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Daily Archives: December 8, 2014

Minister of Economy Ready to Communicate with Businessmen

Georgia’s Economy Minister Giorgi Kvirikashvili declared his  readiness to receive information on any problems business faces, including through the radio station “Commersant”. “Entrepreneurs have the possibility to inform the Ministry of Economy about their problems and personally, through business ombudsman and radio”Commersant “. I was surprised by the statement that …

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Finance Ministry’s Compromise Unacceptable to Beer Producers

Finance Ministry’s   compromise regarding an excise duty is not acceptable to  beer manufacturers. According to the companies, a decision to enact 50% excise tax price increase on  malt beer instead of  tax increase in half   from   March 1 instead of January 1, cannot  be a relief for business. Manufacturers say that …

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Gov’t Plans to Impose Restrictions on Subsidized Import

The government plans to provide subsidized import restriction. According to Zurab Tkemaladze,  Chairman of the Sector Economy Committee, one of the reasons forthe above-mentioned initiative was 30% subsidy of agricultural products in Turkey that allows  Georgiato import products from this country  at a lower price. Tkemaladze claims that the new …

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Turkish Lira hits two-month low over record decline in industrial output

Turkish industrial output has posted its steepest decline in a year in October, official data has shown, sending the Turkish Lira to a two-month low against the U.S. dollar. The seasonally and calendar-adjusted industrial manufacturing index plunged by 1.8 percent on a monthly basis in October, exceeding forecasts that had …

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Economic Fundamentals Supporting Stable Lari

Lari remained broadly stable in 2014 while other currencies significantly lost their values against dollar. However, weaker external environment supported depreciation pressures as was anticipated and since mid-November lari has shown greater volatility. Lari lost 12.4% of its value against the dollar and 0.8% against the Euro year to date. …

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Putin welcomes billionaires back to Russia – but will they come?

President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in …

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GEL Exchange Rate Sees 10 Years’ Bottom

The reporting period from December 1 to December 5 has recorded a 3.3% downturn in GEL exchange rate against USD from 1.8368 point to 1.8984 point, a 2.2% contraction against EUR from 2.2872 point to 2.3383 point. Moreover, GEL exchange rate shrank against GBP to 2.9780 point to 2.8825 point. …

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