RUSTAVI2 Rustavi2 TV News Portal RSS Feed Rustavi2 Broadcasting Company How was the exchange rate was changing in the last week - infographics

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 :

13-07-2019 10:03 +0400
"It was our western partners effort, not of the government" - Irakli Kobakhidze responds to the opposition

"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.

10-07-2019 15:38 +0400
National Bank links recent depreciation of lari exchange rate to the Russian embargo on travel

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.

07-07-2019 10:37 +0400
As soon as the political situation started to normalize, the exchange rate started to normalize as well - Turnava

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.

03-07-2019 17:56 +0400
Russian tourist embargo - "European Georgia" offers the government an anti-crisis plan

"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.

03-07-2019 15:56 +0400
GEL continues to depreciate

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.

02-07-2019 17:06 +0400
"Lari should not be under threat in the long-term perspective," - Natia Turnava

"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."

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

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.

27-06-2019 09:28 +0400
GEL depreciates - national currency recorded a maximum rate of impairment

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.

25-06-2019 11:30 +0400
Economists do not exclude further depreciation of GEl

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.

20-06-2019 08:43 +0400
GEL continues to depreciate

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.

20-06-2019 07:29 +0400
The issue of attracting investors - NGOs talk about the reasons for the reduction of investments

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.

19-06-2019 13:07 +0400
"Shilda" became the owner of the EU"s Sustainable Energy Award in Eastern Partnership countries

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.

19-06-2019 08:57 +0400
GEL continues to depreciate

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

18-06-2019 17:16 +0400
Minister, who has made the most unfriendly decision for businesses - 10 business associations will appeal to Ivane Machavariani

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.

12-06-2019 08:15 +0400
Georgian Prime Minister is participating in the conference of the US International Economic Forum

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.

11-06-2019 08:48 +0400
The threat of disruption of Anaklia and Poti ports projects - Giorgi Kobulia"s scandalous statement

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.

11-06-2019 08:14 +0400
Import tax is reduced - businessmen talk about the inevitable crisis and address the PM

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.

11-06-2019 08:04 +0400
Customs clearance period decreased from 30 to 5 days - Minister of Finance does not make a compromise

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.

10-06-2019 21:50 +0400
Blow on big businesses - the Gold list is canceled, businessmen should pay millions of lari in 5 days

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

10-06-2019 18:11 +0400
Lari devaluation, inflation, banking supervision - President of the National Bank is expected in Parliament

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.

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

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.

06-06-2019 18:32 +0400
The government could have honored taxpayers and informed them before taking the decision - Temur Chkonia

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.

06-06-2019 15:27 +0400
Businessmen assess reduction of import tax term from 30 to 5 days

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.

06-06-2019 08:09 +0400
Record high prices for products - inflation has reached its peak

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.

04-06-2019 21:45 +0400
Economy Minister Responds to "IPM Poti Terminal" Statement on Suspension of Deepwater Port construction

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.

01-06-2019 16:47 +0400
After a few days of sharp impairment, GEL slightly strengthened by the end of the week

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.

01-06-2019 10:01 +0400
Every fifth citizen is starving - the population says that the situation is getting worse every day

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.

31-05-2019 21:43 +0400
Anaklia Port - According to the PM, the government is supporting the project

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.

31-05-2019 18:52 +0400
Anaklia"s project has unprecedented support from the state - Natia Turunava

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.

30-05-2019 15:14 +0400
"Exchange rate of GEL reaches dangerous mark,"- Opposition Forecasts Increasing Prices

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.

30-05-2019 12:29 +0400
Trnava should resign- Levan Gogichaishvili

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.

30-05-2019 12:27 +0400
Pension Reform, Banking Regulations - Prime Minister will have to answer questions tomorrow in Parliament

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.

30-05-2019 12:20 +0400
GEL record impairment - Irakli Kobakhidze does not exclude that the economic team will be summoned once again

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.

30-05-2019 09:07 +0400
Ministry of Economy hides from Anaklia Consortium issuing permission to build Poti Deepwater Port

The double game of the Government of Georgia - Ministry of Economy has hidden from Anaklia consortium the fact of issuing the permit for construction of Poti Deepwater Port. Information about the issuance of construction permits is published by the company "Epibe Terminal Poti". The Anaklia Development Consortium assesses as shocking this fact.
The statement says that the decree dates back to May 2, and on 21 May, the government held negotiations with the consortium about funding of the Anaklia depth port with international financial institutions and said nothing about this fact. The consortium speaks about the danger of suspension of Anaklia port project.

30-05-2019 08:27 +0400
GEL continues to depreciate

Georgian National currency continues to devaluate against the US dollar.
According to the official data of the National Bank, one USD is 2.7997 GEL. While today the current rate was 2,7876 GEL.

One Euro today is 3.1236 GEL. While the current rate was 3.1182 GEL.

29-05-2019 17:08 +0400
One dollar is worth 2.83 GEL - national currency hits an anti record of a 24-year history of its existence

Foreign currency exchange booths and commercial banks are in a panic. In the 24-year history of the national currency, it reaches the lowest point and hits the anti-record. The lowest rate was GEL 2. 82 GEL until now, and now in commercial banks, one dollar is already 2 .83 GEL.
Experts do not predict the strengthening of the national currency in the nearest future and predict the further deterioration of the situation. Experts talk about foreign factors and the impairment of Turkish lira. It is also said that the depreciation of the national currency is caused by the incorrect policy of the country"s economic team as well as the wrong work of the National Bank and the Government. Experts believe that the national currency will be further depreciated and it will reach to 2.85.

29-05-2019 12:01 +0400
Incorrect Economic Policy Accumulated over the Years - Experts name reasons for Lari Impairment

Experts talk about the wrong economic policy of the government. Their forecasts against the background of the inaction of the government are quite pessimistic.
Experts say they can not see the possibility of stabilizing lari and stopping the rising prices.
"The fact that today"s lari has depreciated to some record rate is the fault of the wrong economic policy accumulated over the years, and if this impairment is damaging the population and people already in the hardship," said the economist Irakli Kipiani.

29-05-2019 08:40 +0400
"The price growth is unavoidable," the opposition speaks about the record losses of Lari

The opposition demands urgent action from the government to stop the impairment of GEL and offers specific recommendations. The ruling team also recognizes the difficult situation but sees the reason for the problem in the processes taking place outside the country. The GEl is the lowest in the 24-year history of its existence. According to the National Bank data, the cost of 1 dollar is almost 2 GEL and 79 tetri. The euro has reached 3 lari and 12 tetri.
"There are two solutions - the first to radically change the government"s economic policy and to make the budget adjustment, and the second, the national bank urgently needs to change the monetary policy," - says Roman Gotsiridze. Zurab Tchiaberashvili, a member of the "European Georgia" sees the way out in rapid economic growth and says that the government does not have a state policy.
Gia Volski from the ruling team believes that the impairment of the national currency is related to processes in key partner countries.

29-05-2019 08:32 +0400
GEL reaches a record of impairment for last 24-years

GEL continues to impair and now is in the lowest mark in the 24-year history of existence.

According to the data released by the National Bank of Georgia, today the price of one USD in interbank trade 2.7876 GEL while yesterday it was 2.7811 GEL.

As for the EURO, its rate is 3.1182 GEL, while yesterday"s rate was 3.1129 GEL.

The rate is higher in commercial banks and currency booths.

28-05-2019 17:09 +0400
GEL continues to impair - national currency hits impairment record

GEL continues to impair. National currency at the end of the week has further depreciated with regard to the US dollar and Euro. GEL is impaired with regard to Turkish lira as well.According to the data published by the National Bank, yesterday, at the end of the day based on the inter banking trade the US dollar amounted to 2.7802 GEL. The rate , which valid yesterday, was GEL 2.7799. Consequently, the dollar amendment amounted to 0.0003 GEL per national currency.
As for the Euro, its rate is 3.1102 GEL, while yesterday"s ate was 3.0954 GEL. Accordingly, the amendment to the euro amounted to 0.0148 GEL. The rate is much higher in commercial banks and currency exchange booths.

25-05-2019 10:06 +0400
Share of fuel imported from Russia increased from 5 to 27% since 2014 - "Transparency International" Survey

Over the last five years, the world oil price has decreased by 48 per cent, but in spite of this, the fuel price in Georgia has not diminished.

Analysts from the NGO "Transparency International Georgia" say the reason for the 53 per cent increase is impairment of GEL and increased taxes on fuel.

The NGO has studied the tendencies of 2014-2018 and concluded that fuel quality control has improved and market competition increased. According to the study, Russia, Romania, Azerbaijan and Turkmenistan are the leading importers of fuel. Since 2014 the share of fuel from Russia has increased from 5 to 27 per cent.

24-05-2019 12:38 +0400
GEL continues to depreciate , PM refuses to answer questions

GEL continues to depreciate. On this background, the head of the government does not make comments on the drop of the national currency"s exchange rate.
Mamuka Bakhtadze did not answer the question of journalists regarding the GEL rate.

The GEL rate is close to a historical minimum.

In commercial banks one dollar is more than 2.81 GEL. The national currency rate has also decreased in relation to the euro.

23-05-2019 12:27 +0400
Gel continues to depreciate, the Prime Minister makes no comments

GEL continues to depreciate. The head of the government does not comment on the issue. Mamuka Bakhtadze refused to answer journalists" questions regarding the issue.

In commercial banks one dollar is more than 2.81 GEL. The national currency rate has also decreased in relation to the euro.

23-05-2019 08:59 +0400
GEL continues to depreciate agaist US Dollar and Euro

Georgian National Currency continues to slide against the US dollar and Euro.

According to the data published by the National Bank of Georgia today, the value of the US dollar amounted to 2.7676 lari.

One euro is 3.0848 GEL while today"s rate was 3.0643 GEL.

21-05-2019 17:12 +0400
Impairment of GEL - experts name elections as one of the reasons

Experts in economics talk about the reasons for the depreciation of GEL. The specialists name money spent on elections as one of the most important factors.

According to analysts, when export in the country is increased and import is reduced, and the national currency still depreciates, the reason is linked to domestic factors.

Experts also argue that the population has GEL and decided to exchange it into more solid currency - USD.

Specialists criticize the government"s plans, regarding the so-called " de-dollarization" and say that it is ineffective and cannot stop the GEL rate.

21-05-2019 15:10 +0400
In the end, the GEL rate will of course stabilize - Irakli Kobakhidze

This is not good - this statement made by Chairman of the Parliament on impairment of the national currency. According to Irakli Kobakhidze, it is necessary to receive additional information about the depreciation of GEL from the National Bank and the Government.

The Chairman of the Parliament is convinced that in the end the GEL rate will be stabilized.

"We would like to get additional information from the National Bank of Georgia and the Government, and only after that make specific comments. I am sure that in the end the course stability will be maintained, "said Irakli Kobakhidze.

21-05-2019 13:21 +0400
Anaklia port project and commercial risks insurance - The issue is not agreed

Construction of the Anaklia project - Anaklia deep-sea port consortium, international donors and government officials held a meeting. International Credit Institutes have eight demands in order to set an eight-points to require to fulfil 8 points of demands in order to provide hundreds of millions of dollars required for the construction of the project.

At this stage, it is impossible to agree on the risks of burden turnover. According to the government members, the state will not be able to enter commercial risks. The Minister of Infrastructure does not exclude that the disagreement on the issue may become a reason for postponing the implementation of the Anaklia port project.

"The state can not afford to insure investor"s commercial risks. This is the position where we have negotiations with banks and consortium with regard to what additional tools are available," Maia Tskitishvili said.

According to the government members, there will be several rounds of negotiations. Ministers say the project of Anaklia port is important for the state.

"In our existing program, which we have agreed with the Monetary Fund is not envisaged that the state takes additional financial risk in this part," said Finance Minister Ivane Machavariani.

The Former Deputy Chairperson of the TBC Bank Supervisory Board speaks about the necessity of active negotiations and work before a final agreement is reached.

21-05-2019 12:48 +0400
GEL continues to depreciate - the National Bank of Georgia says inflation is close to the target index

National Currency Continues to Impair -GEL has reached its record low rate.

The president of the National Bank refrains from assessing the reasons and names short-term fluctuations as the reason. According to Gvenetadze"s statement, central banks do not make explanations.

Speaking about the current situation, the National Bank President focuses on the inflation rate and says that it is within the frameworks of the norm.

" Courier" interviewed Koba Gvenetadze yesterday, and today the national currency is further diminished. Cost of one US dollars in commercial banks is 2.80 GEL.

21-05-2019 12:31 +0400
"State companies are nests of bargains and nepotism" - Kobulia

"State companies are nests for biased transactions and nepotism," the former minister of economics said in the parliament. Kobulia drew attention to the increase of efficiency of state companies during the report. He spoke about corruption in state companies.
"State companies are still a great part of our economy, and unfortunately present nests of bargains and nepotism," he said.
The former member of the government talked about the problems in the economy. Kobulia talked about the lack of discipline in the ministry and noted that when the document is to be delivered within 20 days, it is issued in 8 months. According to him, important decisions are being delayed.
The opposition is attending the meeting with the former Minister of Economy. Only Bidzina Gegidze, Shota Shalelashvili and Zaza Khutsishvili are ateending from the parliamentary majority.Kobulia is the first minister to openly talk about resignation. He gave a scandalous interview to "Saturday Courier". The former minister of economy spoke in an interview about how he was forced to write a statement about his resignation.

15-05-2019 14:25 +0400
Today we should be focused on a specific outcome and this is the start of construction of Anaklia deep water port - Prime Minister

Today we should be focused on the concrete result and this is the construction of Anaklia deep water port - the Prime Minister told journalists in Zugdidi. Mamuka Bakhtadze says that negotiations with international creditors is ongoing.
The Prime Minister also reminded the Anaklia consortium of commitments.
"The Anaklia Deepwater Port is an integral part of our strategy , moreover, we were able to make this project appear in the list of many international financial institutions. Negotiations are continuing with creditors, including the consortium, its shareholders have specific obligations to perform. I would say that today we should be focused on concrete results, the concrete result is for us to start construction, "Mamuka Bakhtadze said.

11-05-2019 14:48 +0400
Petrol price increased by 15 tetri - experts advise the authorities to cut excise taxes

In the last two weeks petrol price has increased by almost 15 tetri. Prices for other oil products have increased as well and are as follows: The price of premium is 2 lari and 60 tetri. Regular is 2 lari 45 tetri.
Fuel is the main source of inflation, and the rise of petrol price is usually followed by an increase in prices of other goods.
Specialists link increase of fuel prices to the increased price of oil products at the international market and say that the price of gasoline at non branded gas stations is much higher.
"Prices have increased on average by 15 Tetri at branded stations. At non branded petrol stations the increase is even more. Prices increase is connected to the fact that in recent months international prices on oil products have significantly increased, "said Vano Mtvralashvili, chairman of the Union of Oil Products Importers.
Expert Economist Akaki Tsomaia also speaks about the growth of international prices. The expert speaks about the solution and says that the state can settle the price at the expense of excise tax. According to Akaki Tsomaia, in this case the fuel price will not increase.

09-05-2019 18:02 +0400
Larry reached historic anti-record - specialists impose responsibility for the process on the National Bank and the Government

Gel continues to impair - after a four-month continuous dropdown, national currency has reached historic anti-record level. According to the official rate established by the National Bank of Georgia, the purchase of 1 dollar is available for 2 .74 GEL . GEL with respect to dollar was reduced by 2 tetri in just one day. The cost of US dollars in commercial banks is 2 .77 GEL .
The experts have suggested several reasons for such a drop - including major political shocks and the wrong economic policies of the government.
Specialists think that the National Bank promotes devaluation of the Lari by buying dollars for currency reserves. Former owner and businessman Lasha Papashvili said in an interview with BMG that artificial impairment of the lari is happening and if it were not for interfere, one dollar would cost today 55 tetri, or about 20 tetri less.
The parliamentary majority does not see the government"s liability for the depreciation of the Lari. According to the leaders of the ruling team, the Lari"s current course is set in a free regime and the pace of the country"s economy does not affect it.

08-05-2019 21:20 +0400
"If the monopolistic environment is formed, it will be the fault of the Georgian government" - experts say "Rosneft" enters the Georgian market

Economy experts are also considering possible of purchase of "Wissol" by the Russian Oil Company. Specialists criticize the economic policy of the government and call it steps inadequate.
According to their assessment, if "Rosneft" establishes a monopoly in Georgia, it will be the fault of the government"s wrong policy.
"If the monopolistic environment is formed, it will be clearly the fault of the Georgian government, and secondly, any type of monopoly is always a problem for both the consumer, the market and the sector. That is why the first duty of the government is to play the fair game , by opening and not restricting the market , "Zviad Khorguashvili said.
Rosneft is already a monopolist in the neighboring country of Georgia and tries to achieve similar situation in Georgia. Economist Giga Bedineishvili talks about the government"s poor economic policy.
"The steps of the government of Georgia are inadequate because instead of making a competitive economic situation in the country, it has an uncompromising and unprecedented policy that stops many potential investors from entering the country," said Professor Giga Bedeneishvili, professor at Free University.

06-05-2019 08:15 +0400
GEL depreciated against US dollar again

At the end of the week GEL has depreciated against US dollar again
According to the data published by the National Bank, as a result of the interbanking trade yesterday, at the end of the day, the value of 1 USD was 2.7070 GEL. The course, which was yesterday, was 2.7051 GEL. Consequently, the change of the dollar amounted to 0.0019 white against the national currency.One euro is worth 3.0194 GEL while yesterday"s current rate was 3.0292 GEL. Accordingly, the change of euro equaled to 0.0098 white.

04-05-2019 09:57 +0400
Business interests that are behind the confrontation in Pankisi - the opposition publishes documents

The business interests that stand behind the confrontation in Pankisi - the opposition publishes documents, according to which Lasha Iordanishvili, the builder of "Khadori 3" on the river Alazani is the business partner of high ranking officials.
Gigi Ugulava, a member of "European Georgia", publishes the Public Registry reports, according to which it is clear that Lasha Iordanishvili, besides the construction of the disputed Hydro Power Plant in Pankisi Gorge, has other influential business partners. In addition to "Alazani Energy", Iordaneishvili owns several other companies, including "SmartWood." Official documents reveal that one of the co-owners of these companies is Shalva Shavishvili, who has been appointed as the head of state construction company by the Minister of Infrastructure Maia Tskitishvili last year.
According to the same document,the business partner of Lasha Iordanishvili, and Shalva Shavishvili is Giorgi Shengelia who is also a co-owner of "SmartWood". At one time he was a senior official of the Ministry of Infrastructure and Shavishvili replaced him as the head of the State Construction Company. Shengelia is currently the Executive Director of Municipal Development Fund of Georgia. Shengelia and Iordanishvili have one more common company "Tan".
Political opponents of the government are waiting for explanations from the Ministers of Economy and Infrastructure.
Lasha Iordanishvili confirms that both senior officials, Shalva Shavishvili and Giorgi Shengelia, who are his childhood friends are connected as business partners, but in the past. Iordanishvili claims that their joint company "SmartWood" is no longer functioning.

26-04-2019 21:32 +0400
GEL depreciates again - 1 USD is 2.7007 GEL

The has depreciated again- according to the new exchange rate set by the National Bank of Georgia, 1 USD was 2.7007 GEL. The course, which was operating today, was 2.6984 GEL.

GEL has depreciated with respect to dollar on daily basis during the current week
As for the euro, its rate is 3.0067 GEL. While the current rate was 3.0246 GEL. Rates received as of today"s trade will enter into force tomorrow.

25-04-2019 18:10 +0400
"If it were not for Ivanishvili"s instruction, would you have chosen such a destructive path?" - question of Omega Group Director to the Minister

Besides the lawmakers, the Finance Minister had to answer questions of Omega Group representatives who attended the Sector Economy Committee meeting. Levan Aghdgomelashvili, general director of Omega Group, told Ivane Machavariani that he received tasks from Bidzina Ivanishvili, the only goal of which was to damage the Omega group.
Aghdgomelashvili asked the minister whether Bidzina Ivanishvili"s assignment was the reason why the Ministry of Finance selected a destructive approach towards the company.
"When you received instruction from Bidzina Ivanishvili to clear the sky for Omega, then you agreed to reduce this penalty. We offered you to pay this fine on March 5, but your answer was negative. I wonder why. Clarify the law under which you and the Revenue Service did not give the company the excise stamps .
"Despite the fact that the budget would not be fully paid, the first phase cost the budget more than half a million and tens of millions further for dispute at the Stockholm international arbitration, you chose this destructive way and did not accept our offer. If it were not for Ivanishvili"s instruction, would you have chosen such a destructive path?"?" - Agdgomelashvili addressed the Minister.
According to the minister, Omega Group has not paid for three years already. As to the letter of March 5, which Levan Aghdgomelashvili speaks about , the Minister said that for three years the debt would have to be frozen and then paid
Machavariani said that "the government and all relevant structures were right in relation to Omega.
"As for the law, no one has won anything in Stockholm, as far as I know, a specific decision was suspended there," the minister said.

23-04-2019 18:02 +0400
At the end of the week,GEL slightly strengthens against US dollars and euros

At the end of the week, the GEL has slightly strengthened against US dollar and euro.According to the data published by the National Bank of Georgia yesterday, the value of 1 USD was GEL 2.6935. The course, which was operating today, was 2.6939 GEL. Consequently, the dollar amendment to the national currency was 0.0004.The cost of the euro is 3.0291 GEL while the current rate was 3.0323 GEL. Accordingly, the amendment of the euro equaled to 0.0032 GEL.

20-04-2019 10:51 +0400
Suspended contract - "Behlen Industries" plans to launch a dispute against Georgian government in London Arbitration Court

Canadian company v. Georgia - "Behlen Industries" plans to launch a dispute against the Georgian government at the London Arbitration Court.
The company complains about the termination of contract, according to which "Behlen Hindetier" should have built sports palaces in Gori, Telavi and Batumi. The Ministry of Sports has recently canceled a contract signed in 2016. The reason is the company"s obligations.
"The company took quite tough position. It did not present relevant documents requested by the Georgian legislation and eventually we had to stop this agreement, "said Mikheil Giorgadze, First Deputy Minister of Education, Science, Culture and Sport of Georgia.
The Canadian company does not disagree with the accusation and demands reimbursement of financial and reputable damages from the Georgian government.

16-04-2019 08:35 +0400
Impaired GEL. - economists talk about wrong economic policy of government and National Bank

National currency continues to impair. The official price of one USD is 2.6916 GEL. Experts talk about the wrong economic policy, which they say, contributes to the impairment of the Lari.
Experts in the field speak of the need for attracting more investments and the need for proper economic policy.
Experts have also criticized the National Bank"s policy . Economists say that if not the accumulation of reserves in the country, the dollar rate would be much lower.
"First of all we have a wrong economic policy. The fact is that this policy has only brought negative result, more people are affected, more people have difficulty living and for more people loans have become more expensive, the other expenditures are rising and life is getting worse, "- said economist Zviad Khorguashvili.

16-04-2019 08:26 +0400
Banking regulations and restrictions on loans - economists call reform unreasonable

Banking regulations and financial problems, which ordinary citizens have- experts impose the responsible for the current situation on the government.
Economists respond to the statement made by Economy Minister Giorgi Kobulia who confirmed that new bank regulations have created problems for retail sales, but said that significant changes are not planned.Experts assess the attitude of the government and talk about the negative sides of the change.
"Today there is real poverty and poverty is the source of problems in the country. If the banking institutions are not allowed to give credits to people, the shadow economy will get involved in the country. The responsibility lies with the government, which started the chain of these reforms unreasonably, "said economist Irakli Kipiani.

15-04-2019 08:24 +0400
Georgia launches electric vehicles production - Special Factory to be built in Kutaisi

Georgia launches production of electric car - electric vehicles under Georgian brand will be created for the first time and its release is planned by the end of the year.
A factory of electric vehicles will be built in Kutaisi- a large project is one of the main components of the first industrial business group, which will work in ecosystem.
The presentation of the project was attended by the President of the country, the PM, the Mayor of Tbilisi and the representatives of the government.
The Holding is the first industrial business group not only in Georgia but also in the South Caucasus, which starts to invest in complex ecological projects projects.

07-04-2019 11:06 +0400
"Calm down, no one is blackmailing me "- Koba Gvenetadze"s answer to the question, whether he is blackmailed with personal life video

The banking regulations and decisions made by the National Bank regarding TBC Bank were the main issues that Koba Gvenetadze spoke about in the Parliament.
MPs asked the President of the National Bank of Georgia how fairly TBC Bank was treated and whether or not the customers had problems getting loans.
After the meeting with lawmakers the journalists asked whether Koba Gvenetadze was blackmailed with private life record The president of the National Bank said that "no one blackmailed him.
As for bank regulations, Koba Gvenetadze explains that consumer loans were issued without inspection, which was to be regulated.

06-04-2019 12:32 +0400
TBC Bank Case and Banking Regulations - President of the National Bank is expected in Parliament

The scandalous case of TBC Bank will be the reason for acute debates in the parliament today. At the session the President of the National Bank is expected to be the addressee of the questions about the large financial institution.Opposition calls for clarification of the questions from Koba Gvenetadze on this issue.
"There are signs of use of the National Bank for political persecution. That"s why we have a question whether the national bank is acting independently or not, "said Ms. Salome Samadashvili, an UNM member.
Banking regulations will be one of the main issues, which will be discussed by the members of "European Georgia". According to Zurab Tchiaberashvili, these regulations have put 10 thousands of citizens in bad condition.
"Koba Ghentadze simply wants to formally implement the rules, come to the plenary sitting, where the Georgian Dream"s parliamentary majority will just protect him. We have the biggest complaints against the National Bank President regarding banking regulations that have put 10 thousand citizens in a difficult situation, "Zurab Chiaberashvili said.
For the parliamentary majority, "TBC" is no longer a matter of interest.
"Mr. Gvenetadze must find his independence in his independent mindset rather than in the interpretation of the regulations. I think that he should always come to the committee when it will be required. We are not expecting any testimony from him or any hints. He should clarify just what motivation his decisions had, "Roman Kakulia said.
Koba Gvenetadze will inform the MPs about the activities of the National Bank and he will talk about the bank"s decisions and retail lending regulations.

05-04-2019 07:50 +0400
"Trends show us that maybe we will have to revise," - Machavariani about banking regulations

Banking regulations may be reviewed - The Minister of Finance Ivane Machavariani says.

According to him, the current trend indicates that revision of new regulations may be inevitable.

The minister says that consultations on this issue are underway with the National Bank, if it is decided that the regulations should be revised, according to Machavariani, he will support it.

" I think that It is a bit early to make final conclusions, but trends show us that maybe we will have to revise regulations and I personally I will support it, "said Finance Minister Ivane Machavariani.

04-04-2019 18:24 +0400
There is no prerequisite that the flour and bread price will increase - the finance minister

"Locally, we will not take any step in the country, which can provoke increase a price of wheat later onflour and bread, - Finance Minister Ivane Machavariani said.

Members of the Cabinet of Ministers do not expect that prices for bread and products will increase.

The government claims that there is no prerequisite that prices will increase.

Natia Turunava,the Deputy Minister of Economy and Sustainable Development of Georgia is not waiting for the price increase as well.

" If something goes wrong, we are ready to hold consultations," - Natia Turnava said.

04-04-2019 17:44 +0400
"We believe that this is principally correct" - Minister of Economy speaks about bank regulations

The Economy Minister made a statement on bank regulation. According to Giorgi Kobulia, this is a principle decision that will protect the low-income population from unrecognized credits.

According to the Economy Minister, direction of bank regulation will not change."We do not change the direction and vector and we believe that this is principally correct, "Kobulia said.

01-04-2019 12:28 +0400
GEL slightly strengthens against US dollars and Euro by end of the week

According to the data of the National Bank of Georgia, at the end of the week, the gel has slightly strengthened against US dollars and Euro.
According to the data released by the National Bank of Georgia, yesterday, at the end of the day, as the result of the interbanking trade GEL was worth USD 2.6914. The rate which was operating yesterday was GEL 2.6969. Accordingly, the amendment of the dollar amounted to 0.0055 GEL.
The price of one euro is 3.0203 GEL while yesterday"s rate was 3.0335 GEL. Accordingly, the amendment of the euro amounted to 0.0132 GEL.

30-03-2019 10:03 +0400
Disastrous outcome ... Gvenetadze should resign - part of experts criticizes new bank regulations

Part of economic experts is demanding the resignation of Koba Gvenetadze, the president of the National Bank. Specialists name as basis the new research of Real Estate Market by TBC Capital , which shows that the mortgage loans approved in January of this year are decreased by 47% compared to the previous year. Experts say that regulations on mortgage loans were not necessary. According to the same survey, number of permits issued on construction of residential property in Tbilisi has decreased by 45% compared to last year.
"As for the banking regulations, I would say that this brought a catastrophic result, it was an absolutely unprofessional solution, a non-collegial decision, I believe that the president of the National Bank should resign, - said the chairman of Association of Developers of Georgia, Irakli Rostomashvili.

28-03-2019 08:32 +0400
All issues regarding TBC Bank have been exhausted - Vakhtang Butskhrikidze

All the issues regarding TBC Bank have been exhausted - asserted the Director General of TBC Bank. Vakhtang Butskhrikidze refrained from further explanations. According to him, Mamuka Khazaradze"s current visit to America is connected to the port of Anaklia, but he has not talked about details. Vakhtang Butskhrikidze was questioned on "TBC Bank" for the first time a week ago. According to him, questions were related to transactions 11 years ago.

28-03-2019 08:26 +0400
GEL slightly depreciates with respect to US dollars and Euro

As a result of the interbank trade, the gel was slightly diminished with respect to the US dollar and the Euro.
According to the data published by the National Bank of Georgia, the value of 1 USD was 2.6892 GEL as a result of held interbank trade. The rate, which was operating today, was GEL 2.6822. Accordingly, the change of dollar amounted to 0.007 GEL in respect to the national currency.
One Euro is 3.0453 GEL while the current rate was 3.0349 GEL. Accordingly, the amendment to the euro amounted to 0.0104 GEL.

26-03-2019 20:47 +0400
Gvenetadze still does not know what kind of problems he created for the country - Irma Nadirashvili

Irma Nadirashvili, the member of European Georgia addresses the President of the National Bank.

The representative of opposition criticizes introduced banking regulations and says that regulations will negatively affect the population.

Irma Nadirashvili states that these regulations are pointless and notes that a report regarding data of the first quarter should be submitted.

Nadirashvili calls on Koba Gvenetadze to come to the Parliament and inform the lawmakers.

26-03-2019 14:38 +0400
Where do they know from the prosecutor"s interrogation protocols when I do not have access to it - Khazaradze talks about politicians who make statements about TBC

"We were very unfairly and unlawfully dismissed from the organization we have created with our own hands," said businessman Mamuka Khazaradze in the program "Forbes Week" and says that TBC Bank"s problem has been exhausted but the topic of its founders, Badri Japaridze and Mamuka Khazaradze has not been exhausted. According to Khazaradze, he will use all local and international legal instruments to establish the truth.
Khazaradze directly states that there is selective justice in this case.
Khazaradze recalls that in January, when he was interrogated about the transaction that took place 11 years ago, he asked the judge to keep confidential his interrogation and he received this promise from the court. The businessman explained that the protection of confidentiality was due to the protection of relation with potential investors, in particular on January 19, they were to sign contracts with 2 big banks.
"It"s a bit cynical when a high-ranking official tells me that Anaklia and Bank can not protect citizens and questions can not be avoided. Please do not talk to us like that, we were the first to submit 10 and 11-year- old documentation when according to the law, the documentation could have been destroyed after six years, we did it because we do not have anything to hide " -said Mamuka Khazaradze.
The businessman also speaks about the scandalous letter that he received from the interior minister and where he was directly told what to do.

24-03-2019 10:30 +0400
At the end of the week, GEL slightly depreciates with respect to US dollar

At the end of the week, the gel has slightly depreciated towards the US dollar.According to the data published by the National Bank of Georgia yesterday, the value of 1 USD was 2.6821 GEL as a result of interbank trade. The rate , which was operating yesterday, was GEL 2.6793. Accordingly, the change of dollar equals to 0.0028 towards the national currency.1 euro is 3.0327 GEL while the current rate was 3.0515 GEL. Accordingly, the amendment to the euro amounted to 0.0188 GEL.

23-03-2019 10:01 +0400
"Fady Asly made a biased political statement" - Irakli Kobakhidze

"Fady Asly has made biased political statements," the Chairman of the Parliament responded to the open letter of the International Chamber of Commerce, where Fady Asly focuses on pressure and blackmail on business.

According to Irakli Kobakhidze, Fady Asly is biased toward a particular political party.
"We know that he has political bias. He loved one particular political party and still loves it. Therefore, his statements are biased. In his list such companies were included which flourished in the conditions of the "Georgian Dream". All this indicates that Fadi Asli made a biased political statement, "said Irakli Kobakhidze.
The International Chamber of Commerce addressed the Prime Minister with an open letter. It is incomprehensible for the president of the Chamber of Commerce what has become the reason for the postponement of the Board of Investors on March 26 meeting. Fady Asly highlighted the pressure on business in the open letter. He speaks about the pressure on particular businessmen and one of the cases involves "TBC Bank" and "Omega Group" cases.

22-03-2019 18:44 +0400
Anaklia consortium is trying to create a feeling that the government and Ivanishvili are fighting against this project - Maia Tskitishvili

Maia Tskitishvili accuses the Anaklia consortium of non-fulfillment of obligations.

The Minister of Infrastructure responded to Mamuka Mdinaradze , who asked about financial problems, while the Consortium representatives state that the Anaklia port project is financed from financial institutions.

"When the Consortium representatives make statements about the Anaklia port and the projects to be implemented, they say that they are funded fully from the financial institutions. The Government states that you are talking to financial institutions on various issues. I So with what are we dealing ? What kind of negotiations are underway? Why do not coincide these two positions?"- Mdinaradze asked.

As the Minister of Infrastructure Development said in Parliament , the Anaklia Development Consortium has financial problems and therefore can not fulfill its obligations.

The minister said that he would not agree with the opponents that the TBC bank"s case was hampered the construction of Anaklia port.

21-03-2019 18:27 +0400
The main ally of the Anaklia project is the state - Archil Talakvadze

"Anaklia port is a strategic project, which is a project initiated by the state," the parliamentary majority said in a conversation with journalists.
Archil Talakvadze said that the state is the main ally of the Anaklia port project.According to Talakvadze, all the questions in the society regarding the Anaklia port project will be answered in the legislative body. Minister of Infrastructure Maia Tskitishvili is expected in the Parliament today.
"The state has a lot to do with the success of the Anaklia port. In the future the main ally of this project will be the state. Therefore, it is important today that all the questions that exist in opposition, media and the society are answered, "said Archil Talakvadze.
Minister of Justice has arrived in Parliament recently. After Tea Tsulukiani, another member of the government who will take the parliamentary tribune will be the Minister of Development and Infrastructure. Maia Tskitishvili will talk about construction of Anaklia port project.

21-03-2019 12:25 +0400
Anaklia project may become public - consortium management is conducting discussions on the issue

Whether Anaklia project will be public and if it will be possible for everyone to buy its shares- According to the General Director of the Consortium, discussions are ongoing regarding the initiative, but the final decision is not yet taken. In parallel, one of the largest shipping companies in the world gets involved in the process of construction of Anaklia port from today. "Hyundai Samo Heavy Industries" will be the crane provider - the relevant document will be signed today between the Anaklia Development Consortium and the Company.

21-03-2019 08:54 +0400
Investors should feel safe - European Commissioner for Trade Issues responds to accusations of Iconia Capital

EU Commissioner for Trade Issues Cecilia Malmström, responds to Iconia capital accusations.

It is about the statement of the American director of the company who blames the Georgian government in pressure.
Cecilia Malmström says she does not know the content of the article published in the New Europe but says that for all countries to attract investments it is necessary to have a good business environment. According to her, the investor should feel safe in Georgia.
"I have not read the article, but I can tell you that it is necessary for all countries to have a good business environment to attract investments. There is a good investment environment in Georgia, but in order to make investors feel safe, there is still a lot to be done. There must be a strongly independent judiciary, transparency, and fight against corruption. All demands of free trade agreement should be fulfilled. The work is going on and we are talking about these issues with our government, "said Cecilia Malmström.

19-03-2019 18:31 +0400
"Georgia is an investor’s graveyard" - founder of "Iconia Capital" blames the government for pressure

"I said that Georgia is an investor’s graveyard masquerading as a business utopia," the statement was made by American Ikonia Capital founder Edward Char in an interview with Courier.
The company blames the Georgian government for pressure and sues the country in international arbitration.According to the businessman, certain individuals have done everything by means of corruption and illegal decisions. According to him, all the branches of the country"s government were actively involved in it.
According to Edward Char, it was a development project that was planned to be implemented in Tsintsadze Street in Tbilisi.
"Ikonia Capital is not the first and the last of those who have been robbed of capital and everything is taken away when the government urgently calls investors to come here and invest. My goal is to let them know what a hard reality they will face, because with whom you have to confront, will not be simple people. They are ignorant of the law, its supremacy. In my case it was proved that the investor"s protection is impossible and there is no favorable environment. My goal is to share this story with everyone. Yes, I tell you that it is not safe to invest money here , "said Char, the founder of Iconia capital.
American businessman sues the government of Georgia in the arbitral tribunal and intends to demand 10 million dollars for damages.
Courier has contacted American businessman after his article was published in New Europe, where Edward Char points to his company"s problems.

19-03-2019 18:23 +0400
From Busines utopia to Investor"s graveyard - New Europe publishes an article on Georgia

How Georgia has transferred from business utopia to investor"s graveyard - International media speaks about elite corruption and facts of business harassment in Georgia. The article "New Europe" is based on the experience of the American development company - Iconia Capital LLC.

The headline of the article says that the country, which was presenting itself as business utopia. turned out into investors" cemetery.

Pressure from the former MP and various threats are mentioned in the article .
"Let our story be a warning for American investors, or any foreign investors for that matter, who are considering investment opportunities in Georgia. Until the government and courts can show that they are able to honour their international agreements and until they prove that the rule of law has been restored, it may be wise to take your business elsewhere,"- reads the article.

19-03-2019 12:19 +0400
Anaklia Development Consortium intends to issue Anaklia port shares

Anaklia Development Consortium (ADC) intends to issue Anaklia port shares and has addressed the National Bank of Georgia regarding this issue. Levan Akhvlediani, Director General of Anaklia Development Consortium, has confirmed this information to InterPressNews. He said the ADC is working on this issue, however, refrained from talking about details. Levan Akhvlediani explained that the Consortium looks forward to the reply from the National Bank. “We intend to issue the Anaklia Port shares. We have addressed the NBG to understand their opinions, let"s see what will they tell us, "said Levan Akhvlediani.The National Bank says that Anaklia Development Consortium has addressed the bank related to this issue and the process will be conducted in compliance with legal requirements.

19-03-2019 08:49 +0400
At the end of the week, GEL slightly strengthened with regard to US dollar

At the end of the week, GEL slightly strengthened with regard to the US dollar.According to the data released by the National Bank of Georgia yesterday, the value of 1 USD was defined as 2.6861 lari. The course, which was in force yesterday, was GEL 2.6864. Consequently, the dollar amendment amounted to 0.0003 GEL per national currency.
1 euro is 3.0407 GEL while yesterday"s rate was 3.0372 GEL. Accordingly, the amendment of the EUR amounted to 0.0035 GEL.

16-03-2019 10:39 +0400
"We are building Anaklia"s deep-water port for increasing trade between East and West" - Prime Minister"s speech at the Georgia-Japan Business Forum

The Prime Minister"s visit to Japan continues. Mamuka Bakhtadze opened Georgia-Japan Business Forum.During his speech, the Prime Minister focused on cooperation between the two countries and future plans He also emphasized the projects that were implemented in Georgia or planned in the future.
Mamuka Bakhtadze spoke about infrastructural projects, including Anaklia port and its significance.
"Japan and Georgia have excellent cultural and political relations and the time has come to spread this particular attitude towards economic relations. It is impossible to create a sustainable economy without a strong human capital. For this reason we started a very ambitious reform in the education sector in my country.We have a very ambitious goal, to turn Georgia into a regional center, and we are going to overcome challenges in the most sensitive and rich in resources directions.At the Black Sea coast now we are building Anaklia"s deep-water port to boost the growing trade between East and West and further increase its magnitude. Georgia is the gateway for the 8 countries not access to the sea, including in the South Caucasus and Central Asia. One of our main objectives is Georgia"s integration into the global economy, "- said the Prime Minister.

15-03-2019 08:58 +0400
Ministry of Economy speaks about the successful results of negotiations with Gazprom

The Economy Ministry speaks about the successful results of negotiations with Gazprom.
Deputy Minister of Economy, Natia Turnava, said that the transit fee was increased and Russian gas price was reduced.
“The Ministry of Economy has completed its negotiations with Gazprom onthe transit of the Russian gas to Armenia. Despite of long and difficult negotiations, we were guided by two basic principles, and both principles are well kept. First of all, it is our country"s energy independence and security. I can tell you that two most important strategic segments of our market - population and electricity generation - are fully supplied and will still be supplied with Azeri gas. Azerbaijan remains our main supplier and strategic partner in the field of gas. Moreover, the share of Azeri gas will further increase in the Georgian market in the coming years, after the Shah Deniz Stage 2 is fully launched.

The second task was improvement of our positions with Gazprom. We have improved both positions: the transit fee has been increased and the Russian gas price has been reduced, in case any private business is interest
ed in this alternative. The contract has been extended for 2 years and it will be valid during 2019-2020, "Natia Turnava said.

12-03-2019 19:34 +0400
Our task is to start construction process timely -Prime Minister speaks about Anaklia port project

"We should be focused on building the project as soon as possible. To mobilize resources, on which we have taken a responsibility , "the Prime Minister said while speaking about the Anaklia port project.

According to Mamuka Bakhtadze, it is important implement the project timely.

" We do not want this issue to be delayed. Some issues have been postponed and our aim, as the aim the consortium participants is to start construction as soon as possible,"- Mamuka Bakhtadze said.

The Prime Minister does not see connection between implementation of Anaklia port project and TBC Bank. According to him, investigation into the transactions carried out 11 years ago can not prevent the implementation of the project.

12-03-2019 14:49 +0400
Fady Asly speaks about Government"s Political Vendetta

Government"s Political Vendetta and mafia and monopolistic style of governance - is the assessment of the head of the International Chamber of Commerce. Fady Asly claims that there is political vendetta against businesses that are close to the government"s opponents.
The head of the International Chamber of Commerce publishes the list of those companies that the government has been harassing for years. Part of those companies have either gone bankrupt or are on the verge of bankruptcy. Fady Asly says that political strikes against their majority are being carried out. Among them are "Iconia Capital," "Giant Security," "Chateau Telavi," "Algorithm."There are about 20 companies in the list. Fadi Asly says that it is just the peak of the iceberg. The head of the International Chamber of Commerce states that businessmen are afraid to speak loudly. To threaten them, the government operates almost every time with the same scheme. Fadi Asly name Bidzina Ivanishvili as the main actor of this scheme.While the businessmen are afraid of losing their business, the business organizations should raise their voice - Fady Asly and hides that he is disappointed that he turned out almost completely alone vis a vie the government.

10-03-2019 21:25 +0400
We understand that it is difficult for private sector to implement Anaklia port project - Giorgi Kobulia

"We understand that it is difficult for the private sector to implement this project. The role of the private sector in this project is now more organizational, "the Economy Minister says in connection with the Anaklia port project.

According to Giorgi Kobulia, this is not related to Mamuka Khazaradze and Badri Japaridze"s case. As the Minister says, the Anaklia consortium could not independently attract the necessary financial resources for such a large project. According to the Minister, the state is involved in the implementation of the project and construction of Anaklia port is not in danger.

07-03-2019 13:04 +0400
After a couple of days of impairment, GEL strengthened by the end of the week

After a couple of days of impairment, GEL has strengthened by the end of the week.According to the data released by the National Bank of Georgia yesterday, the value of 1 USD was 2.6736 GEL . The course, which was yesterday, was GEL 2.6794. Accordingly, the change of the dollar amounted to 0.0058 GEL in respect of the national currency.
1 euro costs 3.0415 GEL while yesterday"s rate was 3.0556 GEL. Accordingly, the amendment to the euro amounted to 0.0141 GEL.

02-03-2019 11:05 +0400
Neither the prosecutor"s office, nor the government, should forget that Georgia is in war ... Because of this the Anaklia project should be implemented - Secretary General of the EU-Georgia Business Council

Zviad Tchumburidze, the secretary general of the EU-Georgia business council, said that the current processes raise question marks, for instance, the sitting committee meeting in the parliament, where the bank"s case should have been discussed. He also draws attention to the Anaklia project the implementation of which may be hindered.
According to him, it is very important for the country that Anaklia"s project be implemented and its failure is in the interests of Russia.
"What we have seen in the Parliament, is also seen by the ambassadors ?! The ordinary hearing of the business case was not allowed, that"s what causes this question. Neither the prosecutor"s office, nor the government, should forget that Georgia is in war today, 20% is occupied and practically military bases are about 35 kilometers from Tbilisi and you know what is happening in Abkhazia too. Therefore, Anaklia should be implemented. The Russians have their own interest and this interest has not stopped for 28 years. What do you think that if there are no diplomatic relations, we do not have people who are working for Russia? We see very well what is happening, even if we take uncomfortable and very bad statement of Karasin, what right has of the Deputy Foreign Minister to threaten the country? "- said Zviad Chumburidze.
The European Union is watching the case of TBC Bank. The deputy head of the EU Delegation to Georgia states that the Anaklia project is truly in the list of priority infrastructure projects for the EU, but the decision on financing is not yet taken.
"What I can say at this stage is that this is an important case for the Georgian business environment, which we are closely following. As for Anaklia"s project, Georgia has had progress in improving the business environment and now it is important to keep this, it is an important issue for investors. The Anaklia project is definitely in the list of priority infrastructure projects for the EU, but the decision on financing is not yet taken, "said Carlo Natal.

28-02-2019 18:15 +0400
GEL continues to impair, economists link this fact to attack on TBC Bank

The rate of GEL devaluates day by day and experts say the reason for this is the government"s wrong economic policy and the government"s attack on TBC Bank. According to analysts, the events surrounding the largest bank were unclear for investors, which ultimately resulted in a rapid decline in the rate of the national currency. Experts believe that existing bank regulations and open war against TBC may further depreciate the lari.
"The economic policy of the government is totally wrong, and the expectations of investors add up to all these , and these expectations are created by the government"s steps, such as regulations as well as the blows on business, including the TBC bank," says economist Zviad Khorguashvili.

28-02-2019 08:10 +0400
Panic on the currency market and impaired Gel - Experts connect the devaluate national currency to the TBC Bank case

Devaluation of National currency continues. Gel depreciated by 5 tetri in the last four days. Today the National currency rate fell by 2 tetri.

The cost of one dollar is already 2,70 GEL. One euro is 3,0701 GEL.

Some experts are sure that the processes taking place around the TBC Bank will have a shocking effect on GEL and will result in even greater volatility in the economy.

According to analysts, the reason for impairment of GEL together with negative expectations is reduction of direct foreign investment.

Together with the depreciation of GEL , TBC Bank"s shares were reduced by 2 percent on the London Stock Exchange.

The opposition accuses the government for impairment of GEL. According to them, the position of the National Bank in the case of TBC Bank has a negative impact on the financial sector.

27-02-2019 21:08 +0400
National Currency continues to devaluate

The National Currency continues to devaluate. According to the data, published by the National Bank, one USD will be 2.6940 GEL on February 28. Till now it was 2.6770 GEL.

As for the euro, its rate is 3.0701 GEL,while today"s rate was 3.0427 GEL
The attack on the country"s largest bank that, according to the government should not be reflected on the financial sector, has a negative impact on the national currency .

27-02-2019 17:24 +0400
Italian Ambassador responds to the developments around TBC Bank

The Italian Ambassador responds to the developments around TBC Bank.
Antonio Enrico Bartoli believes that current events may influence the reliability of economic and financial systems as well as of the regulatory authorities. According to him, the processes will be closely monitored.
"I think it is very important to keep an eye on this problem because it affects the credibility of Georgia"s economic and financial system as well as regulatory bodies. It may also influence microfinance stability. That is why we look closely at the development of events, "Antonio Enrico Bartoli said.

27-02-2019 09:15 +0400
"The fact is that the National Bank is abolished as a state agency in our state," - Salome Samadashvili

The Finance and Budget Committee is ready to listen to Mamuka Khazaradze - the Chairman of the Committee made this statement in response to the former Chairman of the TBC Bank Supervisory Board. According to Irakli Kovzanadze, the schedule will be written in the nearest future and agreed with the invited persons. After the attack on TBC Bank "Georgian Dream" did not allow the founders of the influential financial organization to use the tribune at the Sector Economy Session yesterday and make explanations.
Opposition parties say that the reality created in the country can not be improved by hearing at the Finance and Budget Committee.
"This shameful process, which was held at the Economic Committee session, should not be repeated at the sitting of the Finance and Budget Committee I hope the Georgian Dream will realize that they have not dispersed doubts about the fulfillment of political orders by the National Bank, but they have confirmed this doubts when they were presented as one side, "- states one of the leaders of the " European Georgia", Otar Kakhidze.
The "National Movement"criticizes the National Bank . Salome Samadashvili states that this institution has been abolished in the country.
"The fact is that the National Bank is abolished as a state agency in our state and this is confirmed by today"s session and the invitation of the Finance Committee will not change this reality," said Salome Samadashvili.

27-02-2019 08:34 +0400
TBC Bank has no dispute with regard to the National Bank of Georgia at this moment - Koba Gvenetadze

The president of the National Bank states that the discussion in the parliamentary format of the decision of the regulator will be harmful for the banking sector.
President of the National Bank Koba Gvenetadze considers that revision of the National Bank"s decision regarding TBC Bank and bringing it into question is an assault on the independence of the regulator.

As Gvenetadze stated at the sitting of the Committee of Sector Economy and Economic Policy in Parliament on Tuesday, this is an “attempt to influence the regulator.”

“Together with "TBC Bank we have made a joint statement, which clearly said that there are not disputes between the National Bank and TBC Bank. After the decision was published, I took a risk that could damage my reputation as I care for the bank and the financial sector. Therefore, until the joint statement of TBC Bank and National Bank was made, we did not provide any further information on this issue. Later, we gave additional clear and detailed information, which made our decision clear. I think that in such a situation, revision of the regulator"s decision and bringing it into question is an assault on the independence of the regulator. This is an attempt to influence the regulator. I do not remember such a precedent in international practice when the regulator"s decision is the subject of such a dispute, "said Gvenetadze.

26-02-2019 18:29 +0400
"I categorically disagree with the statement of the President of the National Bank" - Mamuka Khazaradze

"I categorically disagree with the statement of the President of the National Bank that the speech could cause any damage to TBC bank. Unfortunately, the committee sitting was closed down," Mamuka Khazaradze responded to Koba Gvenetadze"s statement.

The statement of National Bank"s President that an open discussion of the TBC bank"s case may damage the business sector and the bank, led to the disruption of the session.

According to Mamuka Khazaradze, today this issue is no longer linked to Mamuka Khazaradze, Badri Japaridze and TBC, but it is linked to a reputation and stability of the country. He said that he and another founder of "TBC Bank" Badri Japaridze left the bank, though he did not give up the dignity and justice.

26-02-2019 14:52 +0400
Committee meeting ends without questions and statements

A session of the Committee on Sector Economy and Economic Policy the President of the National Bank should answer questions of MPs has ended without any statements. Roman Kakulia, the Chairman of the Committee has announced the statement.

Prior to that, MPs made critical statements. The statements made by Georgian Dream members and Koba Gvenetadze, that announcements made at the sitting may damage the business sector and TBC Bank are unacceptable for representatives of the opposition.

26-02-2019 13:50 +0400
The issue regarding TBC Bank has ended - Business Ombudsman

"At this stage, I believe that after the joint statement of TBC Bank and the National Bank, the issue related to TBC Bank has been completed," says Irakli Lekvinadze.
The business ombudsman says that the existing process should not interfere with the implementation of the Anaklia port project. Therefore, the state is obliged to speak and communicate about its importance to investors.
Soso Pkhakadze, the first Vice-President of Business Association of Georgia made a statement regarding TBC Bank as well.

" I believe everything is clear regarding the TBC Bank at this stage, this bank will be as successful as it was before and will continue functioning in the usual manner," said Soso Pkhakadze, the first Vice President of Georgia Business Association.

26-02-2019 13:02 +0400