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Economic Press Monitor

July 24 - 30, 2022

Previous Issues:  Days: < 16 23 30 06 13 > 

 

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economic & politics

    BANKEBI DA FINANSEBI: “IN ORDER TO SUPPORT COMPANIES ENGAGED IN INTERNATIONAL TRANSPORTATION, NEXT AMENDMENT WAS MADE TO CUSTOMS LEGISLATION”

    July 29, 2022 - Georgian Finance Ministry’s Revenue Service reported that the period of transfer of cargo, subjected to sea transportation from Georgia and accordingly declared, from the customs warehouse to the port has been extended from 12 hours to 24 hours. Accounting of such cargo will be carried out in a simplified way and it will not be subject to sealing during transportation from the customs warehouse to the port.


    NETGAZETI.GE: “THERE WAS NEVER TALK ABOUT INVOLVING GEORGIA IN RUSSIA’S WAR AGAINST UKRAINE OR ACTIONS TO STALL THE TRANSFER OF MR. IVANISHVILI’S MONEY – DEGNAN”

    July 29, 2022 - “We normally do not talk about our private meetings in the press, but as Mr. Ivanishvili [billionaire founder of the ruling Georgian Dream, Georgia’s ex-premier] has confirmed, I last met with him on March 21, which was some time ago”, said US ambassador to Georgia Kelly Degnan.

    Our meeting scoped “discussing the US-Georgia partnership and the United States’ efforts to support Georgia’s economic, security, and democratic development”, the ambassador indicated in an interview with the Georgian agency InterPressNews.


    BANKEBI DA FINANSEBI: “INTERNATIONAL SANCTIONS’ MONITORING UNIT HAS BEEN CREATED AT NBG”

    July 28, 2022 - Koba Gvenetadze, president of National Bank of Georgia (NBG), reported that a unit for international sanctions’ monitoring has been established at NBG.

    The new unit started operation on July 1 within the anti-money laundering department.


    NETGAZETI.GE: “BIDZINA IVANISHVILI RELEASED A STATEMENT”

    July 27, 2022 - Bidzina Ivanishvili, billionaire founder of the ruling Georgian Dream, declares that “situation for Georgia and its authorities is especially complicated by the fact that certain forces are actively trying to drag Georgia into the war”. “This is their desire and goal, unfortunately, is still topical today”, says the statement released today.


    REZONANSI: “TANKERS LOADED WITH SANCTIONED FUEL CALLED POTI PORT AGAIN”

    July 26, 2022 - The number of those companies is growing, which despite international restrictions, import sanctioned oil-products to Georgia, the newspaper says.

    One tanker, loaded with sanctioned Russian fuel, harbors now in the Poti port and waits for discharge, while another one has already left Georgian territorial waters, the article reports.


    NETGAZETI.GE: “DOES KHIDASHELI BUY A SANCTIONED “VTB BANK””

    July 26, 2022 - VTB Bank Georgia denies media speculations regarding forthcoming alleged acquisition of the bank by businessman David Khidasheli.

    National Bank of Georgia (NBG) declares that officially, it “has not received any request for permission”, indicating however that “there is live interest in connection with the acquisition”.


    NETGAZETI.GE: “6.3M IS ALLOCATED FOR RESETTLEMENT OF UKRAINIAN REFUGEES WHO ARRIVED AFTER JULY 15 – PUBLIC PROCUREMENT”

    July 26, 2022 - Georgian Social Services Agency announced a public procurement, which envisages spending of 6.3 million lari for resettlement of Ukrainian refugees, who arrived in the country after July 15.

    Accordingly, the procurement does not apply to those Ukrainian citizens, who entered Georgia before July 15, and they will have to leave the hotels, allocated by the state, by August 1, the article notes.


    TABULA: “PETER FISCHER TO BECOME GERMAN AMBASSADOR TO GEORGIA”

    July 25, 2022 - Tabula reports that Peter Fischer will replace Hubert Knirsch on the post of German ambassador to Georgia. The article notes that Fischer himself posted about this on Twitter, noting that he will arrive in Tbilisi at the end of August.


macroeconomics & budget

    NETGAZETI.GE: “WE CONSIDER GROWTH OF REMITTANCES FROM RUSSIA AS A ONE-TIME PHENOMENON – GVENETADZE”

    July 29, 2022 - “When the Russian aggression in Ukraine began, we had expectations of a reduction in remittances and export, but the opposite happened”, said Koba Gvenetadze, president of National Bank of Georgia (NBG), while replying in the Parliament on July 27 to a question from MP Roman Gotsiridze (representing the National Movement, former NBG president).

    Gotsiridze pointed that more money was transferred from Russia to Georgia in 2 months than in 1 year in the past – $550 million, which had a significant impact on strengthening of lari.


    REZONANSI: “GEORGIA IS ON THE 2ND PLACE IN THE NEIGHBORHOOD IN TERMS OF UNEMPLOYMENT RATE”

    July 28, 2022 - In 2021, the unemployment rate in Georgia made up 20.5%, in 2020 – 18.5%.

    The article indicates that in terms of unemployment, Georgia is outpaced by Armenia only, where the rate made up 20.9% in 2021.


    NETGAZETI.GE: “GVENETADZE EXPECTS INFLATION TO REACH 3% AT THE END OF 2023”

    July 28, 2022 - National Bank of Georgia (NBG) expects that by the end of this year, inflation in Georgia will make up about 9%, while average rate for the year – 10%. Inflation will return to the target (3%) by the end of 2023, NBG president Koba Gvenetadze forecasts.


    REZONANSI: “IN ABOUT A MONTH, TREND OF PRICES’ DECLINE COULD START”

    July 27, 2022 - Lari has been steadily strengthening in recent months, though prices not only do not decrease, but also even rise further for some products, the newspaper says.

    Giorgi Kapanadze, head of Georgian Young Businessmen and Financiers Association, considers that in terms of price reduction, only factor of lari is not enough.


energy, oil & gas

    FORBES GEORGIA: “RATING OF ENERGY SECTOR’S TRANSPARENCY HAS BEEN PUBLISHED | WHAT ARE GEORGIA’S RESULTS?”

    July 25, 2022 - Index, published by organizations Dixi and World Experience for Georgia (WEG), estimates transparency of energy sectors of Georgia, Moldova, Ukraine and Romania in 2021.

    The 1st position is occupied by Romania, being followed by Ukraine, Georgia (with medium transparency) and Moldova.


companies

    FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, A NEW BRANCH OF “JAOKEN” WAS OPENED IN TBILISI”

    July 27, 2022 - Repair materials’ company Jaoken opened a new branch in Tbilisi, on the Agmashenebeli Alley.

    Investments in the project totaled to 5.8 million EUR, of which 3.2 million EUR was allocated by Sakartvelos Banki (Bank of Georgia).


transport & communications

    BANKEBI DA FINANSEBI: “TRAVEL BY TRAIN ON TBILISI-BATUMI ROUTE INCREASED IN PRICE”

    July 25, 2022 - Georgian Railway declared that price of travel on the route of Tbilisi-Batumi-Tbilisi has increased. In particular, from July 25, one-way ticket in the second class of a double-decker Stadler train will cost 34 lari, in the first class – 74 lari, in the business class – 124 lari.


ecology & health

    REZONANSI: “HEALTHCARE MINISTRY DECLARES THAT FROM NEXT YEAR, UPPER LIMIT WILL BE SET ON PRICES OF MEDICINES”

    July 28, 2022 - From the beginning of 2023, reference prices will be set for specific medicines, said Georgian Ministry of IDPs, Labor, Healthcare and Social Protection. At first stage, the upper limit will be set for medicines for chronic and oncological diseases.


agriculture & food

    FORBES GEORGIA: “GEORGIA RANKS 18TH IN THE WORLD IN TERMS OF WINE EXPORT”

    July 25, 2022 - Referring to The World Factbook, the magazine reports that in 2021 Georgia ranked 18th among 100 countries in terms of wine export. In 2020, the country was on the 17th place.


construction

    REZONANSI: “ALREADY INCREASED PRICES FOR APARTMENTS WILL RISE EVEN MORE”

    July 29, 2022 - Georgian construction sector expects that rise in price is inevitable for apartments, both completed and being under construction, and price growth in real estate will continue throughout the year, the newspaper indicates. Representative of the sector told the newspaper that real estate would increase in price by about 10-25%.


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