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Economic Press Monitor

July 17 - 23, 2022

Previous Issues:  Days: < 09 16 23 30 06 > 

 

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macroeconomics & budget

    REZONANSI: “IS LARI EXPECTED TO STRENGTHEN TO 2.50?”

    July 21, 2022 - After essential depreciation and instability because of Russia-Ukraine war, lari has been strengthening since April, the newspaper indicates. The official exchange rate in Georgia makes up 2.82 GEL/USD.


    TABULA: “CITY HALL: FROM AUGUST 1, WE WILL NOT ACCOMMODATE UKRAINIANS FOR FREE ANYMORE, WE WILL ISSUE FINANCIAL ASSISTANCE TO THEM”

    July 18, 2022 - Tbilisi City hall declared that the program on Ukrainian refugees’ accommodation will be canceled after August 1. The program was launched in March, after arrival of Ukrainian refugees, escaping Russia’s invasion of their country, to Georgia.


energy, oil & gas

    BANKEBI DA FINANSEBI: “WHEN WILL EXTRACTION OF GAS DISCOVERED IN GEORGIA BEGIN”

    July 18, 2022 - Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, declared that “according to the most pessimistic calculations”, gas extraction at the deposit, discovered recently near Tbilisi, will begin in 2024. As it was reported, this deposit contains confirmed gas reserves of 16 billion cubic m.


companies

    BANKEBI DA FINANSEBI: “WITH SUPPORT OF “TBC”, NEW ECO-FRIENDLY RESTAURANT OF “MCDONALDS” WAS OPENED IN TBILISI”

    July 22, 2022 - On July 21, McDonalds Georgia opened another restaurant in Tbilisi, on the Kakheti Highway. With the support of TBC Bank, up to 11 million lari has been invested in the project.


    NETGAZETI.GE: “ROMAN PIPIA SELLS “DINAMO TBILISI””

    July 22, 2022 - Football club Dinamo Tbilisi declared that its president Roman Pipia has made a decision regarding its selling.

    “I believe that in order to achieve the goals that Dinamo Tbilisi, its history and fans deserve, my personal financial resources are not enough to manage the club at this stage”, Pipia himself explained.


    BANKEBI DA FINANSEBI: ““TBILISI TRANSPORT COMPANY” COULDN’T COPE WITH LOSS FOR YEARS – THE COMPANY FINISHED 2021 WITH LOSS OF 173M”

    July 20, 2022 - LLC Tbilisi Transport Company (subordinated to Tbilisi City Hall, unites subway, buses and ropeways of the capital) is reporting losses for years, the newspaper notes.

    In 2021, despite increase of revenues by 26%, the company’s loss amounted to 172.8 million lari.


    FORBES GEORGIA: ““TBC” – LEADER IN FACTORING”

    July 19, 2022 - The article indicates that the first factoring transaction in Georgia was carried out with the technical support of Trade Facilitation Program (TFP) of EBRD. However, Russia’s invasion of Georgia and global financial crisis of 2008 had a negative impact, and factoring remained less popular product in the country until 2018.


international cooperation

    FORBES GEORGIA: “THE 3RD INTERNATIONAL SUMMIT OF ANGEL INVESTORS WAS HELD IN TBILISI”

    July 20, 2022 - On July 15-16, the international summit of angel investors was held in Tbilisi for the 3rd time already. To take part in the summit, representatives of the European Business Angels Network (EBAN), as well as investors from Greece, Slovenia, France and Estonia arrived in Georgia.


ecology & health

    REZONANSI: “MEDICINES SUPPLIED FROM TURKEY WILL STILL BE MUCH CHEAPER THAN IT WAS AT THE BEGINNING OF THE YEAR – DEPUTY HEALTHCARE MINISTER”

    July 21, 2022 - “We do not expect significant changes” in prices of medicines, supplied from Turkey, says Ilia Gudushauri, Georgia’s Deputy Minister of IDPs from Occupied Territories, Labor, Healthcare and Social Protection. “Medicines supplied from Turkey will still be much cheaper than it was at the beginning of the year”, when the local market was opened for Turkey, he assures.


    BANKEBI DA FINANSEBI: “FINE FOR DAMAGE OR UNAUTHORIZED CUTTING OF GREEN PLANTS, AS WELL AS FOR VIOLATION OF RULES OF CARE, WILL AMOUNT TO 5,000 LARI”

    July 21, 2022 - The Georgian Parliament has adopted a bill, which toughens penalties for damage or unauthorized cutting of green plants, as well as for violation of rules of care.

    In particular, in the first case of such violations, the fine will make up 5,000 lari instead of current 500 lari, while in the second case – 10,000 lari instead of 1,000 lari.


    BANKEBI DA FINANSEBI: “PAATA BAYRAKHTARI: LOW SALARIES OF NURSES IN GEORGIA ARE “MERIT” OF “EVEX””

    July 19, 2022 - Clinics, participating in the universal healthcare program in Georgia, demand revision of tariffs, which have been in force since 2013, taking into account current inflation and growth of utility payments.

    In particular, Ekaterine Kavtaradze, deputy director of Evex Hospitals, stated that old tariffs will not allow to ensure proper quality and development.


    REZONANSI: ““THE GOVERNMENT WILL DECLARE THAT THINGS LOOK BAD… I WARNED YOU” – WHY IS GIORGI PKHAKADZE LEAVING GEORGIA?”

    July 19, 2022 - Independent healthcare expert Giorgi Pkhakadze asserts that there is an outbreak of “Omicron BA.5” strain in Georgia. Approximately, by the end of the month, we will have unfavorable figures of infection in the country, he says.


finances & banking

    BANKEBI DA FINANSEBI: “TO PROMOTE TRANSPARENCY OF COOPERATION BETWEEN BANKS AND ELECTRONIC PLATFORMS, NEW REQUIREMENTS ARE BEING ESTABLISHED”

    July 18, 2022 - National Bank of Georgia (NBG) reported about development of additional requirements for banks, aiming promotion of transparency of cooperation between banks and electronic platforms in the country.

    In particular, NBG invites interested parties to consultations regarding drafted amendments to the regulation on management of conflict of interest.


agriculture & food

    BANKEBI DA FINANSEBI: “SILAGAVA – BREAD-BAKING PLANTS HAVE CERTAIN STOCK OF FLOUR AND NO SHORTAGE IS EXPECTED IN THE NEXT MONTHS – WINTER WILL BE MORE HARD”

    July 22, 2022 - Levan Silagava, executive director of Georgian Wheat and Flour Producers Association, says that Georgian bread-baking plants have a certain stock of flour now. Taking into account the forthcoming wheat harvest in Georgia, we can be easy in our mind during 2 months, as there will be both local wheat and flour, he points.


    REZONANSI: “FROM AUGUST, SUNFLOWER OIL WILL DECREASE IN PRICE – IMPORTERS HAVE ALREADY CONFIRMED THE CHANGES”

    July 20, 2022 - After a significant rise in price, sunflower oil will become cheaper soon, because of decrease of floating export duty in Russia, the newspaper reports.

    Importers say that in early August, the cost of sunflower oil will decrease by about 10%, the article specifies, noting that Russia is the main supplier of sunflower oil to Georgia.


    REZONANSI: “WHEAT PRICE DECREASE ON STOCK EXCHANGES DOES NOT CHANGE ANYTHING FOR US AT THIS STAGE – KETEVAN KUBLASHVILI”

    July 19, 2022 - Ketevan Kublashvili, director of Poti grain terminal, declares that in order to accelerate wheat import to Georgia, the government should timely make a decision on re-launch of grain mill plants.

    Otar Shamugia, Georgia’s Minister of Environmental Protection and Agriculture, indicated that negotiations with representatives of the sector regarding launch of mills will depend on recent decline of wheat price on world exchanges and new local wheat harvest.


tourism

    FORBES GEORGIA: “TOURISM IN ANALYTICS OF “SAKARTVELOS BANKI””

    July 22, 2022 - In his interview with the magazine, Tornike Kuprashvili, director of corporate banking services department at Sakartvelos Banki (Bank of Georgia), indicates that Georgia’s revenues from tourism in 2022 may fully recover to the level of 2019. This is conditioned by situation in the region, cancellation of COVID-19 regulations and demand for tourism, accumulated during the pandemic, he explains.


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Exchange Rates (NBG)
  08/12/22 + / -
  USD   2.7089   0.0073
  EUR   2.7880   0.0036
  RUR   4.4083   0.0426
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