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Economic Press Monitor
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Economic Press Monitor

May 14 - 20, 2023

Previous Issues:  Days: < 06 13 20 27 03 > 

 

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economic & politics

    TABULA: ““RUSSIAN POST” CONSIDERS DIRECT AIR DELIVERIES TO GEORGIA – RUSSIAN MEDIA”

    May 18, 2023 - The Russian Post declared that after start of regular flights to Georgia, “we will promptly consider the possibility of direct air delivery of parcels to Georgia”. This was reported by Russian state agency RIA Novosti.


    TABULA: “THE STATE DEPARTMENT ON GEORGIA-RUSSIA FLIGHTS: WE WILL TAKE ADDITIONAL STEPS AS NEEDED”

    May 18, 2023 - Principal deputy speaker for the US State Department Vedant Patel pointed that “we have been very clear about our concerns” in connection with restoration of direct flights between Georgia and Russia. “So we will continue to monitor the situation closely and we’ll take additional steps, as needed”, he stressed.


    NETGAZETI.GE: “EU’S POSITION IN CONNECTION WITH RESTORATION OF DIRECT FLIGHTS BETWEEN RUSSIA AND GEORGIA”

    May 17, 2023 - The EU regrets Georgia’s decision to resume flights with Russia following Russia’s decision to lift the air travel ban last week, said Peter Stano, spokesman for the EU High Representative/Vice President of the European Commission Josep Borrell.

    Stano indicated that due to the illegal Russian war against Ukraine, the EU and a number of other countries have sanctioned Russian aviation, and do not allow flights from, to or over Russia.


    REZONANSI: “WHAT IS THE KREMLIN’S PLAN AFTER RESTORATION OF AIR COMMUNICATION AND CANCELLATION OF VISAS – IN RUSSIA, THEY STARTED TALKING ABOUT RESTORATION OF ABKHAZIAN RAILWAY”

    May 15, 2023 - In Russia, after cancellation of visas for Georgian citizens and restoration of air communication with Georgia, they have started talking already about restoration of the railway passing through Abkhazia.

    The Russian side names even a specific route – transportation of goods through China, Iran and Azerbaijan to Georgia, in particular, to Marneuli, and then shipping to Russia through Abkhazia.


macroeconomics & budget

    REZONANSI: “UNEXPECTED DEPRECIATION OF LARI WAS A ONE-TIME FACTOR, THE EXCHANGE RATE WILL REMAIN STRENGTHENED AGAIN”

    May 15, 2023 - The official exchange rate of lari has depreciated on May 10 by 4 tetri to 2.52 GEL/USD, while on May 11 – by another 2 tetri to 2.54 GEL/USD.

    Giorgi Kakauridze, Georgia’s First Deputy Finance Minister, says that it was “a certain fluctuation”, and “we think that the exchange rate will remain strengthened this year”.


energy, oil & gas

    REZONANSI: “PETROL HAS RISEN IN PRICE, AND THE PRICE MAY GO UP FURTHER”

    May 19, 2023 - Fuel, which price was below 2 lari, is gradually increasing in price already a month, the newspaper says. Today, 1 l of petrol on the wholesale market costs 2.10-2.12 lari, while diesel – 2.20-2.25 lari, the article reports.


conflict and court

    NETGAZETI.GE: “NEW LAW WILL AFFECT DISPUTES RELATED TO APARTMENT RENTING – BAG”

    May 15, 2023 - Business Association of Georgia (BAG) reported that National Bureau of Execution will offer citizens a new service for registering paid contracts. Georgian Justice Ministry is working on the relevant legislative initiative.


companies

    FORBES GEORGIA: “WITH ASSISTANCE OF “VELOX CAPITAL ADVISORS”, “WHITE SQUARE” PLACED A NEW FINANCIAL INSTRUMENT ON THE REAL ESTATE MARKET”

    May 19, 2023 - With the assistance of Velox Capital Advisors, the development company White Square placed a new financial instrument for $1 million.

    The raised funds will be used for construction of 80-apartment residential complex on Danelia Street in Tbilisi.


    FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, SNAIL FARM HAS BEEN ARRANGED ON 5 HA IN SIGNAGI”

    May 16, 2023 - The company Snail Garden has arranged a snail farm on 5 ha and collected its first harvest this year. The farm is located in the village of Erisimedi of Signagi municipality in Kakheti region.


    TABULA: “RUSSIAN AIRLINE “AZIMUTH”, WHICH WILL FLY TO GEORGIA, IS SANCTIONED BY UKRAINE”

    May 16, 2023 - Georgian Civil Aviation Agency reported that the Russian airline Azimuth, which is not on the EU blacklist, will make 7 flights a week between Moscow and Tbilisi, starting from May 17.

    At the same time, Azimuth airline is sanctioned by Ukraine, Tabula reports.


transport & communications

    TABULA: “GEORGIAN SECTION OF BAKU-TBILISI-KARS RAILWAY HAS BEEN TEMPORARILY CLOSED”

    May 17, 2023 - From May 15, the Georgian section of the Baku-Tbilisi-Kars railway has been shut down temporarily. Georgian Railway says that traffic is limited by the construction contractor (Georgian branch of Azerbaijan Railways).


    FORBES GEORGIA: “BY MEANS OF BLACK SEA INTERNET CABLE, THE EU WILL TRY TO REDUCE DEPENDENCE ON RUSSIA”

    May 16, 2023 - Referring to the Financial Times, the magazine reports that the EU plans to implement project of the Black Sea underwater internet cable in order to reduce dependence on Russia and improve communication with Georgia.

    The project will cost 45 million EUR.


international cooperation

    NETGAZETI.GE: “NEGOTIATIONS ARE UNDERWAY WITH EU COUNTRIES ON LEGAL EMPLOYMENT – AZARASHVILI”

    May 19, 2023 - Zurab Azarashvili, Georgia’s Minister of IDPs from Occupied Territories, Labor, Healthcare and Social Protection, declared that negotiations on temporary legal employment of Georgian citizens are being held with several EU countries.

    Among these countries are Austria, Croatia, Cyprus, Czech Republic, Hungary, Ireland, Portugal, Slovenia and Spain.


finances & banking

    REZONANSI: “SWINDLERS BECAME MORE ACTIVE, AND NUMBER OF VICTIMS HAS INCREASED”

    May 18, 2023 - The newspaper reports that in the 1st quarter, there were 257 facts of computer crimes registered in Georgia, 42.41% of which were solved. During the same period last year, 245 cases were registered, 34.29% were solved.


agriculture & food

    REZONANSI: “HARVEST THIS YEAR HAS GOOD PROSPECTS, SOWN AREA HAS INCREASED AND PRICES ARE RELATIVELY STABLE”

    May 19, 2023 - Nikoloz Beniaidze, head of Georgian Grain Producers Association, says that following request of the government, a lot of wheat has been sown in the country. Last year, the wheat harvest totaled to 130,000 t, and we will get about that much this year, he points.


    REZONANSI: “PRICE OF SUGAR IS AT A 12-YEAR PEAK – WHETHER THE PRODUCT WILL RISE IN PRICE IN GEORGIA”

    May 18, 2023 - Alkhan Alizade, head of Georgian sugar factory Agara, said that trend of rising sugar prices on the world market has not affected the Georgian market yet. “We are keeping the price for now, the opportunity for this is provided by the existing stock”, he indicated.


    BANKEBI DA FINANSEBI: “SHALVA KERESELIDZE TO THE GOVERNMENT – PROTECT LOCAL WHEAT FARMERS FROM ECONOMIC EXPANSION”

    May 17, 2023 - Shalva Kereselidze, member of the parliamentary political group For Georgia (team of the former prime minister Giorgi Gakharia), believes that the protest of Kakhetian farmers in connection with wheat price was justified.

    “The problem is that Georgian wheat farmers are unable to sell their production for more than 40 tetri, while their average prime cost makes up 60 tetri”, Kereselidze says.


construction

    REZONANSI: “DEMAND HAS DECREASED SIGNIFICANTLY, RENT PRICE HAS DECREASED, AND COST OF APARTMENTS FOR SALE WILL CHANGE SOON TOO”

    May 17, 2023 - Currently, there is no sharp demand on the Georgian real estate market, and prices though remaining high, have slightly decreased compared to last year, the newspaper says.

    Data provided in the article indicate that there were 2,537 transactions on residential apartments in Tbilisi in April, decreasing in number by 27% year-on-year.


tourism

    BANKEBI DA FINANSEBI: “WE EXPECT AN EFFECT OF $300-400M IN TERMS OF TOURISM, WHICH COULD BE CALLED THE “EFFECT OF FLIGHTS” – DAVITASHVILI”

    May 16, 2023 - Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, said that the refusal of implementation of direct flights between Russia and Georgia would be non-pragmatic.

    “We expect an effect of about $300-400 million in terms of tourism, which could be called the “flight effect”, the Minister pointed out.


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