Economic Press Monitor February 19 - 25, 2023	Days:  11 18 25 04 11

economic & politics

BANKEBI DA FINANSEBI: “PRICE REDUCTION WILL AFFECT ALL FOOD PRODUCTS AND ESSENTIALS – LEVAN DAVITASHVILI”

February 24, 2023 - “Chains already started discount promotions, as well as we already saw a trend of price reduction in retail chains”, declares Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, while commenting on food prices in the country.

The Minister stated this on the air of TV company Rustavi-2 and assured that price reduction will affect all food products and essentials.




FORBES GEORGIA: “SALOME ZURABISHVILI VETOED THE LAW ON NATIONAL BANK”

February 24, 2023 - Georgia’s President Salome Zurabishvili vetoed amendments to the law “On National Bank of Georgia”, says the statement posted on the website of the Georgian President’s Administration.

It should be noted that the amendments were criticized also by the IMF.




REZONANSI: “FOREIGNERS ARE QUICKLY BUYING UP REAL ESTATE IN GEORGIA”

February 22, 2023 - After the outbreak of Russia-Ukraine war, foreigners intensified purchases of apartments in Georgia, the newspaper points. Batumi is of particular interest to foreigners, being followed by Tbilisi, the article notes.

macroeconomics & budget

BANKEBI DA FINANSEBI: “TBILISI BUDGET FOR 2023 HAS INCREASED BY 143M LARI”

February 22, 2023 - Tbilisi Sakrebulo (city council) declared that the capital’s budget for 2023 has increased by 143 million lari and makes up now 1.78 billion lari.

Projects are expanded such as streamlining of transport infrastructure, subsidizing of urban passenger transport, landscaping, cleaning, healthcare and social projects.




REZONANSI: “LARI IS AT THE FIRMEST MARK IN 4 YEARS, IT COULD NOT BE EXCLUDED THAT THE EXCHANGE RATE WILL PASS BELOW 2.60”

February 22, 2023 - Lari is at the firmest mark for the last 4 years, the newspaper says. Now, the exchange rate makes up 2.6365 GEL/USD.




BATUMELEBI: “GOVERNMENT SELLS LAND IN KOBULETI PINE FOREST AT A DISCOUNT – AUCTION WITH CONDITIONS”

February 20, 2023 - Ajara Ministry of Finance and Economy brought land plot of 11,235 square m on auction with 20% discount. The plot is located in the coastal zone of Kobuleti.

energy, oil & gas

BANKEBI DA FINANSEBI: ““BY THE END OF THIS WEEK, FUEL WILL DECREASE IN PRICE BY ANOTHER 10 TETRI – WE EXPECT THAT THE PRICE WILL APPROACH 2 LARI””

February 21, 2023 - “We expect the price of fuel to decrease by another 10 tetri by the end of this week”, said Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development. A lot depends on international prices, but the downward trend should continue, he told journalists, indicating that the government expects that “the price will approach 2 lari” per liter.




REZONANSI: “FUEL QUALITY IN GEORGIA IS HIGH, SUPPLIES ARE STABLE, WHILE PRICE WILL DECREASE EVEN MORE”

February 21, 2023 - Vakhtang Iobashvili, chairman of Georgian Oil-Products Importers Union, indicates that import of fuel from Russia to Georgia has increased significantly, ultimately affecting prices. This is especially evident in respect to Regular type of fuel, which decreased in price most of all in recent period, he notes, assuming that price of this type of fuel will decrease further.




BANKEBI DA FINANSEBI: “TRANSPORTATION VIA BAKU-SUPSA PIPELINE HAS BEEN RESUMED – OIL IS BEING SENT TO WORLD MARKETS”

February 20, 2023 - Transportation via the Baku-Supsa oil pipeline has been resumed, BP-Azerbaijan reported (BP is operator of the pipeline).

Oil transportation via the Baku-Supsa pipeline was suspended in March 2022, and was resumed in April after repairs, but was suspended then again.

conflict and court

NETGAZETI.GE: “WHAT EMPLOYED IN “SAIRME” DEMAND – THE 11^TH DAY OF THE STRIKE”

February 24, 2023 - Employees of Sairme Mineral Waters (producer of Georgian mineral water Sairme) have been on strike for the 11^th day. Along with other issues, the strikers demand 30% salary increase and indexation of wages.




TABULA: “MISSED VIDEOS AND BIASED INVESTIGATION – LAWYERS OF “GREENSERVICE” ABOUT THE FOUNTAIN CASE”

February 20, 2023 - Lawyers of employees of the company GreenService claim that investigation of the case of the fountain incident in Tbilisi’s Vake Park, which led to the death of a teenage girl on October 13, 2022, is biased.

Archil Chopikashvili, a lawyer for one of the company’s employees Lasha Purtskhvanidze, said that “the day before the tragedy, on October 12, and in the previous period, there was no leakage of current from the electrical wires in the fountain”.

companies

FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, MULTIFUNCTIONAL COMPLEX WILL BE BUILT IN DIDI DIGOMI”

February 23, 2023 - GMS Group is building a multifunctional complex in Tbilisi, in Didi Digomi district. Cost of the project makes up $3.5 million, of which Sakartvelos Banki (Bank of Georgia) allocated $2.5 million.




FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, APPLE ORCHARDS ARE PLANTED ON 22 HA IN GORI”

February 22, 2023 - Company Agriorchards has planted apple orchards on 22 ha in the village of Zerti of Gori municipality. Cost of the project makes up 7 million lari, of which Sakartvelos Banki (Bank of Georgia) allocated 5.3 million lari.




FORBES GEORGIA: “RATING OF GEORGIA’S LARGEST IMPORTER COMPANIES”

February 21, 2023 - Among 20 largest importers of Georgia, there are companies engaged in import of oil-products, cars, pharmaceuticals, electrical appliances and food.

In particular, the oil importers are Wissol Petroleum Georgia, LUKOil Georgia, RomPetrol Georgia, SOCAR Georgia Petroleum, Sun Petroleum Georgia, Petrocas Fuel Services Georgia.

transport & communications

REZONANSI: “REGULATION OF BUS STATIONS WILL BE FOLLOWED BY EVEN GREATER RISE IN PRICE”

February 23, 2023 - The Georgian Parliament plans to work during the spring session on introduction of new conditions for certification of bus stations and issuance of permits for passenger transportation operators.

Today, bus stations are really not in good order, the article says, though notes that introduction of new conditions will lead to even greater rise of already high fare.

ecology & health

TABULA: “HEALTHCARE: SOME COMPANIES ARTIFICIALLY RAISED PRICES OF MEDICINES BROUGHT FROM TURKEY”

February 23, 2023 - Georgian Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection declared that after introduction of reference prices for medicines in the country (on February 15), some companies “artificially raised prices” for medicines imported from Turkey. As a result, the companies equalized the prices of medicines imported from Turkey with the prices of those supplied from Europe, the Ministry pointed.

agriculture & food

REZONANSI: “FOOD PRICES IN GEORGIA ARE RISING FASTEST ACROSS ENTIRE REGION”

February 23, 2023 - Against the background of significant strengthening of lari, food inflation in Georgia as of January made up 15%. Whereas in Armenia, where production mainly enters through Georgia, food inflation makes up 9.4%, the article indicates.




REZONANSI: “IMPORTERS AND RETAIL CHAINS HAVE AGREED TO CUT PRICES OF PRODUCTS”

February 21, 2023 - “Our population has to buy staples with almost a 100% surcharge”, Georgia’s Prime Minister Irakli Garibashvili indicates, declaring that cheapening of products should begin in stores.

Iva Chkonia, head of Georgian Business Association of Distributors, says that “prices are really high”, and “this reality was caused by increased demand”.




BANKEBI DA FINANSEBI: “FEBRUARY 27 IS DECLARED NATIONAL KHACHAPURI DAY”

February 20, 2023 - On the initiative of Georgian Gastronomy Association, February 27 was declared the National Day of Khachapuri (traditional cheese pie).

Research, conducted by the Association, established that there are 47 types of khachapuri in Georgia.