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Economic Press Monitor

March 21 - 27, 2021

Previous Issues:  Days: < 13 20 27 03 10 > 

 

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economic & politics

    NETGAZETI.GE: ““I ASSURE YOU, THERE WILL BE NO CONDITIONS” – ZALKALIANI ON THE US FUNDING”

    March 25, 2021 - Georgia’s Foreign Minister David Zalkaliani excludes possibility of the US sanctions against Georgia, as well as establishment of preconditions for provision of financial assistance, Netgazeti.Ge reports.

    Several days ago, US Senator James Risch (R-ID) said that possibility of establishment of conditions for provision of the US assistance to Georgia is being considered.


    FORBES GEORGIA: “SITUATION OVERVIEW AND CONSIDERATIONS ON POSSIBLE DIRECTIONS FOR FUTURE DEVELOPMENT”

    March 24, 2021 - The article reviews situation in Georgia in connection with audit companies. It indicates that in 2020, companies that have the right to audit financial statements of entities of public interest have passed quality check by Georgian Service on Accounting, Reporting and Audit Supervision already for the second time.


    TABULA: “VENICE COMMISSION ON GNCC: WE CANNOT RECALL OTHER REGULATOR WITH SUCH POWERS IN EUROPE”

    March 24, 2021 - The Venice Commission (European Commission for Democracy through Law, an advisory body of the Council of Europe) estimates that amendments to the Law “On Electronic Communications”, adopted by Georgian Parliament in July 2020, have a negative impact on property rights, media freedom and fair justice, Tabula reports. The Commission released the assessment on March 20.


    NETGAZETI.GE: “RISCH: JUDICIARY AND MUCH OF POLITICAL LIFE IN GEORGIA ARE UNDER OLIGARCH INFLUENCE”

    March 24, 2021 - Commenting on the situation in Georgia, US Senator James Risch (R, ID) indicates that “in the past few years, we’ve watched the country suffer from democratic backsliding”. “And what’s going on now, of course, is increasing oligarch influence over the judiciary, media, and much of political life”, he states.


    TABULA: “HEALTHCARE: 200 CITIZENS, WHO RETURNED FROM EMIGRATION, WILL BE FINANCED BY 4,000 LARI EACH FOR REINTEGRATION”

    March 22, 2021 - Agency for IDPs, Ecomigrants and Living Source Provision has started acceptance of applications under the state program for reintegration of migrants, which will last until April 4, Tabula reports.

    Besarion Simonishvili, director of the Agency, said that up to 200 returned migrants will be funded.


macroeconomics & budget

    REZONANSI: “WHY DID DEPRECIATION OF LARI START SUDDENLY AND ARE THERE ANY GROUNDS FOR PANIC?”

    March 26, 2021 - Georgian national currency broke the record of 2021 – official exchange rate depreciated to 3.36 GEL/USD, while on January 1 it was 3.2766 GEL/USD. At the moment, commercial banks of the country sell the US dollar already at 3.385 lari.


    REZONANSI: “ECONOMY WILL NOT BE ABLE TO GET OUT OF RECESSION, INFLATION WILL DOUBLE, UNEMPLOYMENT WILL RISE BY MORE 8%”

    March 25, 2021 - Ekaterine Tikaradze, Georgia’s Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection, does not exclude imposition of new restrictions in Tbilisi and Imereti and Guria regions, where situation in terms of COVID-19 spread “goes in the direction of red zone”. The article brings comments of two economists – Ramaz Gerliani and Demur Giorkhelidze.


    REZONANSI: “EVERY FOURTH PERSON HAS LOST EITHER JOB OR BIG PART OF INCOME”

    March 25, 2021 - Survey of National Democratic Institute (NDI), conducted among 2,024 respondents in Georgia, shows that 43% confirm that they neither had job before the pandemic, nor have now.

    During the pandemic, 13% lost their jobs, while 12% did not lose their job, but their salaries/incomes decreased; 3% lost their jobs, but found other ones.


    REZONANSI: “BUSINESS IS FLAT: LARI RATE SHOULD REMAIN AT LEAST AT THIS LEVEL AND FOR A LONG TIME AT THIS”

    March 23, 2021 - Vano Mtvralashvili, head of Georgian Oil-Importers Union, notes that “For fuel business, exchange rate of lari against dollar plays essential role”. “This product is fully imported, the contracts are in the US dollars, while sales are in lari”, he explains.


    KVIRIS PALITRA: “KOBA GVENETADZE: “TODAY WE HAVE TWO SHOCKS SIMULTANEOUSLY…””

    March 22, 2021 - In an interview with the newspaper, president of National Bank of Georgia Koba Gvenetadze says that we have two shocks simultaneously today – demand and supply. Shock of demand is bigger than one of supply, he notes.


    FORBES GEORGIA: “WHY DOES STATISTICS LIE TO US?”

    March 22, 2021 - The article indicates that doubts towards Sakstat were expressed many times about accuracy of statistics on unemployment level, cost of living, migration, foreign direct investments, etc. Now, indicator of inflation has been added to these doubts, says author of the article (Roman Gotsiridze, former president of National Bank of Georgia (NBG)).


energy, oil & gas

    REZONANSI: “WHY SOME CITIZENS AND BAKERIES COULD NOT GET AN ELECTRICITY SUBSIDY?”

    March 23, 2021 - Georgian government announced that it will subsidize electricity tariff, increased from 2021, but some household consumers, as well as food producer companies, never received the subsidies, the newspaper says.

    The article indicates that TELASI (Tbilisi energy distributor) stated by its hotline that initially the bill will be drawn with increased tariff, while then the subsidized amount will be deducted, if the consumer has not spent more than 300 kWh per month.


companies

    BANKEBI DA FINANSEBI: ““TBC” HAS INVESTED OVER 70M LARI IN SUPPORT OF AGRICULTURAL STARTUPS”

    March 25, 2021 - TBC Bank reported that it has financed up to 250 agricultural startups, while total volume of investments has exceeded 70 million lari. The agricultural startups’ supporting program provides long grace period for repayment of principal sum, which maximal duration makes up 5 years.


transport & communications

    TABULA: ““NEQSOL”: DIGITAL SILK ROAD PROJECT WILL NOT HARM ANY COUNTRY IN THE REGION”

    March 26, 2021 - As part of the Digital Silk Road project, it was planned to use a fiber-optic cable of Caucasus Online to connect Europe and China, Tabula says. Now, the cables connecting Europe and China pass through Russia.


ecology & health

    FORBES GEORGIA: “REFORM OF HEALTHCARE SYSTEM IN GEORGIA – A NEED OR AN END IN ITSELF?”

    March 22, 2021 - The article says that uncontrolled growth of private clinics’ number in Georgia affected service quality, increased healthcare costs and inefficient spending. At that, the article indicates that opening of clinics in the country is not caused by the need for this.


finances & banking

    BANKEBI DA FINANSEBI: “ANOTHER MICROFINANCE ORGANIZATION LEAVES GEORGIAN MARKET”

    March 23, 2021 - National Bank of Georgia (NBG) cancelled registration of microfinance organization Cream Finance Georgia (crediton.ge).

    This microfinance organization appeared on Georgian market in 2014.


construction

    NETGAZETI.GE: “CITY HALL TO SPEND 6.5M ON ANTI-LANDSLIDE MEASURES”

    March 26, 2021 - Tbilisi City Hall plans to spend 6.5 million lari on landslide measures, Netgazeti.Ge reports. The measures should be completed in 150 days.


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Exchange Rates (NBG)
  04/13/21 + / -
  USD   3.4235   0.0003
  EUR   4.0709   0.0089
  RUR   4.4397   0.0063
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