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Economic Press Monitor

August 8 - 14, 2021

Previous Issues:  Days: < 31 07 14 04 11 > 

 

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economic & politics

    NETGAZETI.GE: “GEORGIA AND 5 COUNTRIES TO RECEIVE ADDITIONAL €35M FROM THE EU TO PROMOTE VACCINATION”

    August 11, 2021 - The European Commission announced allocation of additional 35 million EUR to the Eastern Partnership countries. Purpose of this assistance package is increase of vaccination availability, is said in the statement, published on the EC website.


    REZONANSI: “IN EXPECTATION OF MORE SEVERE SCENARIO – NEGATIVE FORECASTS AND THE SYSTEM ON THE VERGE OF COLLAPSE”

    August 11, 2021 - According to the latest data, Georgia is on the 1st place in the world in terms of daily growth of COVID-19 cases per 100,000 people, the newspaper reports. Over the past 7 days, there are 3,758 new cases on average in the country, i.e. 101 cases per 100,000 people.


macroeconomics & budget

    BANKEBI DA FINANSEBI: ““GEORGIA CAPITAL”: TOUGH MONETARY POLICY STRENGTHENS LARI AND REDUCES NEGATIVE EXPECTATIONS”

    August 13, 2021 - Georgia Capital estimates that tough monetary policy contributes to strengthening of lari and reduces negative expectations.

    The company considers that lari is the best actor in the region and current strengthening of the national currency indicates its potential of further strengthening.


    BANKEBI DA FINANSEBI: “THE GOVERNMENT WILL SCRAP KHATSVALI ROPEWAY AND BUILD NEW ONE ON ITS PLACE FOR 35M”

    August 12, 2021 - Georgian government will scrap the ropeway in Khatsvali (alpine resort in mountainous region Svaneti), which was opened in 2010. Based on results of the inspection, carried out this year, Georgian Construction Supervision Agency concluded that the ropeway does not meet safety standards.


    REZONANSI: “LOSSES, INFLICTED BY THE PANDEMIC TO FAMILIES IN GEORGIA, MAKE UP 1.3B LARI”

    August 10, 2021 - Statistician Soso Archvadze declares that losses, inflicted to Georgian families by COVID-19, “are easy to calculate”. First of all, more than 6,000 people have fallen victims to the virus, and the number of employed has decreased by 100,000, he points.


energy, oil & gas

    BANKEBI DA FINANSEBI: “YFBA: PRICES OF GEORGIAN OIL IMPORTERS MISMATCH THE INTERNATIONAL TREND”

    August 13, 2021 - In the released statement, Georgian Young Financiers and Businessmen Association (YFBA) says that prices on Georgian fuel market “do not reflect the situation on international exchanges and mismatch the economic parameters within the country”.

    In particular, global price of crude oil has increased over the past 3 months by 7.6%, but in the same period, Georgian national currency has strengthened against the US dollar by almost 11%, which “logically should had neutralized the global rise in oil prices and suspended the growth of fuel prices” in Georgia, YFBA indicates.


conflict and court

    FORBES GEORGIA: ““SAKPATENT” WON A LAWSUIT IN CHINA IN CONNECTION WITH “BORJOMI””

    August 13, 2021 - Sakpatent (Georgian Patent) reported that use of name by place of geographical origin Borjomi in China becomes impossible since August without permission of Georgian Ministry of Environmental Protection and Agriculture.

    As Georgian patent authority noted, the name of Georgian mineral water Borjomi was registered in China by Chinese company with unfair intentions.


    NETGAZETI.GE: “PUBLIC OFFICIAL TRANSFERRED BUDGET MONEY TO TOTALIZATOR AND TO PERSONAL ACCOUNT – PROSECUTOR’S OFFICE”

    August 12, 2021 - Georgian Prosecutor’s Office reported that the head of the Programs and Services Agency (legal entity of public law within structure of the Ministry of Finance and Branch Economy of Abkhazia), was sentenced to preliminary detention on August 9.

    The detainee was indicted according to several articles, including misappropriation of funds in a large volume, use of false official documents, legalization of illegal income, which envisage imprisonment for 9 to 12 years.


    BANKEBI DA FINANSEBI: “DEPUTY DIRECTOR OF “TBILSERVICE GROUP” DECLARES THAT SALARIES OF STRIKING EMPLOYEES WILL BE INCREASED AND WORKING CONDITIONS WILL BE IMPROVED”

    August 9, 2021 - David Pachulia, deputy director of Tbilisi municipal LLC Tbilservice Group, declares that salaries of striking workers of the garbage collection service will be increased and working conditions will be improved. At that, he does not exclude that the strike on August 6 was organized by “certain groups”.


    NETGAZETI.GE: “WHAT DO THE STRIKING CLEANING SERVICE WORKERS DEMAND – REPORTAGE”

    August 9, 2021 - On August 6, cleaning service workers of Tbilisi municipal LLC Tbilservice Group went on strike. They demanded return of the previous working schedule and a 50% salary increase.


companies

    BANKEBI DA FINANSEBI: “SOSO PKHAKADZE – “ALMA” WILL CONTINUE IMPLEMENTATION OF INNOVATIVE PROJECTS IN OUTDOOR ADVERTISING INDUSTRY”

    August 13, 2021 - LLC Alma, member of Wissol Group, won the tender and received the right to place outdoor advertisement in Tbilisi, for which it will pay about 34.8 million lari to the capital’s budget.

    Soso Pkhakadze, president of Wissol Group, said that various types of investment projects are planned to implement in Alma format.


    BANKEBI DA FINANSEBI: “UP TO 200 COMPANIES IN GEORGIA CREATED THEIR OWN ONLINE STORES”

    August 12, 2021 - With support of TBC Bank and VISA, up to 200 companies in Georgia have created their own online stores, the newspaper reports, referring to the bank.

    The article specifies that the project “Create Your Own Online Store” was launched a year ago, when imposed pandemic-caused restrictions prohibited businesses from selling off-line, so online trade became an alternative.


    FORBES GEORGIA: “MIKHEIL LOMTADZE OUTSTRIPPED IVANISHVILI BY $200M AND BECAME THE RICHEST GEORGIAN CITIZEN”

    August 10, 2021 - Forbes reported that Mikheil Lomtadze, head of Kazakh fintech company Kaspi, became the richest citizen of Georgia. The publication estimates his property at $5 billion.


    TABULA: “10,299,143 LARI WAS DRAWN ON “ADJARABET”, GEORGIA HAS ONE MORE MILLIONAIRE”

    August 10, 2021 - A record-high jackpot of EGT (slot provider) was drawn in casino Adjarabet, Tabula reports. The winnings amounted to up to 10.3 million lari.


    FORBES GEORGIA: “INEVITABLE PROCESS – ELECTRONIC SIGNATURE IN GEORGIA”

    August 9, 2021 - Survey, conducted by company Signify, showed that Georgian companies spend 5-10% of their resources on such procedures, as sorting of documents, scanning, waiting for a signature, storing and searching. In order to solve this problem, the company offered an electronic signature platform to the market.


transport & communications

    BANKEBI DA FINANSEBI: “ACCORDING TO SURVEY, ONLY 15.7% OF TOTAL NUMBER OF MINIBUSES AND BUSES WENT TO INSPECTION DURING A YEAR”

    August 9, 2021 - Georgian Automobile Inspection Centers Association declared that bus stations, where “with a high probability, no attention at all is paid to results of technical inspection”, grossly violate the current legislation.

    In particular, according to the survey, conducted by the Association, only 15.7% (8,521 units) of total number of minibuses and buses have showed up for inspection between June 1, 2020 and June 1, 2021.


international cooperation

    BANKEBI DA FINANSEBI: “IN THE EU, FREQUENCY OF INSPECTIONS OF HAZELNUTS EXPORTED FROM GEORGIA WILL REDUCE FROM 50% TO 20%”

    August 11, 2021 - Georgian National Food Agency reported that frequency of identification and physical inspections of hazelnuts, exported from Georgia to the EU, will decrease from 50% to 20%.

    The corresponding decision was made on July 9 by the permanent Committee on Plants, Animals, Food and Feed (PAFF) of the European Commission Directorate-General for Health and Food Safety (DG SANTE).


    REZONANSI: “TOTAL FIASCO: PROGRAM OF EMPLOYMENT IN GERMANY COMPLETELY FAILED!”

    August 10, 2021 - Initially, up to 500 Georgian citizens received the right of legal employment in Germany, but as almost 100,000 people expressed their desire to participate, the quota was increased to 5,000 people. However, seasonal employment program ended so that only 180 people did go to Germany, the newspaper reports.


finances & banking

    BANKEBI DA FINANSEBI: “IRAKLI RUKHADZE: “SAKARTVELOS BANKI” AND “TBC” CONTRIBUTED MUCH TO FLOURISHING OF ECONOMY”

    August 12, 2021 - Irakli Rukhadze, supervisory board chairman at Liberty Bank, explains high interest rates on loans in Georgia with the fact that the country is poor. Besides, high interest rates are caused by expectations, related to the national currency, and the law that was adopted in 2016-2017, in particular, the matter concerns the banking regulations, he indicates.


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Exchange Rates (NBG)
  09/15/21 + / -
  USD   3.1129   0.0012
  EUR   3.6822   0.0063
  RUR   4.2846   0.0157
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