Economic Press Monitor October 9 - 15, 2022	Days:  01 08 15 22 29

economic & politics

REZONANSI: “GEORGIAN BUSINESS BEGINS EMPLOYMENT OF RUSSIAN-SPEAKING MIGRANTS?”

October 12, 2022 - Because of the shortage of labor force, Georgian business begins to employ Russians, Ukrainians and Belarusians who have arrived in Georgia, the newspaper says.

The article brings example of Georgian manufacturer of children’s clothing Nikoli.




BANKEBI DA FINANSEBI: “DAVITASHVILI – IT IS VERY IMPORTANT THAT WE RAISE THE STANDARD OF LIVING IN SUCH A WAY THAT THE WELL-BEING OF POPULATION IN THIS COUNTRY GROWS”

October 11, 2022 - Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, declared that it is very important to increase the well-being of the population, which could be achieved only by growth of salaries. In turn, salaries and incomes in our country will grow, if we maintain high economic growth, the Minister told journalists.




REZONANSI: “IRAKLI KOBAKHIDZE ON “CREDIT SUISSE”: BIDZINA IVANISHVILI HAS OPENLY TOLD THE PUBLIC THAT THERE IS BARGAINING UNDERWAY WITH HIM, DIRECT OFFERING TO RETURN $2B IN EXCHANGE FOR CERTAIN STEPS”

October 10, 2022 - Irakli Kobakhidze, chairman of the ruling Georgian Dream, declared that the relationship between Credit Suisse and Bidzina Ivanishvili (billionaire founder of the Georgian Dream) has assumed an “openly political load”. “Ivanishvili has openly told the public that there is bargaining underway with him, direct offering to return this $2 billion in exchange for certain steps”, he said.

macroeconomics & budget

BANKEBI DA FINANSEBI: “UP TO 33M LARI WAS SPENT ON VAKE PARK RESTORATION PROJECT”

October 13, 2022 - Andria Basilaia, Deputy Mayor of Tbilisi, announced that the project of the Vake Park restoration will cost up to 33 million lari.

Infrastructure works will be completed around March next year, Basilaia told journalists.




REZONANSI: “RUSSIAN MIGRANTS ARE LEAVING THE COUNTRY AND THIS PROCESS WILL ACCELERATE IN 2023”

October 13, 2022 - A study conducted by TBC Capital showed that 30% of migrants, who arrived in Georgia after the outbreak of the Russia-Ukraine war, will leave the country in 2023. So far, 75% of these migrants have settled in Tbilisi.




REZONANSI: “IN TERMS OF AVERAGE SALARY, GEORGIA LAGS BEHIND ONLY RUSSIA IN THE REGION”

October 13, 2022 - Referring to Sakstat, the newspaper reports that in the 2^nd quarter, the average monthly salary in Georgia made up 1,541 lari, or $550 at the current exchange rate.

Among Georgia’s neighbors, the highest salary in the region is in Russia, which makes up 62,200 rubles monthly, or $998 (data of July).




BANKEBI DA FINANSEBI: “WITHIN ACCELERATED PRIVATIZATION OF STATE PROPERTY, OBJECTS ARE SOLD AT A DISCOUNT”

October 11, 2022 - Within the framework of the state program “100 Investment Offers for Business”, 155 objects have been brought to electronic auctions in Georgia. Auctions will expire on October 19.




BANKEBI DA FINANSEBI: “KOBA GVENETADZE: THERE ARE ALL PREREQUISITES FOR INFLATION TO START DECREASING IN FEBRUARY”

October 10, 2022 - “There are all prerequisites for inflation to start decreasing in February of the next year, if other things remain equal”, said Koba Gvenetadze, president of National Bank of Georgia.

Gvenetadze explained that “international commodity price indices are declining, though this is reflected in Georgia partially”, but “will be definitely reflected” in future.

energy, oil & gas

REZONANSI: “IN EUROPE, GAS AND ELECTRICITY TARIFFS ARE 5-6 TIMES HIGHER THAN IN GEORGIA”

October 10, 2022 - David Narmania, chairman of Georgian National Energy and Water Supply Regulating Commission, stated that “the temporary electricity tariffs that we had planned will remain the same until opening of the market” (i.e. until launch of the energy exchange).

“In parallel, scheduled setting of new tariffs in the natural gas sector approaches in December, but taking into account existing currency exchange rate and other factors, we do not expect any increase in the tariff”, Narmania said.

companies

NETGAZETI.GE: ““CREDO BANK” HAS OPENED A NEW BRANCH SPECIALLY FOR FOREIGNERS”

October 12, 2022 - Credo Bank has opened a new branch on Chavchavadze Avenue in Tbilisi, aimed at citizens of foreign countries.

In particular, the branch will provide basic services only to foreigners and holders of the Credo Rcheuli card (VIP service of the bank).




FORBES GEORGIA: ““GEORGIA REAL ESTATE” SUCCESSFULLY PLACED BONDS WORTH $35M WITH THE HELP OF “GALT&TAGGART” AND “TBC CAPITAL””

October 11, 2022 - Georgia Real Estate (owner of the development company m²) has placed 2-year bonds of $35 million. The annual fixed yield rate on the bonds makes up 8.5%.

transport & communications

NETGAZETI.GE: “IT IS VERY GOOD TIME TO ANNOUNCE A NEW TENDER FOR ANAKLIA PORT CONSTRUCTION – KAKAURIDZE”

October 13, 2022 - Giorgi Kakauridze, Georgia’s Deputy Finance Minister, notes upon construction of the Anaklia deep-water port, “one of the components, why the previous investor failed to attract the appropriate finances, was the demand of the state guarantee in case of lack of cargo”.

“Today, the situation in terms of transportations has completely changed, they have significantly grown”, Kakauridze points, stating: “Exactly because of this, it is a very good time” for a new tender to be announced for construction of the port.

agriculture & food

BANKEBI DA FINANSEBI: “GIORGI KHANISHVILI: STEP BY STEP, WINE SECTOR WILL GET AWAY FROM NEED OF SUBSIDIES”

October 12, 2022 - Giorgi Khanishvili, Georgia’s Deputy Minister of Environmental Protection and Agriculture, declared that rtveli (grape harvest) is actually at the final stage and is being accomplished successfully. “If compared with previous years, a subsidy volume we needed was by 40-50 million lari less”, he said.