil Tokmazishvili believes that currency changes, i.e. the recent strengthening of lari scared customers.


construction

    REZONANSI: “BUILDINGS IN TBILISI WILL BE CHECKED FOR RADIATION AND EARTHQUAKE!”

    March 7, 2017 - Within about 2-3 months, construction objects in Tbilisi will be checked, by initiative of Building without Falsification organization, for construction and ecological safety, the newspaper reports.

    Head of the organization Anzor Sakandelidze supposes that checking will display grave results as no norms and standards exist in the country.


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