RUSTAVI2 Rustavi2 TV News Portal RSS Feed Rustavi2 Broadcasting Company http://rustavi2.ge/ Georgia’s economy maintains resilience to external shocks - Fitch Ratings http://rustavi2.ge/en/news/155608

As the Fitch rating company says, the sovereign credit rating of Georgia remains at the BB level, while its prospects are stable.

According to the company, the sovereign rating of Georgia comparatively improved due to the high quality of governance, attractive investment and business environment, and sustainability to regional shocks.

The IMF is a supporter of Georgia’s economic policy.

The rating company says that Georgia was stable to external shocks with its economic growth higher than projected in 2019.

The Fitch reports that the factors mentioned above are the reason for the rating maintenance.

]]>
17-02-2020 17:43 +0400
The economic growth of 2019 exceeds the initial forecast of the IMF – Natia Turnava http://rustavi2.ge/en/news/155209

The International Monetary Fund mission has praised the economic processes and structural reforms underway in Georgia. Such a statement made the Minister of Economy and Sustainable Development Natia Turnava.

“The economic growth of 2019 exceeds the initial forecast of the IMF. It projected 4.6%, and the real growth included 5,2%. The IMF highlighted the achievement, which implies the improvement of the external trade balance. The imports have not increased, but exports grew by 12,4%. The inflation, which was a challenge for all these months, gradually decreases. In general, the country is on the right path of development. Investors also show vast confidence in the Georgian economy”, - said Natia Turnava.

]]>
13-02-2020 11:26 +0400
100 Investment Offers for Business - Ministry of Economy launches new project http://rustavi2.ge/en/news/155048

100 Investment Offers for Business - Ministry of Economy launches new project.

The ministry is offering the auction of licenses to extract minerals from the private sector. Minister of Economy Natia Turnava believes that recycling of minerals will significantly contribute to the budget and will create more jobs.


“In total, the whole package of offers consists of 100 licenses. This is at least 82 million GEL, which will go to the state budget. This is an investment of at least GEL 120 million and will create at least 1800 new jobs”, - said Natia Turnava.

]]>
11-02-2020 16:00 +0400
The Evaluation Commission of European Olympic Committee has visited Bakuriani http://rustavi2.ge/en/news/154611

The Evaluation Commission of European Olympic Committee has visited Georgia’s mountainous resort Bakuriani today in order to evaluate its resources for hosting the 2025 Winter Youth Olympic Games.

The committee members explored potential locations of the competition and all the necessary infrastructure, including ski-lifts.
Peter Brule, the Head of the European Olympic Committee, noted that Georgia has all the resources to successfully host the winter youth festival, which has been becoming more and more popular in Europe.
The European Olympic Committee officially confirmed the candidate status of the ski resort Bakuriani in December 2019.
Georgia already has experience in holding such high level events, including Tbilisi 2015b Olympic Youth European Festival.

]]>
06-02-2020 14:46 +0400
We will discuss a new draft law on rehabilitation and collective debt settlement – Gakharia http://rustavi2.ge/en/news/154578

In order to empower the private sector, ensure maximal state support for business, and foster job-creation, the Government of Georgia has approved the Draft Law on Rehabilitation and Collective Debt Settlement.

“Today, we are discussing a very important bill, the Draft Law on Rehabilitation and Collective Debt Settlement, developed in detail by the Ministries of Justice, Economy, and Finance. It is a result of extensive work”, - said the Prime Minister of Georgia at today’s Government meeting.

“Developed with the engagement of the private sector and experts from international organizations, and based on best practices, the draft law offers solutions to businesses in dire financial straits. The law will enable businesses to use rehabilitation mechanisms instead of insolvency procedures at the earliest stages of financial crises.

I am confident that it will be one of the most successful international-level draft laws, one tremendously benefiting Georgia"s economy. Over the years, we have felt the hardship of companies facing financial difficulties. And this law will enable them to stave off insolvency and recover at the rehabilitation stage. And for us, that, above all else, means saving jobs and providing the greater good for our citizens”, - explained Giorgi Gakharia.

]]>
06-02-2020 10:48 +0400
The National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/154412

According to a new exchange rate set by the National Bank of Georgia on February 5, the official value of 1 USD has become 2.8603 GEL. The current rate was GEL 2.8834. As a result of today’s trading, the exchange rate of the dollar against the national currency amounted to GEL 0.0231.

The value of 1 Euro is 3.1618 GEL, while the current rate was 3.1911 GEL. The change is 0.0293 GEL against the Euro.

The value of 1 pound sterling is 3.7201 GEL, while the current rate was 3.7677 GEL. The change amounted to GEL 0.0476.

The official value of 1 Turkish Lira is 0.4787 GEL. The current rate was 0.4819 GEL. The change in relation to the Lira is 0.0032 GEL.

]]>
04-02-2020 17:28 +0400
Average estimated real GDP growth equaled 5.2 percent in 2019 http://rustavi2.ge/en/news/154098

According to the National Statistics Office of Georgia (Geostat), Georgian gross domestic product (GDP) grew 3.8% in December 2019 compared to the same period of last year. An average estimated real GDP growth equaled 5.2% for 2019, according to the Statistics Office of Georgia.

“In December 2019 the estimated real growth compared to the same period of the previous year was posted in the following activities: manufacturing, transport and storage, wholesale and retail trade; repair of motor vehicles and motorcycles, hotels and restaurants. A decrease was registered in construction”, - said the Executive Director of the Office Gogita Todradze.

Georgian external trade turnover increased to $12.83 billion (2.7% higher y/y) in January-December 2019 show preliminary data from the Geostat.

]]>
31-01-2020 16:04 +0400
The Government offers to business natural resources in privatization drive http://rustavi2.ge/en/news/153947

The Ministry of Economy is offering natural resources for privatization in addition to other state-owned assets offered through the “100 investment projects for business” program. Such a statement made the Prime Minister of Georpgoa.
According to Giorgi Gakharia, this will create an opportunity for an additional 120 million GEL to be invested in the economy in the coming years.
“The management of natural resources is a priority for the Georgian government. We are implementing important projects in order to manage natural resources efficiently and to be in compliance with environmental standards.
The private sector is the key to create new jobs and develop the country"s economy.

The project “100 investment projects for business” implemented by the Economy Ministry in late November 2019 was successful and said that more than 38 state-owned assets have already been privatized.
State-owned assets which are ineffectively distributed among different state agencies or are not identified at all should be involved in the Georgian economy. Privatization is important to create new jobs, to attract new investments and develop the economy. The list of the assets offered to businesses for privatisation will never be less than 100”, - concluded the Head of the Government.

]]>
30-01-2020 11:18 +0400
According to the Prime Minister, in excess of 38 sites from 100 have been privatized http://rustavi2.ge/en/news/153944

Our recent initiative about two months ago, one involving a new investment offer to business, has been a significant success. Such a statement made the Prime Minister of Georgia.

According to Giorgi Gakharia, in discussing the work of the Economy Ministry, emphasized new jobs as a top priority.

“As of today, in excess of 38 sites have been privatized, and we have quite significant budget revenues. Importantly, this list will always consist of at least 100 sites, as we have promised our economy, our business. That is our task, and it involves expedited, effective privatization beneficial for the state. But most importantly, it will create new jobs, attract new investments, and give the economy new energy.

Our main task is identify, channel into the economy with maximal effectiveness, and privatize all resources that are presently allocated ineffectively among various state institutions or unidentified altogether.

It is common knowledge that the private sector is the main job-creating driving force behind our economy. Along with this initiative, the Ministry of Economy has come up with an excellent new idea to strengthen this direction. It involves the same approach to mineral resources as a proposal to business regarding 100 additional investment projects. As you know, natural resources management is one of our priorities, and the state is currently implementing several far-reaching reforms in this direction with a view to ensuring effective mineral resources management and compliance with relevant environmental standards”, - concluded the Head of the Government.

]]>
30-01-2020 11:01 +0400
The key refinancing rate remains 9% - the National Bank of Georgia http://rustavi2.ge/en/news/153853

The key refinancing rate will remain unchanged at 9%, the National Bank of Georgia (NBG).

The NBG said that along with the monetary policy tightening, nominal effective exchange rate slightly appreciated, reducing inflationary pressures; it, however, added that despite this appreciation, “the GEL nominal effective exchange rate remains undervalued”.

The central bank forecasts that other things equal the inflation will start declining from the beginning of 2020 and approach the target by the end of the year. This will be ensured by the monetary policy that will remain tightened until the medium-term inflation expectations are reduced to target 3%.

The NBG will continue to monitor the developments in the economy and financial markets and will use all means and instruments at its disposal to ensure price stability. The next meeting of the Monetary Policy Committee will be held on March 18, 2020.

]]>
29-01-2020 12:25 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/153352

According to a new exchange rate set by the National Bank of Georgia on January 24, the official value of 1 USD is 2.8867 GEL. The current rate was GEL 2.8895. As a result of today’s trading, the exchange rate of the dollar against the national currency is GEL 0.0028.

The value of 1 euro is 3.2005 GEL, while the current rate was 3.2045 GEL. The change compared to the euro amounted to GEL 0.0040.

The value of 1 pound sterling is GEL 3.7899 and the current exchange rate is GEL 3.7748. The change amounted to GEL 0.0151.

The official value of 1 Turkish Lira is 0.4874 GEL. The current rate was 0.4868 GEL.

]]>
23-01-2020 17:28 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/153254

According to a new exchange rate set by the National Bank of Georgia on January 23, the official value of 1 USD is 2.8895 GEL. The current rate was GEL 2.8877. As a result of today’s trading, the dollar exchange rate against the national currency amounted to GEL 0.0018.

The value of 1 Euro is 3.2045 GEL, while the current rate is 3.2077 GEL. The change compared to the Euro is GEL 0.0032.

The value of 1 pound sterling is 3.7748 lari, while the current rate is 3.7676 GEL. The change amounted to GEL 0.0072.

The official value of 1 Turkish Lira is 0.4868 GEL. The current rate was 0.4876 GEL. The change with respect to Lira was GEL 0.0008.

]]>
22-01-2020 17:13 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/153144

According to a new exchange rate set by the National Bank of Georgia for January 22, the official value of 1 USD - 2.8877 GEL. The current rate is GEL 2.8770.

The value of 1 Euro is 3.2077 GEL, while the current rate is 3.1892 GEL. The change was 0.0185 GEL against the Euro.

The value of 1 pound sterling is 3.7676 GEL, while the current rate is 3.7369 GEL. The change amounted to GEL 0.0307.

The official value of 1 Turkish Lira is 0.4876 GEL. The current rate was 0.4878 GEL.

]]>
21-01-2020 17:08 +0400
In 2019 Georgian external trade amounts had a record growth http://rustavi2.ge/en/news/152569

Georgia’s external trade turnover amounted to 12.83 billion USD in 2019, an increase of 2.7% compared to last year, shows the data from the National Statistics Office of Georgia (Geostat).
The value of exports went up 12.4% and reached 3.77 billion USD, while imports decreased 0.8%, amounting to 9.06 billion USD.
The trade deficit of Georgia in 2019 amounted to 5.29 billion USD, a 41.2% of total trade turnover.
Geostat will release the detailed figures of foreign trade for 2019 on January 20.

]]>
14-01-2020 17:52 +0400
Ministry of Regional Development and Infrastructure rules out restoration of terminated contract with Anaklia Consortium http://rustavi2.ge/en/news/152566

The Ministry of Regional Development and Infrastructure of Georgia released a statement regarding the Anaklia Deep Water Port Project, ruling out restoration of the terminated contract with the Anaklia Development Consortium (ADC).

According to the Ministry, it is unfortunate that the use of the Anaklia port project for political purposes and deliberately misleading the public go on in Georgia.

“Information about the January 9, 2020 decision of the Government regarding termination of the contract was sent to the ADC on the same day and the contract was formally terminated.

The investment contract provide a 60-day pre- arbitration period, but it should be used by the party that intends to initiate the arbitration dispute and for negotiations on the pre- arbitration procedures in order to avoid arbitration.

Negotiations between the parties within the 60-day period do not imply the possibility of any negotiations on the restoration of the agreement and the possibility of the consortium to continue its work on the Anaklia Port Project. The contract is terminated in accordance with all norms, set by the law, and cannot be restored.

Thus, the contractual agreement between the Government and the ADC is terminated in compliance with all legal grounds and norms. Accordingly, any statement about continuation of any relations between the Government and the ADC under the same agreement is false and aims only at political speculations.

As for the prospect of the Anaklia Port Project, the Government reaffirms the importance of Deepwater Port construction and begins procedures for preparing new tender proposal on the project”, - reads the statement.

]]>
14-01-2020 17:18 +0400
International airlines started using Georgian airspace instead of Iranian http://rustavi2.ge/en/news/152181

Some international airlines have started using Georgian airspace instead of Iran due to developments in the Middle East.

“A much busier northern corridor through Azerbaijan and Turkmenistan in the early hours of 9 January as many airlines reroute around Iraq and Iran”, – reads the statement released by Flightradar24.

The map shows that the aircraft actively use Georgian airspace while flying to European destinations.

Major international airlines, including Lufthansa, Air France, Singapore Airlines and Qantas Airways, temporarily refused the use the airspace of Iraq and Iran due to escalated developments in the Middle East.

]]>
09-01-2020 14:09 +0400
We are ready under any scenario – Zalkaliani on Tramp’s statement http://rustavi2.ge/en/news/152176

We are ready under any scenario, we are and will be in active communication with our citizens. Such a statement made the Foreign Minister of Georgia when commenting on the recent developments in the Middle East.

“We are very attentive towards the developments in the Middle East. During the recent days, we have been communicating with the US Attorney in Georgia, as well as with other partners, given the fact that the developments concerned our strategic partner. In addition, the escalation of the situation in the region could have a detrimental effect not only on the region but beyond the region. It is in our interest to de-escalate the situation and it is very important that all diplomatic mechanisms be actively involved to defuse the situation.

Of course, we instructed all our embassies in the region and told them that we had our citizens in the conflict region. Citizens of Georgia are not in Baghdad. We have Georgian citizens in the northern part of Iraq and we have had active communication with them. We have already planned measures to help Georgian citizens in the worst-case scenario. They are in constant contact with the Embassy of Georgia. We do not have an embassy in Baghdad, Iraq, but we cover the country from Jordan. We are ready under any scenario, we are and will be in active communication with our citizens”, - concluded Davit Zalkaliani.

]]>
09-01-2020 13:02 +0400
The decision to cancel the contract with the Anaklia Consortium was correct – Natia Turnava http://rustavi2.ge/en/news/152168

According to the conditions that led to the announcement of a tender and revealing the winning company, we should have had a new port by 2020. Unfortunately, this could not be achieved, which is the responsibility of the investor. Such a statement made Natia Turnava, the Minister of Economy and Sustainable Development, while commenting the decision to cancel the contract with the Anaklia Development Consortium.

“We have been providing unprecedented support to this project and its investors since 2017.

According to the conditions that led to announcing a tender and revealing the winning company, we should have had a new port by 2020. Unfortunately, this could not be achieved, which is the responsibility of the investor. You can"t name another project that the government has shown so much support for. This is the only commercial project mentioned in the Constitution of Georgia.

The decision to cancel the contract is the right one because we need a deep water port. We see the need for this project to continue, but we do not see the resources to continue this project with its current investor. Giving more chances and postponing the project deadline further is impossible and hurts state interests”, - said Turnava.

The Government of Georgia has decided to cancel its contract with the Consortium and to launch appropriate legal procedures at today’s meeting.

]]>
09-01-2020 12:22 +0400
Government to search for a new investor for Anaklia port http://rustavi2.ge/en/news/152165

The Government is looking for a new investor for the construction of the Anaklia deep-sea port. Such a statement made the Minister of Regional Development and Infrastructure after the governmental session.

According to Maia Tskitishvili, Georgia needs the deep-sea port by all means.

“We have said many times that our country needs the deep-see port of Anaklia for security, economic security and full realization of the logistical potential. The Anaklia port project belongs to the State and not to any private investor. It was the State that initiated the implementation of this project; it was the State that expressed interests in implementing this project as early as 2014.

We need a financially stronger investor.

Georgia needs this port, so we will search for a new partner, who will be able to implement this project quickly and get the results that our country needs”, - concluded the Minister.

]]>
09-01-2020 12:03 +0400
Anaklia Consortium will have to pay a fine for failing to fulfil its contractual obligation - Maia Tskitishvili http://rustavi2.ge/en/news/152163

According to the Minister of Regional Development and Infrastructure of Georgia, the Anaklia Consortium will have to pay a fine for failing to fulfil its contractual obligation.

Maia Tskitishvili did not specify the amount of the fine, but said the State had already forgiven the Anaklia Development Consortium a 10 million USD fine.

“The Consortium will also have to return the land received from the state and the deep-sea port project. All these procedures are set out in the contract and we will strictly follow the requirements of the contract”, - said Tskitishvili.

The Government of Georgia decided to cancel a contract with the Anaklia Development Consortium and to launch appropriate legal procedures. The Anaklia Development Consortium had to fulfil its duties by December 31.

]]>
09-01-2020 11:40 +0400
The Government of Georgia cancels contract with Anaklia Development Consortium http://rustavi2.ge/en/news/152161

With regard to the contract signed with the Anaklia Development Consortium, the Georgian government decided to launch procedures for cancelling the investment contract signed between the Consortium and the Government on 3 October 2016 on the construction, operation and transfer of a deep-see port in Anaklia. Such a statement was spread by the Ministry of Regional Development and Infrastructure.

According to the Ministry, the Government considers that a further extension of a term for the implementation of duties cannot bring the desired result.

“As of December 31, 2019, the Anaklia Development Consortium, which had gained the right to build Anaklia’s deep-sea port, failed to comply with the obligations under a 7-point investment agreement. Inter alia, it failed to obtain 120 million USD for filling its capital, failed to submit a 400 million USD loan agreement with international banks, or contracts with the first phase terminal operator or the first phase construction contractor, thereby giving the Government full and unconditional right to cancel the contract.

Although the State showed unprecedented support to the investor for the project and extended the term for the implementation of basic and necessary obligations several times since 2017 after the above was requested by the Consortium, they failed to meet the deadline, did not make significant progress and failed to present a real action plan for the fulfilment of duties”, - reads the statement.

According to the Ministry, since the delay in contractual relations with the Consortium could harm the port construction project, the Government will launch procedures for canceling the contract with the Consortium, as well as for further development of the Anaklia port project.

]]>
09-01-2020 11:20 +0400
Vladimir Putin and Recep Tayyip Erdogan launched "Turkish Stream" http://rustavi2.ge/en/news/152118

Vladimir Putin and Recep Tayyip Erdogan officially opened the Turkish Stream gas pipeline.

The ceremony of gas pipeline’s commissioning took place in Istanbul. Putin noted that this was an important event not only for the Russian Federation and Turkey, but for the entire European continent.

The Turkish Stream gas pipeline has a total capacity of 31.5 billion cubic meters. Its first line will provide Turkish consumers with a capacity of 15.75 billion cubic meters of Russian gas.

The second line will supply another 15.75 billion cubic meters of gas to Europe through Turkey, Bulgaria, Serbia and Hungary.

]]>
08-01-2020 18:13 +0400
Government will discuss Anaklia Consortium issue tomorrow http://rustavi2.ge/en/news/152093

The Minister of Regional Development and Infrastructure, Maia Tskitishvili said that the Government will review the Anaklia Consortium Issue at the session tomorrow.

“After the session is over, we will report in detail regarding the continuation of the relationship with the Anaklia Development Consortium”, - added Maia Tskitishvili.

The deadline for the Anaklia Development Consortium to find sponsorship for the Anaklia port project expired on December 31, 2019. The consortium released a statement, reading that it will do everything to continue the project.

]]>
08-01-2020 15:13 +0400
Future of Anaklia Port - Consortium will make clarifications after the Government meeting http://rustavi2.ge/en/news/151732

The Government of Georgia will discuss the investment agreement signed with Anaklia Development Consortium to build the Anaklia Deep Sea Port as the consortium was unable to obtain the needed $400 million in loans from international financial institutions and $120 million from potential investors by the official expiration of the term limits at the end of 2019.

The Ministry of Infrastructure says that the Government will discuss ways to continue the construction of the port. 

On December 31, 2019 Anaklia Development Consortium announced that they are doing their best to keep the project alive and push it further.

]]>
03-01-2020 14:42 +0400
Geostat: For the last two years, the highest rate of inflation recorded http://rustavi2.ge/en/news/151718

In December 2019 the Consumer Price Index increased by 0.4% compared to the previous month, while the annual inflation rate amounted to 7.0%, the National Statistics Office of Georgia reports.

In the same period the inflation rate without tobacco amounted to 0.4% over the previous month, while the prices increased by 6.3% compared to the same month of 2018.

With regard to the annual core inflation, the prices increased by 5.2%, while the annual core inflation without tobacco amounted to 3.7%.

]]>
03-01-2020 12:17 +0400
The National Statistics Office presented a preliminary assessment of economic growth http://rustavi2.ge/en/news/151633

The National Statistics Office (Geostat) presented a preliminary assessment of economic growth.

According to them, Georgian gross domestic product (GDP) grew 6.4% in November 2019 compared to the same period of 2018.


In November 2019 the estimated real growth compared to the same period of the 2018 year occurred in manufacturing, transport and storage, construction, wholesale and retail trade, repair of motor vehicles and motorcycles.


A decrease was registered in real estate activities and in the arts, entertainment and recreation activities.


Georgian external trade turnover increased to $11.5 billion in January-November 2019 show preliminary data of Geostat.


According to preliminary data, 3,898 new enterprises were registered in November 2019, which is a 1.3% decrease compared to November 2018.

]]>
31-12-2019 15:46 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/151252

According to a new exchange rate set by the National Bank of Georgia for December 27, the official value of 1 USD has become 2.8694 GEL. The current rate was GEL 2.8746. As a result of today’s trading, the dollar exchange rate against the national currency amounted to GEL 0.0052.

The value of 1 Euro is 3.1810 GEL, while the current rate was 3.1888 GEL.

The value of 1 pound sterling is 3.7210 GEL, while the current rate was 3.6620 GEL.

The official value of 1 Turkish Lira is 0.4830 GEL. The current rate was GEL 0.4842. The change in relation to the Lira is 0.0012 GEL.

]]>
26-12-2019 18:18 +0400
Another airline begins operating on Georgian air market http://rustavi2.ge/en/news/151202

Air company “Thai Air Asia X” started direct charter flights from Bangkok to Tbilisi. The first flight was carried out on December 25.

Five charter flights will be carried out by an Airbus 330 type aircraft to January 2, 2019. Air company will carry out additional charter flights in the spring of next year.

“Thai Air Asia X” has been operating on the aviation market since 2014.

]]>
26-12-2019 07:53 +0400
The GEL strengthened against the USD and the Euro http://rustavi2.ge/en/news/151061

According to a new exchange rate set by the National Bank of Georgia, the official value of 1 USD is 2.868 GEL. The current rate was GEL 2.8760. As a result of today’s trading, the exchange rate of the dollar against the GEL amounted to GEL 0.0080.

The value of 1 Euro became 3.1754 GEL, while the current rate is 3.1889 GEL. The change is 0.0135 GEL against the Euro.

]]>
24-12-2019 17:38 +0400
Davit Narmania opened rehabilitated substation http://rustavi2.ge/en/news/150951

Infrastructure project to ensure uninterrupted power supply of Tbilisi Airport was presented by the Chairman of GNERC, together with representatives of Telasi and Georgian State Electricity System.

A new reinforced cable line was built as part of the project.

According to GNERC Chairman, as a result of the project implementation, the reliability of Tbilisi International Airport"s power supply will be significantly increased.

]]>
23-12-2019 15:33 +0400
New infrastructure has been opened at the Sadakhlo checkpoint http://rustavi2.ge/en/news/150477

New infrastructure has been opened at the Sadakhlo checkpoint, equipped with European standards equipment and created for veterinary, sanitary and phytosanitary control.

The project was implemented with the support of the European Union.

The Minister of Finance opened the new infrastructure. The event was attended by representatives of the diplomatic corps, EU Delegation, executive and legislative authorities.

]]>
18-12-2019 14:52 +0400
GEL significantly impaired against USD and EUR - new rate of National Bank http://rustavi2.ge/en/news/150391

According to a new exchange rate set by the National Bank of Georgia on December 18, the official value of 1 USD has become 2.9044 GEL. The current rate was GEL 2.8787.

As for Euro, according to official figures, the value of 1 Euro is 3.2396 GEL, while the current rate is 3.2066 GEL. The change was 0.0330 GEL against the Euro.

According to official figures, the cost of 1 British pound sterling is 3.8341 GEL, while the current rate is 3.8459 GEL. The change amounted to GEL 0.0118.

The official value of 1 Turkish Lira is 0.4954 GEL. The current rate was GEL 0.4932. The change with respect to Lira is 0.0022 GEL.

]]>
17-12-2019 17:13 +0400
Georgia needs Anaklia Deep Sea Port project like an air - Natia Turnava http://rustavi2.ge/en/news/150279

Georgia needs Anaklia Deep Sea Port project like an air. Such a statement made the Minister of Economy and Sustainable Development of Georgia, Natia Turnava, said.

“The Anaklia Development Consortium does not provide financing guarantees for the port within the timeframe, the government will discuss other possibilities for the project.
I don’t want to speak prematurely. Let’s wait for the deadline. After that, the Government will sit and discuss other possibilities for the project.
This project delayed. The investor has been demanding postponement of the project since 2017. According to the original bidding deadline, we had to have a deep-water port next year, unfortunately it did not happen. Anaklia Deep Sea Port project is very strategic and prioritized which could give assistance”, - concluded the Minister.
The deadline for Anaklia Development Consortium expires on December, 31.

]]>
16-12-2019 15:11 +0400
The GEL continues to strengthen against the USD http://rustavi2.ge/en/news/149942

According to the currency exchange rate determined by the National Bank of Georgia, GEL has strengthened.

By December 13, one US dollar will cost GEL 2.8661, as for the euro, the price will reach GEL 3.1900. As for the official rate on December 12, one US dollar was valued GEL 2.8896, euro valued GEL 3.2028.

The GEL has also strengthened against the Euro. 1 euro is 3.1900 GEL. The current rate was GEL 3.2028. The change was 0.0128.

]]>
12-12-2019 17:56 +0400
GEL continuous the strengthening http://rustavi2.ge/en/news/149805

According to the currency exchange rate determined by the National Bank, GEL has strengthened.

One US dollar will cost GEL 2.8896, as for the euro, the price will reach GEL 3.2028. As for the official rate on December 11, one US dollar was valued GEL 2.9089, euro valued GEL 3.3606, and Pound sterling – GEL 3.2210.

The GEL also strengthened against the Euro. According to official figures, the value of 1 euro is 3.2028 GEL, while the current rate is 3.2210 GEL. The change was 0.0182 GEL against the Euro.

]]>
11-12-2019 17:34 +0400
National Bank of Georgia increases refinancing rate to 9% http://rustavi2.ge/en/news/149767

The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 9 per cent.
The decision was made today, during the meeting of the Monetary Policy Committee.
According NBG, the annual inflation in November reached 7%, which was mainly influenced by the depreciation of GEL.
They started increasing the refinancing rate in September this year, which aims to decrease the pressure of the exchange rate on the inflation.
As of today, one dollar is worth of 2.9089 GEL, says the NBG.
Despite the current strengthening of GEL, the exchange rate is still depreciated which promotes inflationary expectations higher than the target inflation. Target inflation was defined at three per cent by the NBG.

According to the NBG’s forecast, inflation will start to decline beginning in March of next year, and will be close to target inflation by the end of 2020.
By steering interest rates, the NBG influences the level of inflation. Specifically, the change in short-term rates is transmitted to long-term rates, which, ultimately, affects the interest rates on loans.
When projected inflation is above the target inflation rate, the NBG raises the refinancing rate to combat a future surge in the general price level.
The next meeting of the NBG’s Monetary Policy Committee is scheduled for January 29, 2020.

]]>
11-12-2019 13:49 +0400
I hope that GEL will continue to strengthen - Natia Turnava http://rustavi2.ge/en/news/149694

The Minister of Economy linked the strengthening of the GEL with the coordinated work of the Government. According to Natia Turnava, this is an ongoing process and the GEL will continue to strengthen.

According to National Bank, the official exchange rate of GEL against the dollar is 2.,90 GEL.

“The strengthening of the GEL is a fact, it is an ongoing process. I very much hope, and not just hope, I believe the GEL will continue to strengthen. This is the result of our coordinated, targeted economic policy. On the one hand, we are trying our best to defeat the inflation and the population will soon feel it”, - said Natia Turnava.

]]>
10-12-2019 19:07 +0400
GEL has strengthened by 4 tetri http://rustavi2.ge/en/news/149670

According to the currency exchange rate determined by the National Bank of Georgia, GEL has strengthened.

By December 11, 1 USD will cost GEL 2.9089, as for the Euro, the price will reach GEL 3.2210.

As for the official rate on December 10, one US dollar was valued GEL 2.9446, euro valued GEL 3.3606, and Pound sterling – GEL 3.8789.

The gel has also strengthened to the British pound. According to official figures, the value of 1 pound sterling is GEL 3.8319 and the current exchange rate is GEL 3.8789. The change amounted to GEL 0.0470.

The official value of 1 Turkish Lira is 0.5011 GEL. The current rate was 0.5077 GEL. The change in relation to the Lira is 0.0066 GEL.

]]>
10-12-2019 17:35 +0400
The Parliament approved the 2020 budget http://rustavi2.ge/en/news/149669

The Parliament approved the 2020 budget at the plenary session.

The draft law was supported by 83 lawmakers. One lawmaker, majority member Otar Danelia, didn’t support next year budget.

In the final version of the budget, the expenditures increased by GEL 221 million, up to GEL 14 billion 432 million 866 thousand (in 2019 the amount was less on GEL 1.1 billion).

]]>
10-12-2019 17:00 +0400
In January-November 2019 exports increased by 10% - National Wine Agency http://rustavi2.ge/en/news/149190

According to the National Wine Agency, in January-November 2019, 86 million bottles (0.75 liters) of wine were exported in 53 countries. It means that export increased by 10%, compare with 2018. The value of exported wine reaches USD 220 million, which is 20% more than in 2018.

323 companies exported Georgian wine in the last 11 months of 2019.

The other top wine export countries are: Lithuania – 48% (653,322 bottles), Germany – 40% (615,723 bottles), Belarus – 68% (2,505,617 bottles), Israel – 81% (287,023 bottles), Estonia – 27% (648,884 bottles), Russia – 11% (53,964,172 bottles), Moldova – 8,551% (612,524 bottles), Netherlands – 22% (612,524 bottles), Czech Republic – 17% (67,584 bottles), Bulgaria – 23% (32,934 bottles), Mongolia – 5% (224,652 bottles).

Besides, export of wine has increased to strategic markets: Poland – 24% increase (3,746,092 bottles), China – 1% (6,323,463 bottles) and USA – 48% (660,874 bottles).

Also, Georgia exported 585,000 bottles of Chacha (+63%) in 28 countries. The total income from Chacha export have reached $1,6 million (+56%) in the last 11 months of 2019

]]>
05-12-2019 10:30 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/149024

According to a new exchange rate set by the National Bank of Georgia on December 4, the official value of USD has become GEL 2.9627. The current rate was GEL 2.9675.

GEL also depreciated against the Euro. According to official figures, the value of 1 Euro is 3.2800 GEL, while the current rate is 3.2687 GEL. The change was 0.0113 GEL against the Euro.

The GEL depreciated to the British pound. According to official figures, the value of 1 pound sterling is 3.8441 GEL, while the current rate is 3.8287. The change was GEL 0.0154.

The official value of 1 Turkish Lira is 0.5160 GEL. The current rate was 0.5152 GEL.

]]>
03-12-2019 17:25 +0400
100 investment offers for business and jobs - new project of the Ministry of Economy http://rustavi2.ge/en/news/148694

Ministry of Economy and the National Agency of State Property offered local and international businesses 100 buildings for privatization.
According to the Minister of Economy Natia Turnava, such a case is unprecedented, with all 100 buildings going on offer for privatization at once in the form of parallel auctions.
“The total initial price for these buildings is 150 mln GEL. Businesses can access all the information about the buildings on the website of the National Agency of State Property and will be able to be involved in the process of privatization. We are offering facilities for privatization on which all agreements have already been signed, the objects have been pre-assessed and our recommendations on what kind of business can be developed locally have also been attached. This project, with its result, is unprecedented. Along with other benefits, it is the prospect of creating 2 500 new jobs”, - said Natia Turnava. 

The Prime Minister also commented on new project. As Giorgi Gakharia said, a strong business that employs people is a priority at this stage.

“5.1% over ten months is certainly not enough and our economy needs more growth. That"s why we took this step. All assets, especially those that are state-owned and not fully engaged in economic turnover, we need to revitalize as soon as possible, to enable businesses to operate more strongly”, - said the Head of the Government.

The auction will last for the next 12 months.

]]>
29-11-2019 16:08 +0400
National Bank of Georgia sells $20 mln amid GEL depreciation http://rustavi2.ge/en/news/148374

According to the currency exchange rate determined by the National Bank of Georgia, today 1 US dollar exchange rate is GEL 2.9712. Yesterday $ 1 was possible to buy for GEL 2.9753. 

1 euro can be purchased for GEL 3.2737, while yesterday 1 euro cost GEL 3.2770. Consequently, GEL has strengthened by 0.0033 points against euro.
Also today the National Bank of Georgia has sold $20 mln amid GEL depreciation. The weighted average exchange rate amounted to 2.9712 lari, says the NBG. The depreciation of the exchange rate has boosted inflationary expectations.

]]>
26-11-2019 17:23 +0400
Zurab Chiaberashvili leaves the Committee on Sector Economy and Economic Policy http://rustavi2.ge/en/news/148245

Zurab Chiaberashvili, a member of “European Georgia – Regions” leaves the Committee on Sector Economy and Economic Policy of the Parliament.

The statement was made by the Chairman of the Parliament Archil Talakvadze at the Bureau sitting.

He added that another member of “European Georgia” Zaza Kedelashvili will leave the Committee on Environmental Protection and Natural Resources.

]]>
25-11-2019 15:47 +0400
GEL depreciates against dollar and euro - National Bank’s new rate http://rustavi2.ge/en/news/147925

According to the currency exchange rate determined by the National Bank of Georgia, today 1 USA dollar exchange rate is GEL 2.9781. Yesterday $1 was possible to buy for GEL 2.9776. This means that GEL devalued by 0.0005 against dollar.

1 Euro costs GEL 3.3000, while yesterday the rate was GEL 3.2956. Consequently, GEL has dropped in value by 0.0044 points against euro.
GEL also depreciated to the British pound. According to official figures, the cost of 1 pound sterling is GEL 3.8549 and the current exchange rate is GEL 3.8444.
As for Turkish lira, its official value is 0.5229 GEL.
The exchange rate set today will be effective from November 22.

]]>
21-11-2019 17:43 +0400
Georgian PM urges Finance Minister to consider decreasing foreign currency lending threshold to 100,000 GEL http://rustavi2.ge/en/news/147874

Prime Minister Giorgi Gakharia has urged Finance Minister Ivane Matchavariani to consider the possibility of decreasing the foreign currency lending threshold from 200,000 GEL to 100,000 GEL at the Government meeting today.

Up until now loans worth less than 200,000 GEL had to be given in the GEL. 

“The biggest challenge and goal of our country in the coming years will be economic growth and the creation of new jobs”, - said the Head of the Government.

]]>
21-11-2019 10:40 +0400
Parliament to listen Koba Gvenetadze - opposition will not be attend the sitting http://rustavi2.ge/en/news/147761

Koba Gvenetadze, the President of the National Bank of Georgia, is expected in the Parliament today.

He is about to present a project of the main directions of monetary and credit policy for the next three years.

Parliamentary Majority explains the country"s further monetary policy and the national currency rate depends on this project.

Because of the current political situation, the boycotting opposition will not be attending the presentation of the project.

]]>
20-11-2019 10:18 +0400
Prime Minister of Georgia Appoints Mikheil Daushvili as Business Ombudsman http://rustavi2.ge/en/news/147038

Mikheil Daushvili has been appointed as a Business Ombudsman of Georgia. Newly appointed official was presented by Giorgi Gakharia, Prime Minister of Georgia at the Executive Government Meeting today.

Prior to his appointment to the new position, Daushvili managed the Information Analytics Department of the Ministry of Internal Affairs of Georgia, while being Deputy Director of the same unit and Deputy Head of Administration prior to that.

Mikheil Daushvili, LLM served as a First Deputy Chairman of National Agency of Public Property, Head of Parliament Liaison Unit of the Legal Department at the Ministry of Economy and Sustainable Development of Georgia, as well as a Legal Adviser at the Office of the Economic Council of Georgia at various times.

Daushvili worked in the private and NGO sectors in 2010-2015. Since 2015 he was a Guest Lecturer at public and private universities. Since 2013 Mikheil Daushvili has been a Board Member at the Georgian Young Lawyers Association.

]]>
14-11-2019 10:14 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/146861

According to a new exchange rate set by the National Bank of Georgia on November 13, the official value of 1 USD has become 2.9618 GEL.

The current rate was 2.9633 GEL. As a result of today"s trading, the dollar exchange rate against the national currency amounted to GEL 0.0015.
As for the Euro, the GEL strengthened against the Euro. According to official figures, the value of 1 Euro is 3.2645 GEL. Previously the rate was 3.2697 GEL

]]>
12-11-2019 17:22 +0400
Lekvinadze about quitting his post as Business Ombudsmen of Georgia http://rustavi2.ge/en/news/146749

Business Ombudsman Irakli Lekvinadze wrote on his Facebook page about the reasons of his resignation.
According to him, the resignation was linked to agreed alternative plans and he will talk about this in the near future. Lekvinadze added that it was not a spontaneous decision.
Irakli Lekvinadze"s Facebook – post:
“Far from being a spontaneous decision, leaving my post is akin to the agreed alternative plans that will become known in the nearest future.
In the course of the 22-month working period, our office has reviewed 565 cases, of which 300 have responded appropriately and 68% have at least partially complied with business requirements.
I express gratitude to business companies for their trust, helpful staff and overall support; the state agencies and the Parliament of Georgia for a number of insightful business solutions; the donors and international organisations; all employees of the Office of Business Ombudsman for dedicated work in support of business”, - wrote former Business Ombudsman.
Irakli and his deputy Levan Kalandadze submitted their resignation letters on November 8.

]]>
11-11-2019 15:07 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/146528

According to a new exchange rate set by the National Bank of Georgia on November 9, the official value of USD 1 has become GEL 2.9613. The current rate is 2.9586 GEL. As a result of today"s trade, the exchange rate of the dollar against the national currency amounted to GEL 0.0027.

As for the Euro, the GEL strengthened against the Euro. According to the official figures, the value of 1 Euro become 3.2687 GEL, while the current rate is 3.2808 GEL.

]]>
08-11-2019 17:29 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/146419

According to a new exchange rate set by the National Bank of Georgia on November 8, the official value of 1 USD has become 2.9586 GEL. The current rate was GEL 2.9608.

The GEL has strengthened against the Euro. According to official figures, the value of 1 Euro is 3.2808 GEL, while the current rate was 3.2829 GEL. The change compared to the Euro - 0.0021 GEL.

]]>
07-11-2019 17:11 +0400
According to Maya Tskitishvili, Anaklia Consortium has not yet presented a new investor http://rustavi2.ge/en/news/146264

According to Maia Tskitishvili, Deputy Prime Minister, Minister of Regional Development and Infrastructure, Anaklia Consortium has not yet presented a new investor.

As the Minister noted, communication with the Anaklia Development Consortium is continuing, but they didn’t held new meeting.

Tskitishvili also responded to the statement of Levan Akhvlediani, Director General of the Consortium, which was about the creation of a $150 million fund that is needed to secure a $400 million loan.

]]>
06-11-2019 11:23 +0400
The National Bank has set a new exchange rate http://rustavi2.ge/en/news/146208

The National Bank of Georgia has set a new exchange rate, according to which, dollar price has become GEL 2.9644.

Starting with tomorrow, 1 USD will cost GEL 2.9644, while the previous rate was GEL 2.9653.

As for the Euro, its exchange rate is GEL 3.2973, while the previous rate was GEL 3.3093.

]]>
05-11-2019 17:32 +0400
Increased prices for primary products - annual inflation rate is 6.9% http://rustavi2.ge/en/news/146096

The Consumer Price Index increased by 0.8% in October, 2019 compared to the previous month, while the annual inflation rate amounted to 6.9%, said the Georgian National Statistics Office (Geostat).

For example, prices on fruit and grapes went up by 26.9%, on meat and meat products by 14.7% and on bread and cereals by 11.0%.

In particular monthly prices increased in the following subgroups: Milk, cheese and eggs - 2.7%, Meat - 2.3%, Vegetables - 1.7%, Oils and fats - 1.6%, Fish - 1.4%, Fruit and grapes – 1%.

Monthly prices also increased in the following groups: Clothing and footwear - 5.9%, Recreation and culture - 0.7%, Furnishings, household equipment and maintenance - 0.6%, Education - 0.4%, Housing, water, electricity, gas and other fuels - 0.2%, Communication – 0.1%.

Monthly prices decreased in the following groups: Transport - 0.3%, Health - 0.2%, Restaurants and hotels - 0.1%.

Rising inflation and prices - these are the questions that have been asked to officials. According to the president of the National Bank Koba Gvenetadze, the state will take all measures to solve the problem.

"The recent exchange rate depreciation also reflected on the prices. In response, the central bank monetary tightening began. According to our predictions, equal to inflation by the targeted level above will remain. From the next March it will begin to decrease and in the second half of the year will become closer to the target value", - said Gvenetadze.

According to Ivane Machavariani, the Minister of Finance, it is desirable to reach the inflation target by spring of next year and then to start improving the situation.

]]>
04-11-2019 16:46 +0400
New GEL rate http://rustavi2.ge/en/news/145877

According to a new exchange rate set by the National Bank of Georgia on November 2, the official value of 1 USD has become 2.9582 GEL.

The current rate was GEL 2.9597. As a result of today"s trading, the dollar"s change against the national currency amounted to GEL 0.0015.

As for the Euro, the GEL strengthened against the Euro. The value of 1 Euro become 3.2960 GEL, while the current rate was 3.3045 GEL.

]]>
01-11-2019 17:11 +0400
The National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/145757

According to a new exchange rate set by the National Bank of Georgia on November 1, the official value of USD has become 2.9597 GEL. The current rate was GEL 2.9632.

As for the Euro, the GEL strengthened against it. According to the official figures, the value of 1 Euro is 3.3045 GEL, while the current rate was 3.2963 GEL.

]]>
31-10-2019 17:33 +0400
New parking regulations will come into force when new buses appear in Tbilisi - Kakha Kaladze http://rustavi2.ge/en/news/145659

Kakha Kaladze once again commented on the increase of fines for violations of the parking system in Tbilisi and explained that the fines will increase when the problem of public transport will be fully resolved.

"It is very important to regulate public transport. As soon as we have new European-style buses, these regulations will come into force", - said Kakhi Kaladze.

]]>
30-10-2019 18:51 +0400
The GEL depreciated again http://rustavi2.ge/en/news/145655

The national currency again depreciated. According to a new exchange rate set by the National Bank of Georgia on October 31, the official value of 1 USD is 2.9632 GEL. The current rate was 2.9545 GEL.

The GEL also depreciated against the Euro. According to official figures, the value of 1 Euro is 3.2963 GEL, while the current rate is 3.2739 GEL.

As for the pound, its value is depreciated and on October 31 it is worth 3.8184 GEL. Today"s rate was 3.7909.

]]>
30-10-2019 17:10 +0400
GEL depreciated - new rate of the National Bank http://rustavi2.ge/en/news/145541

According to a new exchange rate set by the National Bank of Georgia on October 30, the official value of 1 USD became 2.9545 GEL.

The current rate is 2.9460 GEL. As a result of today"s trade, the national currency"s exchange rate against the national currency has reached 0.0085 GEL.

As for the Euro, the GEL strengthened against the euro. According to official figures, the value of 1 Euro is 3.2739 GEL, previously it was 3.2686 GEL.

]]>
29-10-2019 17:38 +0400
Ivanishvili always stands where the country and people need it with his efforts – PM about Tskaltubo project http://rustavi2.ge/en/news/145540

Tskaltubo revival project is yet another big charity investment that will return its primary function to Tskaltubo. Such statement made the Prime Minister of Georgia while commenting on the initiative oh Bidzina Ivanishvili.

According to Giorgi Gakharia, Tskaltubo will become a large-scale tourist center, which will give big stimulus to Imereti region economic development.

“This project is another major charity investment that will bring Tskaltubo back to its function. Tskaltubo will become a large tourism center, which will greatly stimulate economic development of Imereti region and western Georgia as a whole. Restoration of the resort will be followed by the development of small and medium-size businesses, new job places will be created, and thousands of families will have a source of income. This is a unique project the realization of which was not accomplished by either the Government or private sector. Bidzina Ivanishvili always stands where the country and people need it with his efforts”, - said the Prime Minister.
Bidzina Ivanishvili starts a revival project of Tskaltubo spa resort in Imereti. He believes Tskaltubo has the potential to become the health and tourism capital of the region in the coming years, “and it will surely become”.

]]>
29-10-2019 17:22 +0400
Tskaltubo will become one of attractive resorts in Eastern Europe within Ivanishvili’s initiative – Natia Turnava http://rustavi2.ge/en/news/145535

The Minister of Economy and Sustainable Development visited the sanatorium "Medea" in Tskaltubo and got acquainted with the potential of Tskaltubo. According to Natia Turnava, the project announced by Bidzina Ivanishvili will revive Tskaltubo and the initiative is grand.

Minister responds to the statement of the Chairman of the Georgian Dream party, regarding the Tskaltubo development project. According to her, this is unprecedented initiative. Tskaltubo will not only regain its old glory, but will also become one of the most famous resorts in Eastern Europe.

“This initiative implies the complete revival of Tskaltubo as a resort city, a resort attraction center, which is a grand initiative and a very big challenge the governments have not yet been able to tackle because of the large expenditures.

As you see, we are trying to develop Tskaltubo - some infrastructure has been built, but we failed to privatize more than four sanatoriums over the years. Why? Because, on the one hand, it is a great challenge Tskaltubo to regain its former glory when it was a healthful center of international importance. This resort was destroyed in the very first years after the collapse of the USSR, and it was impossible to revive. Some businesses have tried and are still trying to implement certain projects, but this is not what Tskhaltubo deserves and what Georgia deserves”, - Turnava said.

She underlined that the Tskaltubo development project, initiated by Ivanishvili, is not commercial but a charitable project.

As for the value of how much Ivanishvili will buy the hotels, the Minister says details are being clarified. According to her, nobody wanted to buy the sanatorium for a symbolic price, even for one GEL.

As Turnava said, at the first stage about 8,000 jobs will be created in hotels. Later, about 20,000 people will be employed.

]]>
29-10-2019 16:51 +0400
"I"m not commenting" - Director of Anaklia Consortium about the decision of Meridian Capital NL B.V http://rustavi2.ge/en/news/145520

"I will not comment, I will do it tomorrow in the Parliament". The director of the Anaklia Development Consortium did not comment on the decision of Meridian Capital.

According to Levan Akhvlediani, tomorrow he will be in the Parliament and will talk about the future plans.

By the invitation of independent MPs Levan Koberidze, Levan Gogichaishvili, Gedevan Popkhadze and Koba Narchemashvili, tomorrow a meeting with Levan Akhvlediani, Director General of Anaklia Development Consortium, will be held in the Parliament. The main topic of the meeting will be Anaklia project.

]]>
29-10-2019 15:20 +0400
I"m sure a decent partner will be find in the project - Natia Turnava responds to Meridian Capital"s decision http://rustavi2.ge/en/news/145517

Minister of Economy and Sustainable Development responds to the decision of Meridian Capital. Natia Turnava hopes that the project will find a worthy partner for its implementation.

"It is a strategic project and the State has made a lot of commitments to make the project even more attractive and less risky for investors. I am sure that Anaklia project will find a worthy partner. Implementation of the project is not in danger”, - said the Minister.

The Ministry of Regional Development and Infrastructure said in a statement that Meridian Capital NL B.V submitted a written appeal to the Ministry on October 28, saying it was unable to participate in the Anaklia Port project as an investor and asking the Georgian government to suspend all ongoing procedures regarding the approval of Meridian Capital NL B.V.

]]>
29-10-2019 14:44 +0400
At this stage the company nominated by Anaklia Development Consortium is not eligible to participate in the project http://rustavi2.ge/en/news/145494

Meridian Capital NL B.V currently has no opportunity to become an investor in Anaklia Port Project - the Ministry of Regional Development and Infrastructure released a statement. According to the statement, the Ministry considers the high public interest in the Anaklia deep-sea port project and provides the public with verified information on the existing status and development of the project.
“As it is known to the public, after the American company Conti International decided to quit the Anaklia deep-sea port project, the Anaklia Development Consortium introduced Meridian Capital NL B.V to the government of Georgia. October 29, 2011 was set as the deadline for the approval of the new investor, which would replace the Conti International.
On October 28, a representative of the Meridian Capital NL B.V submitted a written appeal to the Ministry of Regional Development and Infrastructure, saying that Meridian Capital NL B.V is unable to participate in the Anaklia Port project as an investor at this stage and asking the Georgian government to suspend all ongoing procedures regarding the approval of Meridian Capital NL B.V.
The Ministry of Regional Development and Infrastructure of Georgia takes the request of Meridian Capital NL B.V into consideration and expresses its readiness to support all the investors with relevant experience, financial and business reputation to participate in Anaklia deep sea port project”, - the statement reads.

]]>
29-10-2019 11:11 +0400
Conti International remains shareholder of the Anaklia Development Consortium http://rustavi2.ge/en/news/145218

Conti International remains a shareholder of the Anaklia Development Consortium, the Anaklia Development Consortium announced today.

"Due to high public interest, the Anaklia Development Consortium would like to announce: we were informed today that Conti International has changed its mind and remains our shareholder”, - the Consortium said.

Levan Akhvlediani, director general of the Consortium, said that Conti Group still owns a 42% share in Anaklia Holding: “Conti International changed its decision and decided to stay in the project. Its share remains the same as it was before - 42%. We certainly welcome this timely decision. We did not make any statement when they announced that they were leaving the project, and we are not allowed to talk about the reasons for their decision now either. I am sure Conti International will make explanations sooner or later”.

It was announced on August 15 that as the U.S.-based Conti International, one of the main partners of Anaklia deep sea port project, decided to quit the Anaklia Development Consortium.

]]>
25-10-2019 18:05 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/145217

According to a new exchange rate set by the National Bank of Georgia on October 26, the official value of 1 USD become 2.9453 GEL. The current rate was GEL 2.9515.
As for the Euro, the GEL strengthened against the Euro. According to official figures, the value of 1 Euro is 3.2737 GEL – previously the rate was 3.2835 GEL.

The change compared to the euro equaled 0.0098 GEL.

]]>
25-10-2019 17:21 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/145125

According to a new exchange rate set by the National Bank of Georgia for October 25, the official value of 1 USD is 2.9515 GEL. The current rate was GEL 2.9661. As a result of today"s trade, the national currency exchange rate changed to 0.0146 GEL.

As for the Euro, the value of 1 Euro is 3.2835 GEL – previously it was 3.2965 GEL.

]]>
24-10-2019 17:14 +0400
World Bank Report - Georgia ranks 7th among 190 countries in terms of ease of doing business http://rustavi2.ge/en/news/145086

According to the World Bank Report 2020, Georgia ranked 7th with 83.7 points out of 190 countries in terms of ease of doing business.

Georgia"s rating has dropped by 1 point compared to 2018 year, though the country is still in the top 10 and according to the report, Georgia is ahead of countries, such as Great Britain, Norway, Sweden, Germany and others according to the ease of doing business index.

The list is led by New Zealand, which is followed by Somalia.

As for Georgia"s neighboring countries, Azerbaijan ranked 34th with 76.7 points and Armenia ranked 47th with 74.5 points.

The World Bank has been publishing the rating of ease of doing business since 2003. The survey involves 190 countries around the world.

]]>
24-10-2019 11:50 +0400
"This is a confirmation of the successful reforms that have been going on in the country in recent years" – Gakharia about the support act http://rustavi2.ge/en/news/145081

According to the Prime Minister Giorgi Gakharia, Support Act of the US House of Representatives reaffirms the importance of Georgia-US strategic partnership.
Prior to the cabinet meeting, the Prime Minister spoke about the components outlined in the supporting act.
“Successful voting and passing of Georgia Support Act by the US House of Representatives unanimously reaffirm the high-level partnership with our strategic partner. I would like to point out some major points highlighted in the act. The first of all this is Georgia’s independence and territorial integrity. Act outlines the need to strengthen the security context of Georgia, the protection of human rights in the occupied territories. We appreciate the proposal on the possibility to impose appropriate sanctions. Also, the economic component of the document, which stresses on the intensification of work in the direction of the Free Trade regime, is very important”, - said Gakharia.
The US House of Representatives unanimously approved a bipartisan Georgia Support Act on October 22. The document will be submitted to the Senate and then to the US President for signing after which it will be enacted.

]]>
24-10-2019 10:23 +0400
"Grand object of great importance for the whole region" - Silk Road Forum Delegates in Anaklia http://rustavi2.ge/en/news/145049

The government delegation of Uzbekistan visited the port of Anaklia today together with representatives of local authorities and the Anaklia Development Consortium.

According to the Uzbekistan"s Deputy Minister of Transport Dovran Dekkanov, the Anaklia port is a grand project, which is of great importance both for Georgia and the region.

"We were in Anaklia, where the port is being built. This is a grand facility that is of great importance both for Georgia and the whole region. We will study the issue of participation in these projects.

There is talk of the Silk Road right now, and it"s impossible to discuss it without the Black Sea ports because they are part of the Silk Road. I think there are too many transcontinental routes, but all of these roads have prospects. It is very important for us to have a transport corridor, to study them and to find out which one is the safest corridor for our cargo. We will discuss all the roads, including the ports of Georgia", - said the representative of Uzbekistan.

]]>
23-10-2019 19:41 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/145041

According to a new exchange rate set by the National Bank of Georgia on October 24, the official value of 1 USD was 2.9661 GEL – previously it was GEL 2.9710.

As for the Euro, the value of 1 Euro is, according to official figures, 3.2965 GEL, while the current rate is 3.3106 GEL. The change compared to the Euro amounted to -0.0141 GEL.

]]>
23-10-2019 17:48 +0400
National Bank of Georgia increases refinancing rate to 8.5% http://rustavi2.ge/en/news/145017

The National Bank of Georgia (NBG) has increased the refinancing rate by one percentage point to 8.5%. The decision was made at a meeting of the Monetary Policy Committee.
In September 2019 the annual rate of inflation amounted to 6.4%, which is more than the inflation target of three per cent, set by the National Bank of Georgia for 2019-2021.
The National Bank of Georgia (NBG) increased the refinancing rate by 0.5 percentage points to 7.5% on September 25.
The depreciation of the exchange rate has boosted inflationary expectations, the NBG said on September 4, 2019. Therefore, they increased the refinancing rate at the time by 0.5% to 7%, noting that it would continue to do so until the pressure of the exchange rate on inflation had decreased.
In August 2019 annual inflation amounted to 4.9% in Georgia.
According to the NBG’s forecast, inflation will remain above the target level this year but will start to decline beginning in March of next year, and stay close to the target in the medium-term, the NBG said.
By steering interest rates, the NBG influences the level of inflation. Specifically, the change in short-term rates is transmitted to long-term rates, which, ultimately, affects the interest rates on loans.
When projected inflation is above the target inflation rate, the NBG raises the refinancing rate to combat a future surge in the general price level.
The next meeting of the NBG’s Monetary Policy Committee is scheduled for December 11, 2019.

]]>
23-10-2019 14:42 +0400
GEL depreciates against dollar - new rate of National Bank http://rustavi2.ge/en/news/144934

The National Bank of Georgia has set a new exchange rate, according to which, dollar price has become GEL 2.9710.

Starting from tomorrow, 1 USD will cost GEL 2.9710 - the previous rate was GEL 2.9701.

As for the Euro, its exchange rate is GEL 3.3106 - the previous rate was GEL 3.3158.

]]>
22-10-2019 17:24 +0400
A new power plant has been opened in the area of Rustavi Azoti http://rustavi2.ge/en/news/144834

A condensing power plant has been opened in the area of Rustavi Azoti, equipped with the latest technologies of the company "Siemens" steam turbine generator.

According to the Ministry of Economy, the project started in February 2018. Power plant capacity is 9.0 MW.

The project budget was $5.5 million. With the new power plant, the country will purchase 20% less electricity on the wholesale market.

]]>
21-10-2019 19:30 +0400
Where the Government will have to say - no, it must be adequately accepted – PM to Business Association Members http://rustavi2.ge/en/news/144812

Prime Minister of Georgia met with representatives of Business Association. According to Giorgi Gakharia, Georgian business needs state support.

He talked about the existing systemic problems and said that the result will be achieved after the joint work of the parties.

Business is a major force of the economy that creates new job. Efficient communication with business is very important.

"I declare with absolute responsibility that all decisions made in the current period will be made with your full involvement. Expectations should also be adequate. Where the Government will have to say - no, it must be adequately accepted. Our biggest responsibility and commitment is not to spend too much time on it. In many cases "no" is also the answer", - said the Prime Minister.

]]>
21-10-2019 13:15 +0400
The Prime Minister continues working meetings in the ministries http://rustavi2.ge/en/news/144591

Giorgi Gakharia continues meeting line ministries. Head of Government of Georgia held a meeting at the Ministry of Economy and Sustainable Development, where discussions were predominantly focused on the key priorities within the scope of cross-government efforts.

Prime Minister particularly underlined that focus will be made on efficiency, effectiveness and quality.

"One of the key priorities will be the state property management. List of assets intended for privatization should be impressive in terms of investment attractiveness and expected financial gain. At least 100-120 assets of various size should be listed. Find quite significant ones in the balance sheets of various government agencies and public institutions, which are simply forgotten and redundant. We need to act efficiently towards this end", - noted Gakharia.

He also responded to the spread of information in relation with a potential change of the Minister of Economy and Sustainable Development, thereby noting that Natia Turnava is one of the strongest portfolio ministers and all the rest being rumors from political conjuncture.

Prime Minister visited the Ministry of Economy with Natia Mezvrishvili, Head of Government Administration. Meeting was attended by Deputy Ministers of Economy and Sustainable Development, along with heads of legal entities of public law subordinated to the ministry.

]]>
18-10-2019 18:05 +0400
GEL depreciated again - new rate of National Bank http://rustavi2.ge/en/news/144587

The National Bank of Georgia has set a new exchange rate, according to which, dollar price has become GEL 2.9718.

From tomorrow, 1 USD will cost GEL 2.9718 - the previous rate was GEL 2.9682.

As for the Euro, its exchange rate is GEL 3.3088 - the previous rate was GEL 3.2980.

]]>
18-10-2019 17:05 +0400
GEL depreciated - new rate of National Bank http://rustavi2.ge/en/news/144483

According to a new exchange rate set by the National Bank of Georgia on October 18, the official value of USD 1 has become GEL 2.9682. The current rate is 2.9663 GEL.

As for the Euro, the GEL depreciated against the Euro. According to official figures, the value of 1 euro is 3.2980 GEL, while the current rate is 3.2721 GEL.

The change compared to the Euro amounted to GEL 0.0259.

]]>
17-10-2019 17:46 +0400
Georgia has not received official notification of resumption of flights with Russia - Natia Turnava http://rustavi2.ge/en/news/144450

“I cannot confirm the reports that direct flights have been restored between Georgia and Russia", - said Minister of Economy and Sustainable Development Natia Turnava.

“We have repeatedly said that we would welcome restoration of direct flights between Georgian and Russia. The information was released citing the Russian media. It does not mean that direct flights have restored between Georgia and Russia. There are a number of formal procedures for this, and our Air Administration has not received any notification that flights have been restored. Therefore, I cannot confirm that this is a resumption of flights, but I am reiterating that we would welcome if this decision is made”, - said Turnava.

According to Russia media, “Rosaviatsia” allowed Russian S7 Airlines to operate flights between Moscow to Kutaisi. Such information was posted on the website of the Federal Air Transport Agency.

According to the order, the airline can operate Moscow-Kutaisi flights 7 times a week. S7 Airlines later clarified that it would use this right after the official Moscow lifted its ban on flights.

]]>
17-10-2019 12:46 +0400
The National Bank has set a new exchange rate http://rustavi2.ge/en/news/144380

The National Bank of Georgia has set a new exchange rate. According to it dollar price has become GEL 2.9663.

From tomorrow 1 USD will cost GEL 2.9663 (the previous rate was GEL 2.9701).

As for the Euro, its exchange rate is GEL 3.2721 (previously it was GEL 3.2725).

]]>
16-10-2019 17:50 +0400
The decision not to terminate the contract is welcome - Executive Director of Anaklia Consortium http://rustavi2.ge/en/news/144354

 


The Anaklia Development Consortium welcomes the Government"s decision to terminate the contract. Executive Director of the Consortium Levan Akhvlediani made such comment in connection with the statement of the Minister of Infrastructure Maia Tskitishvili.
“We clearly expressed our position and the status of the company and the project in general yesterday. We still maintain this position and believe that there are specific obstacles in the process of the project, which should be overcome by joint efforts. Of course, the decision not to terminate the contract is welcome, but it is now necessary for both parties, including the Government, to work together at the negotiating table to resolve all the issues that are critical for the successful implementation of the project. Concrete steps should be taken with regard to investors. Yesterday we talked about a lot of facts that have happened in the last six weeks. There are steps to be taken with regard to investors. I also think that there should be an immediate meeting with the international financial institutions and issues should be decided by joint forces around the negotiating table”, - said Akhvlediani.

]]>
16-10-2019 13:38 +0400
Whether the Government will terminate the agreement with Anaklia Consortium – the Ministry of Infrastructure statement http://rustavi2.ge/en/news/144337

The Ministry of Regional Development and Infrastructure of Georgia released a statement regarding the Anaklia project. According to it, although the Anaklia Consortium has partly failed to fulfill its obligation regarding the capital filling, while the obligation related to the agreement with banks has not been fulfilled at all, which gives the Georgian Government the right to terminate the agreement immediately, the Georgian Government considers the importance of the Anaklia Port Construction Project and refuses to exercise its right to terminate the contract.


“The Ministry of Regional Development and Infrastructure of Georgia has always considered the high public interest in the Anaklia Deep Sea Port Project and timely provides the society with objective information on the progress of the project.


Since yesterday, on 15 October, the term for fulfilling the interim liabilities by the Anaklia Development Consortium has expired without any result achieved, we would like to inform the society of the decision of the Government of Georgia, as one of the parties to the investment agreement.

We would like to remind that by October 15, 2019, the Anaklia Development Consortium had to submit to the Government of Georgia:
- Agreements with potential investors to raise a $ 120 million consortium equity, and
- Preliminary agreements signed with international banks for a $ 400 million loan disbursement.


Although the Consortium has partly failed to fulfill its obligation regarding the capital filling, while the obligation related to the agreement with banks has not been fulfilled at all, which gives the Georgian Government the right to terminate the agreement immediately, the Georgian Government considers the importance of the Anaklia Port Construction Project and refuses to exercise its right to terminate the contract.

The Government of Georgia is giving the Consortium the opportunity to fully utilize the resources at its disposal and raise its own capital and reach an agreement with international banks in writing until the end of 2019 for the completion of the port construction project.

The deadline for fulfillment of all obligations under the investment agreement signed between the Government of Georgia and the Anaklia Consortium has been postponed several times by the Government of Georgia since 2017.

We hope that the continued support by the Georgian Government to the project will be fruitful and that the Consortium will be able to properly fulfill its obligations under the contract.

]]>
16-10-2019 11:21 +0400
Whether the Government will terminate the agreement with Anaklia Consortium - the decision to be announced today http://rustavi2.ge/en/news/144313

Whether the Government will terminate the agreement with Anaklia Consortium - the decision to be announced today. Both sides blame each other for non resolving the problem. If the contract is terminated, the Consortium is ready to start a legal dispute.

The consortium argues that the Government is trying to hinder them. At the same time, due to confidentiality, the letter sent by the Consortium to the Ministry of Infrastructure to resolve the problem cannot be disclosed

]]>
16-10-2019 07:53 +0400
National Bank of Georgia sets new GEL rate http://rustavi2.ge/en/news/144278

According to a new exchange rate set by the National Bank of Georgia on October 16, the official value of USD 1 has not changed and remains at GEL 2.9701.

As for the Euro, the GEL depreciated. According to official figures, 1 Euro costs 3.2725 GEL, while the current rate is 3.2778 GEL. The change compared to the Euro amounted to GEL 0.0053.

]]>
15-10-2019 17:25 +0400
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
09-08-2019 17:04 +0400