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Economic Press Monitor

March 20 - 26, 2022

Previous Issues:  Days: < 12 19 26 02 09 > 

 

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economic & politics

    BANKEBI DA FINANSEBI: ““WE MUST START URGENTLY A RESTRUCTURING OF ECONOMY, AS LOSSES OF THE RUSSIAN MARKET ARE NOT ESTIMATED BY THE CURRENT YEAR’S INDICATORS ONLY””

    March 25, 2022 - “We must start urgently a restructuring of the economy, as losses of the Russian market are not estimated by the current year’s indicators only”, analyst Giorgi Tsutskiridze posted in social media.

    Tsutskiridze noted that because of sanctions, imposed by the West against Russia in response to its invasion of Ukraine, freight traffic from Asia and China to Europe via the Northern Corridor (i.e. via Russia) has been already interrupted actually.


    BANKEBI DA FINANSEBI: “GIORGI KAKAURIDZE: BECAUSE OF THE WAR IN UKRAINE, GEORGIA’S ECONOMY MAY MISS $1B”

    March 24, 2022 - Giorgi Kakauridze, Georgia’s Deputy Finance Minister, declared that “because of the pandemic shock, we are facing a sad reality”, while this year, “a regional shock has been added to this, which further aggravates our macroeconomic situation”.

    Because of the Russia-Ukraine war, “potentially, about $1 billion will not be received” by the Georgian economy, Kakauridze said on the air of Formula TV company.


    FORBES GEORGIA: “GEORGIAN BUSINESS IN SUPPORT OF UKRAINE”

    March 22, 2022 - In Georgia, many private initiatives were launched in support of the population of Ukraine, the magazine says. In particular, special charity accounts have been created, about 600 t of humanitarian cargo has been collected and sent to Ukraine, some companies provide services to citizens of Ukraine for free.


    BANKEBI DA FINANSEBI: “IN THE CONDITIONS OF UNIVERSAL BLOCKADE, DEMAND FROM RUSSIANS FOR HOLIDAYS IN GEORGIA WILL INCREASE, WHICH IS A CERTAIN CHALLENGE”

    March 22, 2022 - Bacho Jincharadze, analyst at Georgian Young Businessmen and Financiers Association, considers that “against the background of universal blockade of Russia, demand for holidays in Georgia from Russians will increase”. Demand from Belarusians is also expected, he notes.


    NETGAZETI.GE: “MIKHAILOV HOSPITAL BOUGHT BY A FORMER RUSSIAN OFFICIAL”

    March 21, 2022 - The building of St. Michael Hospital in Tbilisi (the so-called Mikhailov Clinic) was sold at the auction for 16.02 million lari by the National Agency of State Property. The matter concerns a land plot of 8,350 square m with a historical building on David Agmashenebeli Avenue.


    BANKEBI DA FINANSEBI: “ANOTHER EXPLANATION OF THE NATIONAL BANK IN CONNECTION WITH CARDS OF “MIR” PAYMENT SYSTEM”

    March 21, 2022 - National Bank of Georgia (NBG) declared that none of the banks or payment service providers, registered in Georgia, serves the Russian payment system Mir.

    Accordingly, NBG pointed, if organization, registered in Georgia, uses this system through service of a company with no registration in Georgia, the law will be violated, and it will be classified as illegal commercial activity.


    FORBES GEORGIA: “GEORGIA IN UPDATED PROPERTY RIGHTS RATING”

    March 21, 2022 - In its International Property Rights Index, which reflects the situation of the year 2021, the American Property Rights Alliance ranks Georgia 67th among 129 countries with 5.33 points, the magazine reports. In the previous rating Georgia ranked 73rd with 5.24 points.


macroeconomics & budget

    REZONANSI: “THERE WILL NOT A SINGLE SECTOR THAT NOT BE SWEPT BY A WAVE OF PRICE GROWTH SOON!”

    March 22, 2022 - Against the background of the Russia-Ukraine war, all products will rise in price, affecting inflation even stronger, the newspaper says. Sakstat reported that in February, annual inflation in Georgia made up 13.7% (against of target of 3%).


energy, oil & gas

    REZONANSI: “WHY GEORGIA DOES NOT STOP BUYING ELECTRICITY FROM RUSSIA? – “WHERE IT IS CHEAPER, WE BUY THERE””

    March 24, 2022 - Tbilisi Mayor Kakha Kaladze, who served for some time as Georgian Energy Minister, says that Georgia has several opportunities of electricity import – from Turkey, Armenia, Azerbaijan and Russia.

    “Whichever country offers cheap electricity, Georgia will get electricity from there”, Kaladze declared to journalists.


    NETGAZETI.GE: “FUEL PRICE HAS EXCEEDED 4 LARI – THE HISTORICAL MAXIMUM”

    March 23, 2022 - As of March 23, the fuel price at Georgian filling stations hits a historical maximum, Netgazeti.Ge reports.

    In particular, retail prices (for 1 liter) in 5 largest local chains are as follows: Super – within 3.89-4.12 lari, Premium – 3.85-3.96 lari, Regular – 3.73-3.8 lari, diesel – 3.97-4.13 lari.


conflict and court

    TABULA: ““FT”: “CREDIT SUISSE” LOST LAWSUIT TO IVANISHVILI, HE WILL BE PAID $500M”

    March 25, 2022 - Referring to Financial Times, Tabula reports that Credit Suisse Group AG has lost a lawsuit in Bermuda court to Georgia’s former prime minister, oligarch Bidzina Ivanishvili. The bank will have to pay Ivanishvili $500 million.


companies

    FORBES GEORGIA: ““RIKE PITCHERS” ARE SOLD – WHO IS THE NEW OWNER”

    March 25, 2022 - The complex of two buildings in shape of lying pitchers (so-called “Rike Pitchers”), located on Rike Square in the historical part of Tbilisi in the center, was sold at the auction announced for the 7th time.

    The object with a total area of 14,591 square m was acquired for 10.02 million lari by the company Global Victory Trust, registered in Luxembourg, the magazine reports.


    BANKEBI DA FINANSEBI: “EUROPEAN FUTURE OF RUSSIAN “INTER RAO”, WHICH IS SIGNIFICANTLY REPRESENTED IN GEORGIA, HAS BECOME HAZY”

    March 24, 2022 - “The European future of the Russian Inter RAO, which is significantly represented in Georgia, has become hazy”, says Bacho Jincharadze, analyst at Georgian Young Businessmen and Financiers Association.

    “The matter is that Igor Sechin, who has ties with the company, is subjected to Western sanctions”, Jincharadze explained on social media, noting however that so far, no decisive steps are taken against the company, but Lithuania already started its restriction.


transport & communications

    REZONANSI: “DRIVERS, AVOIDING TECHNICAL INSPECTION, WILL BE FINED EVERY 10 DAYS AND WILL BE FORCED TO PAY MORE!”

    March 23, 2022 - Georgian Parliament plans to initiate a bill that, as part of the technical inspection reform, envisages a growth in fines with simultaneous reduction in the interval between fines for avoidance of technical inspection, the newspaper reports.

    Currently, the fine makes up 50 lari, which must be paid within a month.


ecology & health

    FORBES GEORGIA: “IN 2021, NO COUNTRY MET THE WHO’S STANDARD FOR AIR QUALITY”

    March 23, 2022 - Referring to research of the Swedish tech company IQAir, the magazine reports that no country of the world met air quality standard of the World Health Organization (WHO) in 2021. The research recognized New Delhi (India) as the most polluted city in the world.


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