RUSTAVI2 Rustavi2 TV News Portal RSS Feed Rustavi2 Broadcasting Company http://rustavi2.ge/ Tbilisi to host International Silk Road Forum http://rustavi2.ge/en/news/143963

Tbilisi to host International Silk Road Forum. The event will open on October 22 at the Opera and Ballet State Academic Theater. It will be attended by the representatives of diplomatic corps and international organizations of economic profile.

"This Forum has a very high interest from both the business and government sectors. It is important that Georgia also hosts high-profile guests from neighboring countries in the region, among them there will also be Prime Ministers. Overall, we are expecting about 2000 delegates from 60 countries around the world. We will discuss important issues in areas such as transport and transport corridors, communications, trade, energy, tourism, etc.", - said Deputy Minister of Economy and Sustainable Development Gennady Arveladze.

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11-10-2019 13:02 +0400
GEL depreciated - National Bank sets new GEL rate http://rustavi2.ge/en/news/143893

According to a new exchange rate set by the National Bank of Georgia on October 11, the official value of 1 USD is 2.9714 GEL.
The current rate was GEL 2.9633. As a result of today"s trading, the dollar"s change against the national currency amounted to GEL 0.0081.
As for the Euro, GEL also depreciated against the euro. According to official figures, the value of 1 Euro is 3.2766 GEL, while the current rate is 3.2543 GEL. The change was 0.0223 GEL against the Euro.

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10-10-2019 17:10 +0400
No such resources should be spent on the construction of new office of National Bank - Giorgi Gakharia http://rustavi2.ge/en/news/143892

Prime Minister Giorgi Gakharia responds to the construction of the central office of National bank. According to him, even though the budget will not spent money on the project, the amount is still large.

“The National Bank is an independent body. Nothing is allocated for it in the budget. However, I can tell you, that such a large amount of resources should not be spent on the construction of the National Bank building. I think it is possible to build a building at a cheaper price in this city", - said Gakharia.

The National Bank of Georgia plans to build a new head office with a budget of 50 million GEL.

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10-10-2019 16:53 +0400
GEL depreciated - new rate of National Bank http://rustavi2.ge/en/news/143676

The National Bank of Georgia has set a new exchange rate, according to which, dollar price has become GEL 2.9683.

Starting with tomorrow, 1 USD will cost GEL 2.9683, while the previous rate was GEL 2.9677.

As for the euro, its exchange rate is GEL 3.2625, while the previous rate was GEL 3.2571.

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08-10-2019 17:14 +0400
Parliament to launch discussions on 2020 draft state budget http://rustavi2.ge/en/news/143330

From October 4, the Parliament of Georgia starts discussions on the 2020 draft state budget submitted by the government early this week.

Budgetary revenues and expenditures in the 2020 state budget are set at GEL 14.04 billion (up by GEL 1.18 billion compared to 2019) and at GEL 14.21 billion (up by GEL 1.12 compared to 2019), respectively.

The state budget sets tax revenues at GEL 10.32 billion. The document sets revenues from foreign grants at GEL 200 million; other revenues are set at GEL 515 million. The government plans to mobilize GEL 120 million from privatization.
The government projects 5% economic growth next year (4.5% in 2019), and forecasts the inflation rate at 3%.
It is already known that opposition will not support the 2020 budget.
Zurab Chiaberashvili, a member of “European Georgia”, said such a budget would help impoverish the people, so his party will not support it.
According to the member of the “National Movement” Roman Gotsiridze, the budget is planned to increase the debt of the country, which will further depreciate the increase of prices in GEL. As Gotsiridze says, the Government"s talk that such budget will increase the income of people, is a lie.

Roman Kakulia thinks that taking the domestic debt is not the best step, but it is necessary to avoid bad results. The majority MP said it should not be surprising that the Government cares about people who are on the front lines of society.

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04-10-2019 09:11 +0400
New GEL 10 banknotes to start circulating from today http://rustavi2.ge/en/news/143045

The new GEL 10 banknotes will start circulating today, the National Bank of Georgia said.

It is noteworthy that the process of updating the GEL has been completed.
New GEL 20 and GEL 50 banknotes began circulating from February 1, 2016, GEL 100 banknotes - from November 1, 2016 and updated GEL 5 banknotes started circulating from September 1, 2017.

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01-10-2019 10:44 +0400
The second phase of tax reform starts in Tbilisi today http://rustavi2.ge/en/news/143036

The second phase of tax reform starts in Tbilisi today. From October, 1 all taxi drivers have to own a taxi license, and their vehicles must be left-hand drive, white, five-door cars that have successfully passed technical checks. The phase of the taxi cab reform breaks down the taxi cabs into two categories - A and B.

Category A taxi cabs must be white. These taxis can take passengers from the street while they’re also being able to work to order. Category A cabs are allowed to park free in different parts of the capital. Taxi drivers who fall under this category can put up promotional banners on their cars. Category B taxi cabs will only work on order.
At the same time, the opposition of the Sakrebulo is sending the draft resolution back to the City Hall as they believe that the reform has failed. Opponents of the Tbilisi government demand the cancellation of the current regulations at the nearest Sakrebulo session.
"Only 10% of taxis have repaint their cars. The rest have not done so and moved to mobile operators, which means that taxis for them are increasing", - said Levan Khabeishvili, a member of the “United National Movement”.
"It would be important to regulate public transport first and then to regulate taxis", - said David Zhgenti from “European Georgia” in the City Council.
"Reforms cannot be justified. This is a correct, service-oriented reform", - thinks Deputy Mayor Irakli Khmaladze.

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01-10-2019 09:08 +0400
Georgian lari continues to depreciate - the National Bank has set a new rate http://rustavi2.ge/en/news/142680

The GEL depreciated against the dollar. According to a new exchange rate set by the National Bank of Georgia, the official value of 1 USD became 2.9808 GEL.
The current rate was GEL 2.9737. As a result of today"s trading, the dollar"s change against the national currency is GEL 0.0071.
As for the Euro, the GEL strengthened against it. According to official figures, the cost of 1 Euro is 3.2571 GEL, while the current rate is 3.2684 GEL. The change is 0.0113 GEL.

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26-09-2019 17:09 +0400
In commercial banks, one dollar costs more than three lari http://rustavi2.ge/en/news/142668

The depreciation of GEL continues. In commercial banks, the dollar is already above the 3 - lari mark. At the Bank of Georgia one dollar is available for 3.02 GEL. In TBC Bank – for 3.0190 GEL.
According to the official rate set by the National Bank of Georgia today, the official cost of 1 USD is 2.9737 GEL.

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26-09-2019 15:20 +0400
The budget for 2019 will be amended http://rustavi2.ge/en/news/142550

Parliament begins to discuss the amendments to the 2019 draft budget in committees. According to the changes, budget expenditures increases by 223 million GEL and reaches 13 billion 300 million GEL. The costs of some ministries are also rising.
Opposition criticizes the Government, saying that no one is thinking about the population and the money is not spent purposefully. Members of the parliamentary majority do not consider the changes to be alarming.
“This year we much earlier done the identification of the risks that might have to appear towards specific projects and the absorption would not be high. That is why from the beginning we started to work on the projects, which were considered for the following years and which was possible to carry over to current year. That"s why, we are postponing certain projects for the next years”, - told the parliamentary secretary of the Finance Minister George Kakauridze to “Kurieri”.
""These changes are stemming from different processes, which - I will repeat again - do not affect economic policy. There are changes in infrastructure projects that do not change their whole funding. These are not changes that should be criticized”, - says Roman Kakulia, the Head of the Parliament"s Committee on Sector Economy and Economic Policy.
“I believe that the Government will be able to design new infrastructure projects for the next three months without corruption, then announce tenders and achieve even worse result. Naturally, there will be additional pressure on the GEL mass, which automatically means more depreciation of the GEL", - said Akaki Bobokhidze, a member of the “European Georgia - regions” faction.

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25-09-2019 11:08 +0400
"We can already say with confidence that the Brown Marmorated Stink Bug problem is nearing its end" - Prime Minister of Georgia http://rustavi2.ge/en/news/141680

The Prime Minister visited the hazelnut factory in Zugdidi. Mamuka Bakhtadze arrived at the site to get acquainted with the performance of the factory. The Prime Minister also spoke about the government program and the importance of strengthening the country"s economy.
"We can already say with confidence that the Brown Marmorated Stink Bug problem is nearing its end and this year is a turning point. I am glad that the harvesting process is successful and we already know that this year our farmers will receive a decent income,” - said Mamuka Bakhtadze.

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16-08-2019 13:56 +0400
This means the entire west will leave the project - Gia Khukhashvili speaks about decision of Conti Group to leave the consortium http://rustavi2.ge/en/news/141617


"I think the consortium is over with a high probability," political analyst Gia Khukhashvili speaks about a decision of the Conti Group, to leave Anaklia Development Consortium.

Conti Group confirmed the decision on leaving the project today. According to Gia Khukhashvili, t it will seriously damage the project, as the probability that Western investments will decrease, has increased.

" Conti Group"s decision to leave the group means that the west will leave the project. It is a loss because losing the Western investment, in my opinion, loses the attractiveness of the project. If it happens, it will not be successful economically, ”Khukhashvili said.

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15-08-2019 17:29 +0400
Foreign investments in Georgia decreased by 35% in 2018 - Geostat http://rustavi2.ge/en/news/141597


Foreign investments in Georgia decreased by 35 percent in 2018 compared to 2017. The National Statistics Office reports.T the agency cites three main factors as the reason. Among them is the completion of the construction of the main gas pipeline and the repayment of debt to foreign investors.

“The reasons for the decline compared to the previous year are known. This is first and foremost the completion of the construction of the main gas pipeline project. In addition, some large enterprises that were previously non-resident property were acquired by our residents and the third reason is a reduction in the amount of debts of some large companies, ”said Gogita Todradze, CEO of Geostat.

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15-08-2019 16:15 +0400
Government will spend 1.5 million GEL on road rehabilitation this year http://rustavi2.ge/en/news/141449

1.5 Million GEL - This is the amount the government will spend this year on road infrastructure improvements.

According to the Prime Minister, the road infrastructure remains a priority for the government.

Members of the government presented a report on road works today.

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13-08-2019 13:40 +0400
Official price of one dollar is 2.9360 GEL http://rustavi2.ge/en/news/141161


GEL strengthened slightly against the dollar. The official price of one dollar is 2.9360 GEL. The change amounted to 0.0128.

The national currency also strengthened against the euro. The official value of one euro has become GEL 3.2898.

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09-08-2019 17:04 +0400
GEL continues to depreciate - the price of $ 1 is still close to 3 GEL http://rustavi2.ge/en/news/141113

Another depreciation of the national currency - the price of one dollar in currency exchange booths has reached 2.95. The rate is much higher in commercial banks. Here one dollar costs almost 3 GEL.
Opposition officials are talking about deliberate actions by the National Bank, which is exacerbating the situation. According to reports, the National Bank has lent approximately 2 million to commercial banks, further contributing to the depreciation of the GEL.
Specialists consider such actions by the main financial institution under the devaluation of GEL unacceptable.

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09-08-2019 09:34 +0400
National currency devalued again against the dollar http://rustavi2.ge/en/news/140984

The national currency devalued again against the dollar. The official value of one US dollar is 2.9338 GEL. The change - 0.0017.
The national currency strengthened against the euro. The official value of one euro is 3.2806 GEL. The change - 0.0034.

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07-08-2019 17:04 +0400
GEL continues to depreciate - experts talk about government responsibility http://rustavi2.ge/en/news/140932

National currency continues to depreciate - experts talk about government responsibility and poor economic policy.

According to them, the depreciated lari rate damages both the population and the business. According to experts in the field of economics, prices for primary products will continue to rise significantly.

"These are significant economic shocks that have a direct bearing on business, society, assets and prices. The responsibility for this will naturally be on the whole political or economic level as we see the depreciation cycle of the GEL," says economist Rati Abuladze.

Paata Sheshelidze, president of the New Economic School - Georgia, highlights the government"s inaction. Analysts say price hikes will not be an immediate factor, but if such a policy lasts longer, prices will rise significantly.

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07-08-2019 09:31 +0400
"Rate of Lari is a problem for everyone, the National Bank should take concrete steps" - Kakha Kaladze http://rustavi2.ge/en/news/140875

The national currency devalued again - after the actions of the National Bank, the Lari remained stable for only three days. The value of one dollar for Bloomberg now stands at almost 2 lari and 97 tetri.
Members of the ruling team still put the responsibility to the National Bank. Members of the "Georgian Dream" said that the right economic policy is reliant to the main financial institution.
"National Bank needs to perform with the right policy to ensure the stability of the lari. The National Bank is responsible for the processes" - Mdinaradze said.
Kakha Kaladze, secretary-general of the "Georgian Dream," said that the downfall of Lari was influenced by foreign factors. Kaladze expects the National Bank to do more.
"The rate of Lari is a problem for everyone, the National Bank should take concrete steps. They should make up the plan to eliminate this problem," - Kakha Kaladze said.

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06-08-2019 15:01 +0400
Devaluation of GEL - Experts predict the raise of prices and talk about the responsibility of the government http://rustavi2.ge/en/news/140866

Devaluation of GEL - National Bank intervention failed. Experts talk about the late actions of the National Bank.
Nika Shengelia, an expert in economics, thinks that interventions by the main financial institution should continue in the future to strengthen the national currency. According to him, in controversial situation price increases for different products will be inevitable.
"The intervention was too late, 32 million 800 thousand dollars were sold. We think that the intervention should continue.NBG has to intervene immediately,” - Nika Shengelia said.
According to Giorgi Kepuladze, Chairman of the Board of NGOs and Banks, in the medium term, the GEL cannot be consolidated only by the intervention. Giorgi Kepuladze also speaks about the need for the government to take responsibility for the economic crisis.
"With the intervention, the average Lari exchange rate is unimaginable. This was just to subvert expectations and panic, so now that the GEL is going to have macroeconomic factors to be in order, it is expected that we will reduce imports and by reducing imports, it will be able to get less currency out of the country," - Kepuladze said.
The intervention by the National Bank proved fruitless. The national currency devalued again. The official value of the lari was 2.89 yesterday. For now, 1 dollar is 2.92 lari.

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06-08-2019 12:50 +0400
"I am sure everything will be fine” - David Matiikashvili on the devaluation of GEL http://rustavi2.ge/en/news/140863

The intervention by the National Bank was fruitless. The national currency devalued again. Representatives of the parliamentary majority still view the events positively. The deputy chairman of the "Georgian Dream," David Matiikashvili, linked the decline of the Lari exchange rate to the on-going political processes. He is confident that the government"s sound economic policy and National Bank intervention will stabilize the GEL.
"On-going processes reflected GEL, but the National Bank of Georgia and the economic team are pursuing the appropriate policy. It is a matter of time, I am sure everything will be fine,” - David Matiikashvili said.
The intervention of the National Bank was fruitless. The national currency devalued again. The official value of the lari was 2.89 yesterday. For now, 1 dollar is 2.92 lari.

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06-08-2019 12:29 +0400
National Bank should intervene in the market - Soso Pkhakadze, President of the Georgian Business Association http://rustavi2.ge/en/news/140861

Devaluation of GEL - President of the Georgian Business Association believes that the National Bank should intervene in the market and continue foreign exchange interventions. Soso Pkhakadze released a statement, referring to the difficult economic situation of the country.
"All macroeconomic parameters, including fiscal discipline, are healthy. In addition, we think it is fair to say that we do not have any external shocks today. Fortunately, the ban on flights from Russia did not affect the tourism flow. As it turned out, tourist flows increased in July compared to the same period last year. The domestic currency is reliant on the "expectation premium", which is conditioned by a number of negative expectations created in Georgia," - Pkhakadze"s statement reads.

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06-08-2019 12:20 +0400
"Georgian Dream is the main cause of the economic crisis" - Opposition on devaluation of GEL http://rustavi2.ge/en/news/140862

Devaluation of GEL - Opposition officials talk about actions of the National Bank and stress the wrong economic policy of the government. Otar Kakhidze, chairman of "European Georgia," believes that the Georgian Dream is the main cause of the economic crisis. Kakhidze sais that it is necessary to increase foreign investment.
"The reason of the devaluation is Bidzina Ivanishvili and "Georgian Dream." This is the result of yearly misguided policy and if the government does not attract investment, if it does not provide the economic growth it needs to boost exports," - Kakhidze said.
Tina Bokuchava, a member of the "United National Movement," also speaks about the irresponsible actions of the authorities and the National Bank.
"It is not only the responsibility of the ministers or the president of the National Bank but also the irresponsible and hurtful policies of the government and Ivanishvili that have caused the deep economic crisis and of course, this is reflected in the devaluation of the Lari. First of all, the national currency needs FDI, which is limited because there is no sound economic policy under this government,” - Bokuchava said.
The intervention of the National Bank was fruitless. The national currency devalued again. The official value of the lari was 2.89 yesterday. For now, 1 dollar is 2.92 lari.

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06-08-2019 12:11 +0400
"Increasing prices under today"s conditions is simply unavoidable" - Businessmen welcome the involvement of business ombudsman in the process http://rustavi2.ge/en/news/140846

Businessmen once again talk about the inevitable rise in prices due to the lari exchange rate volatility. According to them, the government will not be able to stop the process, because the business sector will face problems.
Entrepreneurs have welcomed the involvement of the business ombudsman in the ongoing process and say it will make it all the more transparent.
According to Iva Chkonia, the rise in prices is unavoidable", as the Lari started to depreciate after the intervention.
“The rise in prices is simply unavoidable in today"s situation. Despite intervention when the National Bank intervened on Friday, today the trading rate on Bloomberg is around 2.92, ”said Iva Chkonia, chairman of the Georgian Distributors Business Association.
In turn, the business ombudsman does not rule out price increases. According to Irakli Lekvinadze, if the depreciation of the GEL falls to a critical level, the price adjustment will in itself occur.

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06-08-2019 09:31 +0400
We will transfer our shares to the International Independent Trust Fund until the unfounded accusations against us are dismissed - Khazaradze http://rustavi2.ge/en/news/140829

  
"We will not only resign from the Supervisory Board but will also transfer our shares to a secure, independent International Trust Fund - until the groundless allegations against us are dismissed," said Mamuka Khazaradze, acting chairman of the Anaklia Development Consortium. The businessman"s comment was released by the Anaklia Development Consortium. Khazaradze says the Anaklia project is much more than he and Badri Japaridze are.

“This project is much more than Badri and I. It is vital that the processes associated with both of us, no matter how unjustified or unfair, do not adversely affect the Anaklia Port Project. That is why we will not only resign from the Supervisory Board but will also transfer our shares to a secure, independent International Trust Fund - until the groundless allegations against us are resolved, "Khazaradze said.

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05-08-2019 19:57 +0400
National currency devalued again http://rustavi2.ge/en/news/140806

The national currency has devalued again.
The official value of one US dollar is 2.8946 GEL. The change - 0.0076.
The national currency also devalued against the euro. The official value of one euro is GEL 3.2312. The change - 0.0275.

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05-08-2019 17:03 +0400
Connection between the devaluation of GEL and Russian tourist embargo - Opposition accuses the government of deliberate lies http://rustavi2.ge/en/news/140794

The connection between the devaluation of GEL and Russian tourist embargo - Opposition accuses the government of deliberate lies. The data of the Tourism Department revealed the lies of the government. According to one of the leaders of the "United National Movement," Roman Gotsiridze, the government tried to blame the national currency for the downflow of tourists.
Gotsiridze cites the ruling team"s disproportionate spending as one of the reasons for the depreciation of the GEL.
The "European Georgia" agrees with other opposition representatives.
“The authorities deliberately lied about the connection of devaluation of GEL and downflow of tourists. Tourism is not a factor in the depreciation of the GEL at all,” - Zurab Chiaberashvili said.

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05-08-2019 15:23 +0400
"Government is going to use pressure on business to prevent price rises" - Businessman address the government http://rustavi2.ge/en/news/140783

Attempts to intimidate and overturn the political crisis in the country - this is how businessmen asses the interest of the Competition Agency about possible price increases. Iva Chkonia, Chairman of the Georgian Association of Business Distributors, believes that the so-called business-to-business negotiation is absurd. He said that the government is trying to put pressure on the Competition Agency.
"Business is free and there is no upper or lower limit for the pricing policy. I will not comment on the statements on cartel deal as well, because it is not serious. It is better to look at the country"s domestic economy and work together with the National Bank to avoid the problems. We are professionals of the field and we talk about threats today that might become a problem of the country tomorrow,” - said Iva Chkonia.
Attempts to turn a serious economic downturn into business - Competition Agency. According to Zurab Uchumbegashvili, the ruling team is trying to create an image of the enemy with business and blame it for the current unbearable situation.
"When the GEL devalues the price goes up. It is an inevitable process. They just want to create an enemy image,” - said Zurab Uchumbegashvili.
Khaduri"s office demanded an explanation from the heads of all distribution companies. The agency accuses them of violation of competition law.

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05-08-2019 13:08 +0400
Number of tourists in Georgia has increased - National Tourism Agency http://rustavi2.ge/en/news/140773

Another lie of the Georgian government, which is already confirmed by official data - while the ruling team cites a decline of tourist flow due to the Russian tourist embargo, according to official figures, the number of tourists in Georgia has not only decreased but increased. The data was released today by the National Tourism Agency.
Summing up the statistics for tourism in the second quarter of July, Mariam Kvrivishvili, head of the National Tourism Administration, said that tourist inflow increased.
As for last year, according to statistics, in July, the number of visitors increased by 5.8 per cent compared to last year.
“In July, total international visitors increased by four and a half per cent. We have a one per cent increase in tourist visits," - Kvrivishvili said.

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05-08-2019 11:55 +0400
If business entities confirm that they have agreed to a price increase, then we will start investigating these companies - Khaduri http://rustavi2.ge/en/news/140760

We saw this as a violation of Georgian competition law - a statement was made by the head of the Competition Agency. Nodar Khaduri in a telephone conversation with "Courier" explained why the Competition Agency was interested in the statements of companies and associations. The agency is seeking clarification from all distribution managers who spoke about the effects of GEL"s unprecedented devaluation and the expected rise in product prices.
Khaduri said that if business entities, associations confirm that they had an agreement to raise prices, the competition agency would start investigating the companies.
“We saw in this the danger of violating Georgian competition law, since competition law prohibits concerted action, including first of all with regard to prices. That is, the specific plans of the business entities have not been the subject of study by the Competition Agency, we are studying and requesting information on whether there is agreed market action. Only after we receive information, a decision will be made as to where the Competition Agency will go in this field. If associations or business entities confirm that they have an agreement and say let us raise prices together now, then we will start investigating the companies that participated in this agreement, ”Nodar Khaduri said.

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05-08-2019 09:33 +0400
Product prices will rise in the coming days - the markets are already panicking http://rustavi2.ge/en/news/140566

Prices will rise because of record lari depreciation. Companies importing foreign products into Georgia are in the process of re-calculation.
In the coming days, the product prices will increase by 10%, though the growth may be even higher.
Up to now, importers have been calculating imports of foreign products at 2.70, but the catastrophic depreciation of the Lari has led them to the verge of bankruptcy. Prices will go up from Monday, with customers having three days to buy products at the old tariff. Markets and fairs are already panicking.
People say they haven"t been able to buy expensive products since January, and rising prices will put them in even a worse situation. The vulnerable layers of the population are doomed to hunger.
The prices will increase for everything that comes from abroad and that is produced in Georgia. The price of fruits, meat and vegetables has also risen due to the rising cost of fuel.
The National Bank auctioned $ 40 million in foreign exchange reserves today to stop a dramatic devaluation, but the market failed to fully absorb it and they only sold 32 million. The expectation that the intervention would significantly strengthen GEL was not justified.
The opposition only sees the intervention as a wrong move. They see the need for government involvement with the sale of reserves. Not only opponents of the government, but also the majority believe that the main financial institution should have intervened earlier, before the record lari depreciation.

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01-08-2019 21:45 +0400
Official value of one US dollar is 2.9296 GEL http://rustavi2.ge/en/news/140541

The GEL slightly strengthened against the dollar. National Bank of Georgia has released new exchange rate data. The official value of one US dollar is 2.9296 GEL. The change - GEL 0.0422.
The GEL also strengthened against the Euro. The value of one euro is GEL 3.2328. The change - GEL 0.0799.

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01-08-2019 17:09 +0400
USD 32 800 000 were sold at the Foreign Exchange Auction http://rustavi2.ge/en/news/140543

At the Foreign Exchange Auction USD 32 800 000 were sold.
"The National Bank of Georgia (NBG) auctioned $ 40 million in foreign exchange auctions on August 1, 2019. Sold $ 32 800,000. One dollar is GEL 2.9283," - the statement said.

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01-08-2019 17:05 +0400
"Monetary authorities have all the tools to maintain the stability of GEL," - Kovzanadze http://rustavi2.ge/en/news/140529

Chairman of the Finance and Budget Committee sees no reason for panic due to the devaluation of the national currency.
Irakli Kovzanadze is convinced that the National Bank has enough leverage to stabilize the GEL. According to him, the government and the main financial institution will jointly solve the problem.
"Monetary authorities have all the tools to maintain the stability of GEL," - Kovzanadze said.

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01-08-2019 16:09 +0400
"Specific instruments of the National Bank may be unsuccessful" - Experts on the devaluation of GEL http://rustavi2.ge/en/news/140515

Unprecedented devaluation of the GEL and planned intervention by the National Bank - experts can not make a good forecast. The chairman of the non-governmental organization "Society and Banks" thinks that the actions of the National Bank may not be enough to strengthen the national currency. Giorgi Kepuladze said that the government is trying to avoid responsibility for the difficult economic situation of the country.
"The solution is not interventions, in the end, the solution is to correct foreign exchange inflows. The government often tries to put its responsibilities on the National Bank, or somebody else," - Kepuladze said.
Giorgi Isakadze said that the decision was political and was initiated by the ruling party. According to the specialist, the use of specific instruments by the National Bank may be unsuccessful.
"The National Bank did not intend to make this statement yesterday, this statement is purely political, it is based on the political decisions. The National Bank had no intention of announcing a $ 40 million sale,” - Isakadze said.

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01-08-2019 13:05 +0400
Confrontation at the Energy Regulatory Commission meeting http://rustavi2.ge/en/news/140510

Confrontation at the Energy Regulatory Commission meeting - Labor Party members were opposed by the commission members.
At today"s session, they are discussing the revision of tariffs due to the devaluation of the national currency. Energy and Water Regulatory Commission set the prices when one dollar was 2 GEL and 70 tetri.

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01-08-2019 12:32 +0400
"Political impotence" - Ugulava assesses imposing responsibility for depreciation of GEL by the government on opposition http://rustavi2.ge/en/news/140463

"This is nothing more than political impotence " - this is how Gigi Ugulava responds to Lari"s record impairment.
The member of the European Georgia says the authorities are incapable of taking the right economic steps and are trying to avoid responsibility by pointing to the opposition.
"When the government has no ability to take on political responsibility, how can one demand from this government to do something. If the economy is diversified, the sectors of the economy are balanced, not engulfing each other, then the economy and hence the national currency can withstand any shock. That"s what happened when the war with Russia broke out. Neither of these was a real challenge for our country, "- he said.
The GEL has depreciated again. A few minutes ago, the National Bank set a new exchange rate for GEL. The official value of one US dollar was 2.9718 GEL. The current rate was GEL 2.9507. Consequently, the USD exchange rate against the national currency amounted to GEL 0.0211.Maia Tskitishvili, Vice Prime Minister has already blamed the opposition for depreciation of GEL.

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31-07-2019 18:21 +0400
Historical Anti-Record of GEL http://rustavi2.ge/en/news/140455

The GEL devalued again.
A few minutes ago, the National Bank set a new exchange rate for GEL.
The official value of one US dollar is 2.9718 GEL.

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31-07-2019 17:04 +0400
"Political processes, coup attempts, Political destabilization, Insulting phrases from the broadcasting companies" - Maia Tskitishvili accused "Rustavi 2" and "United National Movement" to the devaluation of the GEL http://rustavi2.ge/en/news/140454

The Vice Premier blames the opposition for the devaluation of Lari. According to Maia Tskitishvili, the government is doing its best to promote business and infrastructure development.
According to Tskitishvili, the actions of the "United National Movement" and other radical groups reflected on the exchange rate of national currency. Maia Tskitishchil also criticizes experts who dislike the economic moves of the government.
"GEL needs political stability first. The reason for the devaluation is the rallies of June 20. We see that the course of GEL began to deteriorate from this period. Political processes, coup attempts, Political destabilization, insulting phrases from the broadcasting companies and sanctions on tourism, all those processes resulted in the devaluation of the GEL. We support all programs to create opportunities for people to sell products, attract tourists, build hotels and bring foreign currency into our economy and thus strengthen the GEL. "United National Movement" and the political forces associated with it are doing everything to hinder this process," - Maia Tskitishvili said.

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31-07-2019 17:02 +0400
According to Paata Baitrakhtari, need for interfering of the National Bank in the process was a long time ago http://rustavi2.ge/en/news/140449

"The current rate is much more devalued than the macroeconomic parameters are," - said Paata Baitrakhtari, vice president of the Young Financiers and Business Association.
He said that when NBG officials say they are monitoring the process, it is not the right strategy. Moreover, Baitrakhtari believes that the need for interfering of the National Bank in the process was a long time ago.
“When the central bank tries to ignore the processes taking place in the country the national currency continues to devaluation,” - said Paata Baitrakhtari.

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31-07-2019 15:40 +0400
Devaluation of GEL continues, prices increase, National Statistics Office insists that there is a 5% economic growth in the country http://rustavi2.ge/en/news/140444

Devaluation of GEL continues, prices increase, National Statistics Office insists that there is a 5% economic growth in the country.
The executive director of the National Statistics Office of Georgia said that there was a 5% economic growth in June.
“According to preliminary estimates, Georgia"s economy growth was 5% in June 2019. The economic growth rate for the first 6 months was 4.9%. As for sectoral and more extensive analysis, we are not able to provide details to the public for now. We do a very extensive and comprehensive analysis on a quarterly basis,” - said GogitaTodradze.

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31-07-2019 15:26 +0400
In the Bloomberg system, Lari reached the new Anti-Record http://rustavi2.ge/en/news/140420

In the Bloomberg system, Lari reached the new Anti-Record. On international trade exchanges, the exchange rate of Lari is falling. this will probably affect Georgia at the end of the day.
The national currency devaluation continues. Experts and analysts are urging the government to respond adequately, otherwise advising the ruling team to take responsibility and resign the president of the National Bank.

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31-07-2019 12:13 +0400
According to Urushadze. Georgian government wants to replace the fuel of Azerbaijan with Russian oil http://rustavi2.ge/en/news/140422

"This is about the new redistribution of the oil market." Experts say, that the replacement of the fuel of Azerbaijan by the Russian oil, government serves Russian interests.
"We remember statements about the green economy with shadow interests. In this case, we are convinced that this is because there is no real research about the impact of the introduction of Euro 5 standard on diesel imports in Georgia. We are talking about the new redistribution of the oil market, we all know that our strategic partner Azerbaijan is a 40% supplier of oil in Georgia. Everyone knows that Azerbaijan is moving to the Euro 5 standard in 2021, but the Georgian government does not want to wait. The Russian company is Rosneft and its representative in Georgia, Petrokas, which is directly linked to the informal managers who actually make policy decisions in favour of Russia,” - said Vaso Urushadze.
Nika Shengelia, Vice President of the Center for International Studies and Forecasting, thinks that the Georgian government can postpone the transition to a new standard for a year. According to him, if it does not happen, the price of fuel in the Georgian market will increase.

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31-07-2019 12:13 +0400
Russian fuel instead of Azerbaijan - Georgia becomes dependent on the occupant http://rustavi2.ge/en/news/140417

Russian fuel instead of Azerbaijan - Georgia becomes dependent on the occupying country.
The reason is the new standards, which will come into force on January 1. The country should switch to Euro 5 standard fuel instead of Euro 4, which Azerbaijani fuel cannot meet.
"One of the major suppliers of diesel fuel is Georgia"s strategic trading partner, Azerbaijan. Because it does not meet the requirements, it will not be able to supply diesel fuel to Georgia from the next year," - said Vano Mtvralashvili, chairman of the Petroleum Exporters" Union.
Director of SOCAR Georgia Petroleum thinks that it is possible for Georgia to move to the new standard after a year when Azerbaijan can meet the same standard.
"For the next year, Azerbaijan will not be able to import diesel into Georgia, whether Russia will replace it is difficult to say, but it is likely because Russia is one of the major and cheap suppliers of Euro 5 diesel. This regulation can be freely introduced after a year or a year and a half when Azerbaijan will have the capacity to provide Georgia with Euro 5,” - said Levan Giorgadze, director of SOCAR Georgia Petroleum.

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31-07-2019 12:04 +0400
In the commercial banks 1 Dollar is more than 3 GEL http://rustavi2.ge/en/news/140413

Devaluation of GEL continues. At TBC and Bank of Georgia, one dollar is 3,015 GEL.
On Bloomberg 1 GEL is 2.9650 Dollar.
According to the National Bank data, the value of one dollar is 2.9507 GEL.
Analysts predict the rise of prices.

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31-07-2019 11:25 +0400
Giorgi Kobulia expects further depreciation of the GEL http://rustavi2.ge/en/news/140393

Tourism Crisis and Government"s Wrong Economic Policy - Former Economy Minister is expecting a further dramatic devaluation of Lari . According to the current economic processes, Giorgi Kobulia suggests further impoverishment of the population. The former economy minister blames the government for the devaluation of the national currency, noting that they are obliged to talk to the population about the current economic situation.

“One of the main causes of the depreciation of the GEL is the lack of currency inflow in our economy. Particularly because the tourist flow was virtually cut off from Russia. Those foreign investors who made the investment are also wondering whether to continue. Events that are unfolding to me today indicate that there may be additional pressure on the depreciation of the gel in the near future The problem with today"s government is that they are afraid to say such things. They are obliged to explain to the public what the real situation is, ”Giorgi Kobulia said.

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31-07-2019 09:15 +0400
If there is no action plan, the president of the National Bank should resign immediately - Iva Chkonia http://rustavi2.ge/en/news/140391

GEL depreciation continues - the national currency has currently reached digit of three, though experts" forecasts are dramatic. Specialties do not exclude that the cost of $ 1 can increase to 3.5. Therefore, some businessmen demand the resignation of the president of the National Bank and the responsibility of the government"s economic team.
They say the government, which attacks the founders of TBC Bank, is deliberately damaging the investment environment and pursuing the wrong economic policy.
"They should come out and specifically explain what is going on. If it is the fault of the country"s economic team, which means of the National Bank President that the country"s economic team is not working properly and that is why we are here today. Blaming it on some political processes is absurd. The economy of the country has created it, the businessmen and the businesses are in a difficult situation. It will be very difficult to continue operating at this rate. At least, if there is no action plan, the President of the National Bank should resign immediately, ”said Iva Chkonia, Chairman of the Georgian Distributors Business Association.
Nika Shengelia, Vice President of the Center for International Studies and Forecasting, Doctor of Economic Sciences, believes that the economic team should be changed and the National Bank reform should take place.

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31-07-2019 09:01 +0400
Infrastructure Ministry blames Anaklia Consortium in failure to meet commitments http://rustavi2.ge/en/news/140390

Infrastructure Ministry Against Anaklia Consortium - Maia Tskitishvili"s Office blames Project Management of the Century project for failure to fulfill its obligations. The Ministry of Instruction issued a statement.
"It is unfortunate that the Anaklia Development Consortium, in its latest announcement, is still trying to divert public attention to the importance of Anaklia Port. From the very first day, the Georgian government promoted the construction of the Anaklia Deepwater Port in all international formats and invested $ 100 million in this project.
"It is well known to the public that the deadline for obtaining funding for the construction of the first phase of the port has been postponed many times since 2017 and has been postponed by the end of 2019 with the latest changes," the statement said.
Maia Tskitishvili"s office responded to the Anaklia consortium, which again accused the authorities of hindering the implementation of the project on July 27.

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31-07-2019 08:51 +0400
"There is nothing to worry about" - Irakli Kovzanadze. Chairman of the Finance and Budget Committee http://rustavi2.ge/en/news/140372

There is nothing to worry about - this is how the chairman of the Finance and Budget Committee responds to the historical Anti-Record of Lari.
Irakli Kovzanadze said that the National Bank will start acting when it will be necessary.
"There is nothing to worry about. If needed, the National Bank has leverage to maintain stability, when he finds it necessary,” - Kovzanadze said.

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30-07-2019 18:55 +0400
Historical Anti-Record of Lari - Official rate of one dollar is 2.9507 GEL http://rustavi2.ge/en/news/140359

The national currency devalued again. The National Bank has released new exchange rate data. The official rate of one dollar is 2.9507 GEL. The change - 0.0161.
The value of one euro is GEL 3.2889. The change - 0.0247.
The course will officially enters into force tomorrow.

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30-07-2019 17:03 +0400
In the commercial banks $1 is already 3 GEL http://rustavi2.ge/en/news/140357

In the commercial banks one dollar is already 3 GEL. The devaluation of the national currency continues.
Whether the GEL will continue devaluation will be clear within minutes. The course will be announced at 17:00. There is panic in the market. Businesses are already announcing the rise in prices for food and daily consumables.

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30-07-2019 16:39 +0400
Statement of National Bank - "Georgia has external shock" http://rustavi2.ge/en/news/140326


The president of the National Bank of Georgia makes explanations regarding the large decrease of GEL and says that the depreciation of GEL is related to external shocks.

According to the bank statement, Georgia has an external shock and the inflow of tourists has reduced.

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30-07-2019 12:29 +0400
Wide devaluation of Lari continues - USD 1-3 Lari http://rustavi2.ge/en/news/140322

Wide depreciation of Lari is continuing. Commercial banks are already selling one dollar for three Lari. At the Bloomberg Trade Terminal, the rate is still rising. At the moment at Bloomberg one dollar is traded for 2.9513 GEL.
The new course will be announced at 17:00 at the end of the day. Businesses are already announced the rise of prices for food and daily consumables.

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30-07-2019 11:48 +0400
National Bank of Georgia releases a statement regarding the decision on Mamuka Khazradze and Badri Japaridze http://rustavi2.ge/en/news/140131

The National Bank of Georgia has released a statement regarding the decision on Mamuka Khazaradze and Badri Japaridze.
The NBG positively evaluates the decision of the shareholders of TBC Bank to leave their positions in the TBC Bank Group PLC Supervisory Board.
The National Bank of Georgia underscores that TBC Bank is one of the leading financial institutions in the country and in the region and is a strong and sustainable financial institution. The statement also says that Mamuka Khazaradze and Badri Japaridze are not directly members of TBC Bank"s Supervisory Board since April and current developments will not affect bank operations.

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27-07-2019 10:47 +0400
One Dollar - 2.9321 GEL http://rustavi2.ge/en/news/140092

The GEL devalued again. The national currency reached its anti-record. According to the National Bank of Georgia, one dollar official rate is 2.9321 lari. The change is 0.0150.
The GEL was also devalued towards the euro. One euro is GEL 3.2637. The change - 0.0141.

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26-07-2019 17:03 +0400
Anti-record is reached - One USD is 2.99 GEL in commercial banks http://rustavi2.ge/en/news/140063


The anti-record is reached - One USD is 2.99 in TBC Bank. The exchange rate is the same in "Bank of Georgia."

In currency exchange booths one USD is 2.94.

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26-07-2019 14:04 +0400
Mamuka Bakhtadze blames opposition and developments of Jue 20 of GEL impairment http://rustavi2.ge/en/news/140045

 

The Prime Minister of Georgia states that crisis, caused by impairment of GEL and Russian Tourist embargo are caused by developments of June 20.
Bakhtadze states that the positive dynamics that existed in the country had become a negative phenomenon with the involvement of the opposition forces.

Mamuka Bakhtadze calls the opposition members "adventurers" and accuses them of blocking market economy.

"These adventurers tried to use this sincere protest for their dirty political goals and to attack the Constitution of Georgia," Bakhtadze said.

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26-07-2019 11:44 +0400
The government does not do anything to stimulate the economy - Economists talk about alarming devaluation of Lari http://rustavi2.ge/en/news/140030

GEL continues to depreciate on a daily basis. The official rate of the national currency is 2.92 GEL per dollar, but it is much higher in commercial banks and currency exchange booths. Economists link GEL depreciation to impulsive economic policies, which are reflected in the deficit of investment and current challenges in the country.
"The general background is certainly a weak economic growth that causes impairment of the lari. Unfortunately, it will continue until the economy grows much faster and I do not expect the growth of the economy because the government does not do anything to stimulate the economy, have an economic policy, and therefore economic growth will be slow, "- said financier Giga Bedeneishvili.
Neither business people are making a positive prognosis. They do not rule out that prices for primary consumption will increase even more. According to them, it is also inevitable to increase the price of tobacco.

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26-07-2019 09:46 +0400
National currency devalued again http://rustavi2.ge/en/news/139978

The national currency devalued again. The National Bank published exchange rate of the Lari. One dollar is GEL 2.9171. The change is 0.0161.
The national currency also depreciated with the euro. One euro is 3.2496 GEL. The change - 0.0153.
The new exchange rate will come into force tomorrow.

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25-07-2019 17:07 +0400
Gel continues to impair - specialists make an alarming forecast http://rustavi2.ge/en/news/139950


An attack on "TBC" , the largest bank of the country has already reflected the national currency. The official currency of one USD is 2,90 GEL, but much higher in commercial banks and currency booths where the price of one dollar reaches 2.96 GEL.

Economists are sure that the national currency has been influenced by the TBC Bank. In addition, according to Economist Giorgi Isakadze, the situation may be improved by the inflow of money from outside, but in the current situation, it is ruled out.

Experts say that there are no investments in the country due to the wrong economic policy of the government.
Specialists do not rule out that prices will raise exclude on products, drugs and fuel.

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25-07-2019 12:17 +0400
"These actions are very damaging to this project," - says Anaklia Development Consortium Director on the case of Khararadze-Japaridze http://rustavi2.ge/en/news/139927

The director of the Anaklia Development Consortium responds to the processes launched against Khazaradze-Japaridze. According to Levan Akhvlediani, they needed a lot of time to gain the confidence of investors in connection with the Anaklia port project, but he said that the prospects of implementing the project are deadlocked. The head of the Anaklia Development Consortium does not understand the contradictory statements and actions of the government. On the one hand, the government supports the construction of the port and on the other hand, begins legal prosecution against the founders of the consortium.

"These actions, which we have seen from the prosecutor"s office, are very damaging to this project," says Levan Akhvlediani.

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25-07-2019 08:20 +0400
" Government storm damages TBC Bank by 130 Million in one day" - Khazaradze and Japaridze leave positions in the bank http://rustavi2.ge/en/news/139925

The stroke of the government has damaged "TBC Bank" by 130 million in one day. Because of this, Mamuka Khazaradze and Badri Japaridze are forced to leave the bank - Mamuka Khazaradze publishes the statement on the social network.
"As you know, the briefing of the Prosecutor"s Office, according to the Soviet traditions, today has brought the worst damage to the TBC Bank stocks in the last six months. Similar to January-February, today, the price of stocks has been reduced by about 12%, this is a deliberate action against the investors and financial stability of our country And let"s remind you that on June 24, our shareholders in London approved me and Badri with 98% of votes as Chairman of the bank and his deputy again, however, because of the unfair attacks on us and the bank, its shareholders and staff are damaged, We leave our positions until the absurd process is completed, "- the statement says.

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25-07-2019 08:16 +0400
Government sold the energy sovereignty of Georgia and made the deal with Russia and Iran - Shalva Natelashvili http://rustavi2.ge/en/news/139857

Bidzina Ivanishvili signed the agreement and sold the energy sovereignty of Georgia - Shalva Natelashvili says that in 2015 the government has signed the agreement of the project on establishing a single energy space with Iran, Russia and Armenia.
According to him, the Georgian government, on the one hand, lost energy, and on the other hand made the deal with Russia and Iran - countries against the EU and the US.
"In December 2015, Ivanishvili"s regime signed the Memorandum which will create united electricity space with Russia, Iran and Armenia, which means that they sold the energy sovereignty of Georgia. Nobody knows that Kaladze and Ivanishvili destroyed the Tergi and Aragvi gorges and created threats for the nature and people," - said Natelashvili.

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24-07-2019 12:57 +0400
Economic crisis is getting worse - experts expect an increase of a dollar price to three lari http://rustavi2.ge/en/news/139811

The economic crisis is getting worse and the lari is still the main factor. According to the official rate of the National Bank, the price of 1 dollar is 2.89 GEL, and in commercial banks 2.95 GEL.
In the nearest future economists expect the increase of the price of one dollar to three lari, which, according to their predictions, will result in an imminent increase in prices.
Such rapid impairment of Lari will soon reflect on the prices of energy carriers. If the national currency is not strengthened, opposition lawmakers will announce the growth of gas and electricity taxes.
A new wave of rising prices does not exclude part of the "Georgian Dream" members who talk about the increase in energy prices. The main economic team of the ruling party, the government and the National Bank remain silent

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23-07-2019 21:49 +0400
In 2022, as we promised citizens, Georgia will have the most modern infrastructure - Bakhtadze http://rustavi2.ge/en/news/139772

 

Regional Development and Implemented Projects - Members of the Government submitted a 6-month period report. They focused on projects funded by Mountain Fundations, Education, Infrastructure and Rural Support Programs are discussed.


The event was attended by Prime Minister Mamuka Bakhtadze.

"I would like to once again convince all of you that we will implement our promises, what we promised our citizens. Georgia will have the most modern infrastructure that will enable us to further develop our economy and overcome our poverty through joint efforts, "Bakhtadze said.

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23-07-2019 16:35 +0400
GEL reached it"s anti-record of devaluation http://rustavi2.ge/en/news/139547

The GEL have devaluated. According to the official data, one dollar is 2 Lari and 87 Tetri. The exchange rate in commercial banks and booths is even higher. One Dollar in booths is 2.89 Lari.
At the Bank of Georgia the price of one dollar reaches to 2.92 Lari. TBC Bank sells USD 1 for 2.93 Lari.

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19-07-2019 15:03 +0400
How was the exchange rate was changing in the last week - infographics http://rustavi2.ge/en/news/138952


GEL impairment is continuing. According to the National Bank data, the price of one US dollar is 2.8513 GEL. One euro costs 3.2094 GEL.
During the week, the national currency has been depreciated several times over the dollar. The high rate of impairment was observed in the middle of the week when the value of one US in commercial banks reached almost 3 GEL.
The change of GEL rate over the last week is depicted in the diagram :

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13-07-2019 10:03 +0400
"It was our western partners effort, not of the government" - Irakli Kobakhidze responds to the opposition http://rustavi2.ge/en/news/138723

"The $ 4.5 billion aid that our Western partners have provided after the war has made it possible for the government. It was our western partners effort and not of the government," - Irakli Kobakhidze, executive secretary of "Georgian Dream" responds to the opposition statements. Opponents of the government say that the national currency was not even impaired in 2008, even during hostilities.
Irakli Kobakhidze declares that during the war, Georgia"s western partners provided $ 4.4 billion aid to the country.
Regarding the record loss of Lari, the member of the faction "Georgian Dream" states that the government works with the close coordination to the National Bank to solve the problem.
"You remember how hard the consequences of the 2008 war were and what was the outcome. It was about 4.5 billion dollars from our western partners to support the Georgia. It enabled our country to come out from the economic crisis. As for today"s situation, it is not surprising that this complication created after this provocation will have to bring out the relevant results on the course of the Lari, but we must take responsibility with these processes again and the task should be to get back the status quo we had one month ago. We have daily communication with the National Bank and we have to solve all these problems that can be linked to our national currency, " - said Irakli Kobakhidze.

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10-07-2019 15:38 +0400
National Bank links recent depreciation of lari exchange rate to the Russian embargo on travel http://rustavi2.ge/en/news/138377

The National Bank links recent depreciation of the exchange rate to the Russian embargo on travel and notes that the decline of the national currency is caused by the reduction in the flow of tourists.
But why a sharp drop was triggered a month earlier the June 20 events, the National Bank does not explain and does not intend to implement interventions.
"In the last period of time you have seen the fluctuations, it depends on the expectations that can be caused by the decrease in the number of tourists; if we see the necessity, we have reserves, but at this stage, it is not desirable to use reserves "said Mestvirishvili.

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07-07-2019 10:37 +0400
As soon as the political situation started to normalize, the exchange rate started to normalize as well - Turnava http://rustavi2.ge/en/news/138076

As soon as the political situation  started to normalize, the exchange rate started to normalize as well -  says the Minister of Economy of Georgia. 

According to Natia Turnava, the  domestic political situation was one of the reasons causing depreciation of GEL. As she says, two factors influence the exchange rate - Fundamental macroeconomic parameters and expectations created by political instability.

 

"As soon as the political situation  started to normalize, the exchange rate started to normalize as well . ..Negative expectations were created by political instability. We now see this impact clearly, "said Natia Turvanava, the Economy Minister.

 The national currency has strengthened against USD. The National Bank of Georgia has fixed a new exchange rate today. Official price of USD is 2.8155 GEL.

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03-07-2019 17:56 +0400
Russian tourist embargo - "European Georgia" offers the government an anti-crisis plan http://rustavi2.ge/en/news/138059

"European Georgia" offers anti-crisis plan to the government on the background of Russia"s tourist embargo. The party calls on the government to sign a contract with the low-cost airline "Ryanair".

According to Giorgi Kandelaki, member of "European Georgia", if the government had made it earlier in 2013, Russia"s embargo would not be so painful for the country.

According to Giorgi Kandelaki, expansion of Kutaisi airport terminal is going on for one year, so new airlines can not operate. Also, "Wizzair" does not add flights with  the intensity that the company wants.

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03-07-2019 15:56 +0400
GEL continues to depreciate http://rustavi2.ge/en/news/137974


The National Bank of Georgia announces a new exchange rate of GEL.
One USD has become 2.8237 GEL.

According to the data of the National Bank, the national currency is strengthened against the euro.

One euro is 3.1902 GEL.

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02-07-2019 17:06 +0400
"Lari should not be under threat in the long-term perspective," - Natia Turnava http://rustavi2.ge/en/news/137438

"Lars should not be in danger in the long-term perspective," - the Minister of Economy estimates the record rate impairment of the Lari rate.
In the currency exchange booths, the price of 1 US dollars is 2 lari and 90 tetri.
On this background, Natia Turunava does not see the alarm but indirectly indicates to the current political situation in the country.
"Macroeconomics is healthy, it"s hard to think that Larry is under threat in the long-term perspective, but I also want to say that political stability plays a positive role in terms of investing in the economy."

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27-06-2019 09:38 +0400
1 USD is 2.90 GEL - In parallel to the political crisis, the crisis of the Lari reaches its peak http://rustavi2.ge/en/news/137435

In parallel with the protest rallies and the political crisis, the crisis of the Lari reaches its peak. The national currency has set up another anti-record - the official price of one dollar is approaching 2 lari and 85 tetri, in the commercial banks and in the booths it is already 2 and 90.
Prices are also rising, which is a further blow to the impoverished population. Economists talk about the urgent response of the government and the National Bank.

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27-06-2019 09:28 +0400
GEL depreciates - national currency recorded a maximum rate of impairment http://rustavi2.ge/en/news/137143


GEL continues to depreciate. According to the data, published by the National Bank of Georgia, one USD is 2.7945 GEL.
yesterday the rate was GEL 2.7798.


Historical maximum of GEL impairment was May 28, 2019. The rate was 2,7876 GEL.

The rate is higher in foreign exchange booths and commercial banks.

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25-06-2019 11:30 +0400
Economists do not exclude further depreciation of GEl http://rustavi2.ge/en/news/136381

Economists and financiers do not rule out the further impairment of the Lari. The reason for this is the government"s unreliable economic policy.
Experts recall that since the national currency has reached an anti-record of impairment, no effective step has been taken by the government or the National Bank. As a result, devaluation led to a rise in the prices of gasoline.
According to experts, when investments do not grow in the country, this also affects the national currency.
"The main reason for this is the economic policy in Georgia, which has not been changed for years, the only reason is the Georgian government. The government instead of threatening, bribery and vicious talking should remove all regulations that have been adopted, reduce taxes, and take care of the court that is in a catastrophic situation, "- said Zviad Khorguashvili.

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20-06-2019 08:43 +0400
GEL continues to depreciate http://rustavi2.ge/en/news/136372

After a certain period of stability, the national currency continues to depreciate. GEL is approaching 2.80. From Monday up to today, the price of GEL was reduced by 5 tetri.
The official rate announced by the National Bank is 2.77 GEL against the dollar and the market rate is almost by 3 tetri higher.

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20-06-2019 07:29 +0400
The issue of attracting investors - NGOs talk about the reasons for the reduction of investments http://rustavi2.ge/en/news/136309


The development of the country"s economy and the issue of attracting investors - a large-scale discussion was held in Tbilisi with participation of representatives of different countries .

The forum was opened today and its organizer is a local civil sector.NGOs talk about several reasons for the reduction of investments.

As they say, distrust towards the judiciary system and the various regulations set by the state threaten the investors.

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19-06-2019 13:07 +0400
"Shilda" became the owner of the EU"s Sustainable Energy Award in Eastern Partnership countries http://rustavi2.ge/en/news/136290


Georgian wine company "Shilda" became the owner of the EU Sustainable Energy Award in Eastern Partnership countries. This is the first time that the Eastern Partnership countries took part in the nominations.
"Shilda" got involved in the energy efficiency program in 2016 and became the winner in this nomination. The ceremony was held in the European Commission.

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19-06-2019 08:57 +0400
GEL continues to depreciate http://rustavi2.ge/en/news/136233


Georgian National currency continues to depreciate. One USD has become 2.7664 GEL. Till today the price of one USD was GEL 2.7559.

The national currency also depreciated against the euro. One euro is was GEL 3.0995.Earlier today the price of one Euro was 3.0907 GEL. T

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18-06-2019 17:16 +0400
Minister, who has made the most unfriendly decision for businesses - 10 business associations will appeal to Ivane Machavariani http://rustavi2.ge/en/news/135740

A joint letter of 10 business associations in Georgia to the Finance Minister - businessmen address Ivane Machavariani demanding to suspend the reduction of the import duties for 6 months. They plan to use this period for consultations. Otherwise, they think the crisis in business is inevitable. It is about a decree issued on May 31, 2019, according to which a number of benefits for importing companies are annulled. In the nearest future, businessmen will apply to the Prime Minister as well.
"If the state has an unpredictable government, if it is unpredictable what decision it will make tomorrow, it will create additional problems for investing ... the state instead of solving problems and reducing them, artificially creates them," says executive director of Taxpayer Association, Gigla Mikautadze.
The president of the Business Association of Distributors, Iva Chkonia says that the businessmen in the nearest future will address the Prime Minister and the government for a reasonable decision.
"Ivane Machavariani is a minister who has made the most unfriendly decision to business," said Iva Chkonia.

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12-06-2019 08:15 +0400
Georgian Prime Minister is participating in the conference of the US International Economic Forum http://rustavi2.ge/en/news/135646

The Prime Minister of Georgia participates in the Conference of the American International Economic Forum in Montreal, Canada.
Mamuka Bakhtadze addressed the session participants and discussed the topic "Global Economy in Transition Period".The Head of the Government talked about Georgia"s investment opportunities. The Prime Minister emphasized Georgia"s favorable geographical location, increased tourism potential and free trade agreements that connect the country with the EU and China simultaneously.
"Georgia represents the gateway to 8 countries. We are at the crossroads of the Eurasian continent. Therefore, our main strategy is to turn Georgia into a regional center for logistics, international business, tourism, education, and technology. There are visible achievements in tourism, energy sectors, and especially renewable energy sources, as Georgia is rich in hydro resources. There is another area in the mining industry and I am delighted that Canadian companies are interested in starting a business in Georgia, "Mamuka Bakhtadze said.

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11-06-2019 08:48 +0400
The threat of disruption of Anaklia and Poti ports projects - Giorgi Kobulia"s scandalous statement http://rustavi2.ge/en/news/135641

Giorgi Kobulia calls on the authorities to be cautious and avoid the worst scenario. According to the ex-minister, as soon as he assumed office, he asked the government and the ministry economically substantiated analysis of the Anaklia port project, although he said: "there was no such analysis."

“I had a number of questions about the Anaklia port project. As a rule, this port should serve cargo transportation procedures between Asia and Europe. For example, the cargo heading from Asia, Kazakhstan or China, must pass through the Caspian Sea, Georgia and then through the Black Sea…This is very difficult logistics. So it was a great question mark for me how this middle corridor would be more competitive than other alternative corridor, which is used by carriers today. For example, one of the alternative routes from Kazakhstan today is the rail cargo that is heading to Europe through Russia. Do you imagine how much easy it is? As soon as he assumed office, he asked the government and the ministry economically substantiated analysis of the Anaklia project, but there was no such analysis," Giorgi Kobulia said.

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11-06-2019 08:14 +0400
Import tax is reduced - businessmen talk about the inevitable crisis and address the PM http://rustavi2.ge/en/news/135640

Crisis for businessmen is inevitable - the agreement between them and the state has failed, which means that benefits for the companies included in the gold list will be reduced from 30 days to 5 days.
Finance Minister and Businessmen Ombudsman met with businessmen asking for a postponement of these regulations. The government is not going to retreat, while the businessmen are predicting the reduction of costs and staff on this background, as well as selling smaller quantities of products.
"The result is that we need to attract more financial resources, which means that we have to take a loan and, in the event of a loan, we will have to cut costs. That will be the reduction of employees or decrease of products imported, "said Zviad Tskhvitaridze, corporate director of" British American Tobacco".
The business ombudsman addresses the PM with the request of postponing the regulations.

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11-06-2019 08:04 +0400
Customs clearance period decreased from 30 to 5 days - Minister of Finance does not make a compromise http://rustavi2.ge/en/news/135635

The business is still under heavy blow - part is facing the bankruptcy, and, consequently, the employees -unemployment. The heads of the biggest Georgian companies have been explaining to the Minister of Finance for two hours that the changed regulations create problems for them, though Vano Machavariani did not share the arguments.
Up to now, more than 200 Georgian companies, which import goods from abroad enjoyed a grace period for 30 days for the customs clearance. According to the new rules, millions now have to be collected in 5 days. Businesses say they cannot do this and asks for a meeting with the Prime Minister.
The decision of the Ministry of Finance may soon be reflected in the lives of each citizen, as it concerns the imported products from abroad, including food products consumed by hundreds of thousands of people every day.
The Association of Importers says that the problem is very serious and, therefore, the Parliament should get involved in the dispute between the business and the government.
The opposition has also summoned the Finance Minister in the parliament. Ivane Machavariani should say why he canceled the golden list of companies, putting the business sector under severe pressure.
The new regulation will be launched on June 12.

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10-06-2019 21:50 +0400
Blow on big businesses - the Gold list is canceled, businessmen should pay millions of lari in 5 days http://rustavi2.ge/en/news/135619

The gold list has been canceled and the privileges regarding customs clearance for up to 300 major companies have been annulled. In the middle of the fiscal year, the government"s decision created new problems for businesses. The problem of cash liquidity has emerged, and the business should get millions in five days required for customs clearance of imported goods. It has created a feeling that the state changes the rules of the game whenever it wants and how it wants and upsets the business environment without asking anything about it. At the moment, the businessmen are meeting with the Finance Minister and asking for a compromise.
"It totally changes, puts upside down our business model. In this case, of course, we have to cut costs, and how can we reduce the costs? We should reduce costs by reducing employees by cutting down products, and so on ", - said Iva Khasia, a representative of "JTI Tobacco".
Businessmen are wondering why the government has made the decision hastily so that communication with them has not been held. Representatives of large companies are demanding the suspension of this decision.
"Our main requirement is that this decision should be stopped at least until consultations with the business are not held and we do not know why this decision was adopted in such a haste. It requires the accumulation of enormous amounts in a very short period of time for which business is not ready, "said Zviad Skhvitaridze, director of legal and corporative affairs of
"American Tobacco ".
Businessmen think that the government should try to expand the golden list and not on the contrary. In this case, the business will develop which means more new jobs.
Business Ombudsman is also attending the meeting. Irakli Lekvinadze said that more communication was needed before making a decision. He hopes that the meeting will end with concrete results."More communication was needed and I think the meeting will be very effective," said Irakli Lekvinadze

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10-06-2019 18:11 +0400
Lari devaluation, inflation, banking supervision - President of the National Bank is expected in Parliament http://rustavi2.ge/en/news/135553

Lari rate, inflation, and banking supervision - The President of the National Bank will have to answer questions on these issues today.
Koba Gvenetadze will present the annual report at the Finance and Budget Committee in the Parliament. According to the members of the parliamentary majority, both the opposition and the parliamentary majority will have questions with the leadership of the National Bank.
"It will be a consideration in all directions, including the National Bank, with its mandate. These are issues related to inflation, issues related to banking supervision. I think that MPs will have questions, including on the devaluation of the Lari rate, the target inflation rate, banking supervision, and various other directions. I think that the questions will come both from the opposition as well as the majority and we are waiting for adequate answers from the National Bank of Georgia, "said Irakli Kovzanadze, chairman of the Parliamentary Finance and Budget Committee.
The opposition is talking about the wrong management of the National Bank. According to UNM, the agency has made many mistakes under the leadership of Koba Gvenetadze.
"People and businesses do not have the feeling of stability, GEL is unstable, the expectation of price increases always prevents businesses from planning their future activities. The National Bank has failed to fulfill its obligations and has made many mistakes. The government has always resisted the government and its mistakes, including in the budgetary sphere, when the huge amount of money was spent by the end of the year and this would have led to the impairment of the Lari, "said Roman Gotsiridze.

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10-06-2019 07:52 +0400
" Aim is to create equal conditions for all business entities," - explanation of the Ministry of Finance on the regulations set for importers http://rustavi2.ge/en/news/135318

Secretly accepted regulations for businessmen and financial pressure on Importers - Businessmen say that the decision, made secretly on May 31 is damaging.

Regarding the new regulation, the definition was made in the Ministry of Finance.

The case concerns the Finance Minister"s decree according to which customs clearance period will be reduce from 30 to 5 days for excise taxpayers .
"These companies will have equal conditions with medium and small businesses," said Deputy Minister of Finance Tsotne Kavlashvili.

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06-06-2019 18:32 +0400
The government could have honored taxpayers and informed them before taking the decision - Temur Chkonia http://rustavi2.ge/en/news/135295

These people make a lot of money in the budget and the government should have honored them - the president of "Coca-Cola Bottlers Georgia" responds to new regulations secretly received by the government.
It is about an unexpected decision taken on 31 May that the customs clearance period will be cut for taxpayer companies from 30 to 5 days. The novelty concerns the organizations from the so called "golden list" that have certain advantages. Besides the fact that the new regulation will be a heavy burden for business, Temur Chkonia says that the government has shown disrespect to taxpayers.

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06-06-2019 15:27 +0400
Businessmen assess reduction of import tax term from 30 to 5 days http://rustavi2.ge/en/news/135247

The surprise from the government, which has put businesses in a difficult situation. As a result of a decision secretly adopted on May 31, the term for paying import duty for taxpayers was reduced from 30 to 5 days. The novelty concerns the companies in the so-called "Golden List", which have some benefits.
Businessmen are assessing new regulations as shocking. They say that concrete companies may not be able to continue their activities. Another key issue is importers saying the government does not communicate with them and they talk about the expected price increase. Why did the government take such a change - the concrete answer is not known to businessmen at this stage. The new law comes into force from June 12.

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06-06-2019 08:09 +0400
Record high prices for products - inflation has reached its peak http://rustavi2.ge/en/news/135154

Geostat studies have officially established that the inflation rate has reached its peak during the last 18 months. In May alone, prices for vegetables and potatoes increased by 33 percent, fish 13 percent, bread products 11 percent and meat products by 7.2 percent. People can no longer afford to buy in agrarian markets.
The price of fuel has set the record of the year. Petrol prices have risen by 20-25 tetri over the past two months, and importers say the price is stabilized in the international market, but there should be no positive forecast due to lari impairment.
Experts say that the inflation rate will increase in the following months, as the Geostat data has not yet shown the final result of impairment of the Lari. Specialists say that research should be a signal to the economic team that effective steps need to be taken. However, the increase in prices, the depreciation of the lari and the record rate of inflation do not seem alarming to the Deputy Finance Minister.

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04-06-2019 21:45 +0400
Economy Minister Responds to "IPM Poti Terminal" Statement on Suspension of Deepwater Port construction http://rustavi2.ge/en/news/134935

The Minister of Economy and Sustainable Development of Georgia responds to"IPM Poti Terminal" special statement on the suspension of construction of a deep-water port.
It is the company"s statement disseminated in response to the decision of the Ministry of Economy that the Poti terminal may apply to legal proceedings.
Natia Turunava says that the company has the right to do so. However, she also clarified that her agency will consider "IPM Poti Terminal" offer in the context of Anaklia Port priority.
Poti received a permit for construction of a new deep-water port on May 2, and on 29 May, after the information became public, Anaklia"s development consortium made a sharp statement.On May 30, the Ministry of Economy and Sustainable Development canceled the issued permit.

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01-06-2019 16:47 +0400
After a few days of sharp impairment, GEL slightly strengthened by the end of the week http://rustavi2.ge/en/news/134897

The national currency has strengthened by the end of the week following a sharp depreciation of several days.
According to the data released by the National Bank of Georgia yesterday, the value of 1 USD was 2.7870 lari. The course, which valid yesterday, was GEL 2.8023. Consequently, the dollar amendment amounted to 0.0153 GEL in respect of the national currency.1 euro is worth 3.1078 lari while yesterday"s current rate was 3.1209 lari. Accordingly, the amendment of the euro equaled 0.0131 GEL.

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01-06-2019 10:01 +0400
Every fifth citizen is starving - the population says that the situation is getting worse every day http://rustavi2.ge/en/news/134895

The National Statistics Office has  estimated that every fifth citizen is starving in Georgia and every fifth person does not have enough food to exist. Compared to major cities, the worst picture is in regions where 23% of the population is starving.GeoStat, which calculated this data, says that the forecast is encouraging, as last year the situation was worse.
Statistics from the GeoStat differ radically from the statistics in the streets. The population lives in extreme poverty and there never has been such poverty in Georgia. In the light of lari impairment, an increase in prices, the population believes that the government has lost the sense of reality and distances from people even more.Experts also believe that GeoStat"s data does not reflect reality and in reality not every fifth, but more people are starving.

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31-05-2019 21:43 +0400
Anaklia Port - According to the PM, the government is supporting the project http://rustavi2.ge/en/news/134886

Mamuka Bakhtadze commented to the journalists in the Parliament regarding the Anaklia port project. According to Mamuka Bakhtadze, the government is interested in implementing this project. According to him, the state promised to invest 300 million in the infrastructure, purchased lands for tens of millions of dollars, part of which has already been handed over to the consortium; the state undertook a commitment to invest $100 million to co-finance the port.

“After all this, an objective question is: What is needed for the realization of the strategic project when there is such support from state institutions? The simplest thing is needed – the fulfillment of liabilities by private companies. I would like to reiterate our full support for the Anaklia port and to confirm that this project has strategic importance for us. I once again call on everyone to focus on the results and not on various types of theories," Bakhtadze said.
The Prime Minister talked about the construction of the Poti port. According to Mamuka Bakhtadze, the permit could not be of a real result, as it was not agreed with the minister and was also drawn up by legal faults and was therefore abolished.

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31-05-2019 18:52 +0400
Anaklia"s project has unprecedented support from the state - Natia Turunava http://rustavi2.ge/en/news/134746

The Anaklia project is not in danger and has unprecedented support from the government - this is the response of the Minister of Economy to the reaction of Anaklia development consortium on issuing a permit for construction of a deep-powered port in Poti.

Natia Turvanava declares that it is unfulfilled commitments from investors which hinder to implement the Anaklia"s project.


"Anaklia port is and will be our main priority .It has unprecedented support from the state, "Natia Turnava said.

The Vice-Premier also criticizes the Anaklia development consortium. Maia Tskitishvili says that the director of the consortium for the development of Anaklia made hasty and emotional statements."I call on the Anaklia Development Consortium to work in the first place to find financing for this project. Ensure implementation of commitments, they have made under the investment agreement, "said Maia Tskitishvili.

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30-05-2019 15:14 +0400
"Exchange rate of GEL reaches dangerous mark,"- Opposition Forecasts Increasing Prices http://rustavi2.ge/en/news/134725

The opposition speaks about the alarming rate of impairment of the Lari. The parliamentary opposition expresses special concern about Koba Gvenetadze"s statement. Zurab Tchiaberashvili, member of "European Georgia", said that the president of the National Bank confirmed that the prices will sharply rise in parallel with the depreciation of the Lari.

"The most alarming is the statement of Koba Gvenetadze, the president of the National Bank that inflation will exceed the target index," Zura Chiaberashvili said.

Roman Gotsiridze states that it is necessary to take immediate steps. Among them is the state budget adjustment.


"Exchange rate of GEL reaches dangerous mark. We can not blame foreign factors. It is caused by the budget policy, the financial policy, the policy of the government and the mistakes of the National Bank, "said Roman Gotsiridze.

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30-05-2019 12:29 +0400
Trnava should resign- Levan Gogichaishvili http://rustavi2.ge/en/news/134726

Levan Gogichaishvili, who left the parliamentary majority, demands the resignation of the Minister of Economy Natia Turnava.

The MP has questions about the Anaklia port project and the permit for construction of the Poti port.

Lawmakers will ask relevant questions to the Prime Minister, who will arrive in parliament tomorrow.

Levan Gogichaishvili believes that Mamuka Bakhtadze should answer all questions.

"I think that Tornava should resign because she is appointed by the odious businessmen due to sign such projects,"- said Levan Gogichaishvili.

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30-05-2019 12:27 +0400
Pension Reform, Banking Regulations - Prime Minister will have to answer questions tomorrow in Parliament http://rustavi2.ge/en/news/134722

The Prime Minister of Georgia will arrive in parliament tomorrow. Mamuka Bakhtadze was summoned to the legislative body by "European Georgia".

The MPs have questions about many important issues, including a record GEL impairment.

Despite the fact that the procedure envisages preliminarily agreed questions, MPs plan to talk about otherl issues with Bakhtadze.

According to the legislators, when the strategic project - Anaklia Port may be suspend, the Prime Minister should speak about this issue.

The CEC chairperson Tamar Zhvania is expected in the parliament as well. It was UNM"s initiative to invite her.
"Georgian Dream" summoned Davit Sergeenko, Minister of Health, tomorrow in parliament.

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30-05-2019 12:20 +0400
GEL record impairment - Irakli Kobakhidze does not exclude that the economic team will be summoned once again http://rustavi2.ge/en/news/134701

Due to the sharp drop in the Lari rate, it is not excluded that the economic team will be summoned once again. The Chairman of Parliament made this statement during his visit to Lithuania.
According to Irakli Kobakhidze, there are questions on which the government and the National Bank need to give answers.
"Parliament will, of course, be interested in this matter, we will communicate with all relevant agencies, including the National Bank, including relevant governmental bodies, and continue working on our economic development and keep the Lari rate stronger," said Irakli Kobakhidze.
In the opposition, the depreciation of the national currency is associated with the government"s wrong economic policies and unreasonable risks, which will result in an increase in prices and the poverty rate of the population.
"The main factor is a foolish policy that is run by the government. This will have an impact on the fuel price, and the imported goods that are tied to the Lari rate will increase. In addition, Lari impairment leads to closure of businesses, "- said one of the leaders of the National Movement Roman Gotsiridze.
A Member of the "European Georgia" MP Zurab Tchiaberashvili said that the government and the National Bank were not going to fight against rising prices in the conditions of the Laris impairment.

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30-05-2019 09:07 +0400