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Economic Press Monitor

July 21 - 27, 2019

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

 

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economic & politics

    NETGAZETI.GE: “KHAZARADZE’S CASE – MONEY LAUNDERING OR POLITICAL REPRESSION”

    July 26, 2019 - Georgian Prosecutor’s Office brought in indictment against founders of Georgia’s largest TBC Bank Mamuka Khazaradze and Badri Japaridze, accusing them of money laundering, allegedly committed in 2008.

    Zviad Kordzadze, the lawyer of defendants, declares that accusations of the Prosecutor’s Office do not coincide with content of the charge.


    BANKEBI DA FINANSEBI: “TURNAVA – STABILIZATION OF POLITICAL PROCESSES WILL ASSIST US IN STABILIZATION OF LARI EXCHANGE RATE”

    July 25, 2019 - Georgia’s Minister of Economy and Sustainable Development Natia Turnava assures that in the country, “economic environment is still healthy”. “Stabilization of political processes will assist us in that lari exchange rate was stabilized, as soon as possible”, she declared to journalists.


macroeconomics & budget

    FORBES GEORGIA: “STATE AGENCIES, WHICH SPEND MOST OF ALL MONEY FOR DISTRIBUTION OF INFORMATION”

    July 26, 2019 - From January 1 to May 1, 38 Georgian state agencies signed contracts on information distribution, totaling to 772,346 lari, the magazine reports.

    The article specifies that the spent sum is distributed almost equally between online editions and TV companies.


    TABULA: “ALONG WITH DEVALUATION OF LARI, COST OF SUM, MOBILIZED IN THE PENSION AGENCY, ALSO DECREASES”

    July 24, 2019 - Levan Surguladze, director of Georgian Pension Agency, declared that the Agency has mobilized 285 million lari.

    Tabula notes that by today’s exchange rate (2.88 GEL/USD), this sum is equivalent to $98.96 million, while by the rate of January 1 (2.67 GEL/USD), it would be equivalent to $106.74 million.


    FORBES GEORGIA: ““RENCAP” FORECASTS STRENGTHENING OF LARI ON THE MARK OF 2.75”

    July 23, 2019 - In a review of Georgian economic, Russian investment group Renaissance Capital (Rencap) forecasts strengthening of lari on the mark of 2.75 GEL/USD until end of the current year, the reports magazine.

    “Sharp devaluation of lari is connected, on the one hand, with filling of reserves by National Bank, while on the other hand, with unstable political situation”, the company declares and adds: “We consider that these factors are already exhausted”.


    FORBES GEORGIA: “GEORGIA, ARMENIA, AZERBAIJAN – IN WHICH COUNTRY OF THE REGION IS THE HIGHEST ECONOMIC GROWTH”

    July 23, 2019 - Sakstat estimates that average real GDP growth for the first 5 months of this year made up 4.9%.

    In 5 months, economy of Azerbaijan increased by 2.2%, of Belarus – by 1%.


energy, oil & gas

    BANKEBI DA FINANSEBI: “WHEN YOU DO NOT GENERATE ELECTRIC POWER, WHEN IMPORT GROWS QUICKLY, THAT CAN CAUSE GROWTH OF TARIFF”

    July 24, 2019 - Roman Kakulia, member of majority in Georgian Parliament and chairman of Committee on Branch Economy and Economic Policy, declares that growth of electricity tariff “is not excluded in future”.

    As Kakulia explains, when in the country “electricity consumption grows with very high pace, when you cannot generate electric power, when import grows very quickly and you become dependent on it, it can cause growth” of the tariff.


conflict and court

    KVIRIS PALITRA: “IRAKLI OKRUASHVILI DEMANDS $7M AND SHARE IN “RUSTAVI-2” WITH FORGED CONTRACT”

    July 22, 2019 - Paata Salia, recently appointed director general of Rustavi-2 TV company, points that Georgian court recognized Kibar Khalvashi as lawful owner of TV company and “it was confirmed by Strasbourg Court as well”.

    Whereas, Irakli Okruashvili (the defense minister under ruling of United National Movement) “demands $7 million and share in Rustavi-2 with forged contract”, Salia declared to the newspaper.


    TABULA: “OKRUASHVILI: “R2” WAS ON SALE ALL THE SAME, WE CAUGHT THE DEAL AND OFFERED GOOD TERMS”

    July 22, 2019 - Irakli Okruashvili, the defense minister under ruling of United National Movement, declared that Kibar Khalvashi (to whom Georgian Supreme Court adjudged Rustavi-2 TV company) was unable to acquire TV company, “if there was no certain back behind him”. “I was this back, this back was that political team, which I represented”, he claims.


companies

    FORBES GEORGIA: ““EURONEWS” ENTERS GEORGIA”

    July 26, 2019 - European information channel Euronews enters Georgia, the magazine reports. On July 25, representatives of the channel signed with local communication operator SilkNet an agreement on creation of Euronews Georgia.


    TABULA: “DURING THE LAST TWO DAYS, LOSSES OF GEORGIAN COMPANIES ON LONDON EXCHANGE EXCEED 660M LARI”

    July 26, 2019 - Losses of 4 Georgian companies, which shares are placed on London Stock Exchange, total for the last 2 days to 186 million GBP that exceeds 660 million lari, Tabula reports. The article indicates that TBC suffered most of all.


    TABULA: “KHAZARADZE: SHAREHOLDERS OF THE BANK SUFFERED LOSSES OF $130M TODAY”

    July 25, 2019 - Georgian Main Prosecutor’s Office officially charged founders of the country’s largest TBC Bank, Mamuka Khazaradze and Badri Japaridze, on legalization of illegal income (allegedly, committed in 2008 on the sum of $16.66 million).

    As Khazaradze declared, the briefing in Prosecutor’s Office, “in line with the Soviet traditions, already for the third time for the last 6 months, brought heavy results for the price of TBC Bank’s share”, the same way as in January-February.


transport & communications

    BANKEBI DA FINANSEBI: “BITADZE – PAYMENT SYSTEM IN PUBLIC TRANSPORT CHANGES – THE TARIFF WILL CORRESPOND TO THAT TICKET, WHICH WILL BE CHOSEN BY THE PASSENGER”

    July 25, 2019 - Tbilisi Vice-Mayor Maya Bitadze declares that no change of public transport fares is considered. “Moreover, the state will continue subsidizing of transport system, the same way as today”, she assures.


    NETGAZETI.GE: “THE GOVERNMENT WILL FINANCE FLIGHTS FROM RUSSIA WITH THE SUM OF UP TO 600,000 EUR”

    July 25, 2019 - Georgian government will finance flights between Georgia and Russia through Yerevan with the sum of up to 600,000 EUR, Netgazeti.Ge reports. Respective resolution of the government is issued on July 24.


    FORBES GEORGIA: “FIRST CARGO TRIP FROM TURKEY TO GEORGIA IS CONDUCTED BY NEW TRAIN”

    July 24, 2019 - The first cargo trip from logistic center, located at Turkey’s Erzurum, to Georgia is performed by the new railway line, the magazine reports.

    It was the first test shipping of several thousand tons of freights from Turkey to Georgia by Baku-Tbilisi-Kars railway.


ecology & health

    FORBES GEORGIA: “TBILISI RECEIVED 15M EUR FROM EBRD”

    July 24, 2019 - Within the “green city” action plan, EBRD allocated 15 million EUR to Tbilisi, the magazine reports. The funds will be transferred to the Solid Waste Management Company.


finances & banking

    FORBES GEORGIA: “ON GEORGIAN CREDIT MARKET, APPEAL OF EURO GROWS”

    July 22, 2019 - Through several past years, interest rates on credits, issued in euro, decreased in Georgia faster than on ones, issued in the US dollar, the article indicates.

    As of May, average interest rate on credits, issued in euro, made up 6.32%, while on ones, issued in the US dollars – 8.78%.


    FORBES GEORGIA: “RESULT OF REGULATIONS – CREDITS UP TO 5,000 LARI DECREASE”

    July 22, 2019 - The system of responsible crediting, enacted this year, affected most of all the market of microcredits (up to 5,000 lari in volume), the article indicates.

    In this segment, according to data of 5 months of the year, credits of 2.42 billion lari were issued that is by 5.2% less than for the same period of previous year.


tourism

    TABULA: “AFTER BAN ON FLIGHTS, NUMBER OF VISITORS FROM RUSSIA DECREASED BY 21.4%”

    July 23, 2019 - After ban on flights from Russia to Georgia (effective since July 8), number of visitors from Russia decreased year-on-year by 21.4%, Tabula reports with reference to research of TBC Bank.

    The article notes that number of visitors from Russia, who arrived to Georgia by air, decreased in the second week of July by 78.6%, while of those, who arrived by land transport – by 1.7%.


    REZONANSI: “IN A MONTH, HOTELS AND GUIDES SUFFERED LOSSES OF 70%”

    July 23, 2019 - Tourism expert Nika Kvaratskhelia indicates that after Russian ban on flights to Georgia (effective since July 8), individual vacationers are still arriving, but group tourism suffered by almost 100%. It is truth that such tours do not last longer than 4-5 days, but each person spends about $300-400 daily, he specifies.


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Exchange Rates (NBG)
  08/16/19 + / -
  USD   2.9232   0.0050
  EUR   3.2395   0.0160
  RUR   4.4227   0.0328
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