Economic Press Monitor November 20 - 26, 2022	Days:  12 19 26 03 10

economic & politics

FORBES GEORGIA: “GEORGIA WENT DOWN BY 5 PLACES IN INTERNATIONAL PROPERTY RIGHTS INDEX”

November 25, 2022 - In its International Property Rights Index for 2022, American organization Property Rights Alliance placed Georgia on the 72^nd place among 129 countries with 4.67 points out of 10 possible, the magazine reports. In 2021, the country was on the 67^th place.




BANKEBI DA FINANSEBI: “SALE OF TOBACCO PRODUCTION WITHOUT STANDARDIZED PACKING MAY BE PROLONGED FOR TWO YEARS”

November 22, 2022 - The sale of tobacco products in Georgia without standardized packing may be prolonged until December 31, 2024.

Provision of the law “On Tobacco Control”, which allowed sale of tobacco products in standardized (i.e. non-branded) packing only, was supposed to enter in force on December 31 this year.




NETGAZETI.GE: ““RENT HAS INCREASED IN PRICE BY 120%” – PRICES FOR SALE AND RENT OF REAL ESTATE ARE RISING AGAIN”

November 22, 2022 - The latest data from TBC Capital and Colliers Georgia show that real estate prices in Tbilisi are growing again.

In particular, TBC Capital reported that in October this year, compared with October 2021, price of apartments’ rent increased by 120% and made up $11.2 per 1 square m.




TABULA: “EU: BEFORE ADOPTION OF DE-OLIGARCHIZATION LAW, REQUEST AND EXECUTE CONCLUSION OF THE VENICE COMMISSION”

November 22, 2022 - The EU representation calls on Georgia to apply to the Venice Commission in connection with the draft law on de-oligarchization and get an appropriate conclusion from it. The Georgian Parliament has already adopted the bill in second hearing.

macroeconomics & budget

REZONANSI: “LARI WILL CONTINUE TO STRENGTHEN IN 2023 TOO AND WILL LEAVE TODAY’S MARK BEHIND”

November 25, 2022 - “We do not expect any significant fluctuations, either depreciation, or strengthening [of lari rate] below the mark of 2.7 [GEL/USD]” in the next 4 months, says Nika Shengelia, vice president of the Center for International Researches and Forecasting.

“We really do not expect the depreciation of lari in the 1^st quarter of 2023, as a very excessive [volume of] currency has inflowed”, Shengelia points.




BATUMELEBI: “STARTING FEE FOR FERRIS WHEEL RENT AT AUCTION WILL MAKE UP 435,250 LARI – FOR 1 YEAR”

November 24, 2022 - The Ferris wheel, located in the seaside park of Batumi, with a land plot of 1,419 square m, will be put up for auction again. Batumi City Hall considers that annual fee for the rent should make up 435,250 lari.

energy, oil & gas

REZONANSI: “POPULATION WILL HAVE THE RIGHT TO CUT FIREWOOD IN FORESTS FOR ANOTHER 4 YEARS”

November 24, 2022 - In Georgia, the practice of so-called social logging will be discontinued from January 1, 2026. Instead, so-called business yards will be arranged, where the population will be able to purchase heating materials.




BANKEBI DA FINANSEBI: “GNERC AGREED INVESTMENTS OF 265M LARI, TO BE MADE FOR GAS SUPPLY IMPROVEMENT”

November 21, 2022 - In 2023-2027, Georgia’s gas distribution companies plan investments over 265 million lari. Investment plans of the companies were approved by Georgian National Energy and Water Supply Regulating Commission (GNERC).




BANKEBI DA FINANSEBI: “TECHNICAL DIRECTOR OF “ENGURHES” – WATER LEVEL IN “ENGURHES” RESERVOIR HAS DROPPED BELOW THE PROJECT MINIMUM, WINTER STOCK IS COMPLETELY EXHAUSTED”

November 21, 2022 - “Water level in the reservoir of EngurHES has dropped below the project minimum, the winter supply is completely exhausted”, says Gia Khubua, technical director of Georgia’s largest hydropower station. “The reason is a permanent increase in demand for electricity”, he points.

companies

FORBES GEORGIA: “WITH SUPPORT OF “TBC”, “CAMEX AIRLINES” WILL SERVE CONSUMERS WITH ITS OWN AIRLINER”

November 25, 2022 - Camex Airlines, a new air carrier in Georgia, is a startup project of the international company Camex International. With the support of TBC Bank, the air carrier will serve consumers with its own airliner Boeing 737-800, the article reports.

international cooperation

BANKEBI DA FINANSEBI: “GEORGIA’S FIRST PROFESSIONAL FINNISH TRAINING OF TRAINERS WAS HELD IN COOPERATION WITH GEORGIAN BUSINESS ASSOCIATION AND “OMNIA EDUCATION PARTNERS””

November 24, 2022 - Finnish Omnia Education Partners, in cooperation with the Georgian Business Association, held Georgia’s first training of trainers (TOT). The training was attended by 15 representatives of the Association member companies.

finances & banking

NETGAZETI.GE: “OVER HALF A MILLION PEOPLE ARE ON THE “BLACK LIST” BECAUSE OF LOAN DELINQUENCY”

November 25, 2022 - National Bank of Georgia reported that in October, there were 574,715 peoples, who have overdue loan payments, exceeding 1 month. If compared with October 2019, the number has increased by 79,095.

agriculture & food

REZONANSI: “WHEAT AND FLOUR WILL DECREASE IN PRICE FURTHER – NO PROBLEMS AWAIT US IN WINTER”

November 21, 2022 - Grain export from Ukraine has been extended for 4 months, affecting global trends, impact of which on Georgia is great, the article says.

Levan Silagava, head of Georgian Wheat and Flour Producers Association, indicates that “the trend on the Georgian market is positive”, and “prices went down”.