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Daily Archives: February 11, 2015

NBG increases its policy rate by 50 basis points to 4.5%

The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met today and decided to increase the refinancing rate by 50 basis points to 4.5 percent. The decision comes following a thorough look into the country’s economic forecast, where the risks affecting the expected inflation had risen due …

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Exclusive – “SOCAR” Suspended Commercial Gas Price Increase

“SOCAR Georgia Gas” suspends a decision to increase commercial gas price. Despite the fact that a week ago “SOCAR Georgia Gas”  sent an official letter to the legal entities about a tariff increase, today the company talks about the suspension of the decision stating  that the company is not going …

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US-Georgia trade-economic relations discussed

The US trade mission will visit Georgia on March 11-13, Speaker of the Georgian Foreign Ministry David Kereselidze told reporters. The agreement was reached during Georgian Foreign Minister Tamar Beruchashvili’s visit to the US. “Besides the political dialogue, the attention was paid to the trade-economic relations between the two countries …

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GIPI Published Analytical Survey Findings on Increasing Beer Excise

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Georgian Infrastructure Projects Initiative (GIPI) organized a presentation regarding analytical survey on increasing beer excise at Radisson Blue Iveria Hotel today. Purpose of the analytical survey was to evaluate the effect of increased excise on beer producers and importers, as well as consumer behavior and Georgian beer business development. Irakli …

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Majority of Companies Have no Plans to Increase Salaries

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The national currency devaluation continues, and most people’s income is reduced. However, no one thinks about salaries increase. Moreover, companies talk about the fact that due to GEL fall,  business suffers losses  so to maintain wages has become  the main concern for them. “Business-Rezonansi” survey revealed that companies  are not …

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29-storey Hotel to be Built in the Center of Batumi

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The company “Megapalace” started to build  a 29-storey hotel in the center of Batumi. According to the company’s representative, the first floor is already finished , the construction work will be completed in 3 years. The company purchased  1 767 sq.m of non-agricultural land in Batumi via auction from the …

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What Changes are Planned to be Made to Visa Regulations?

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The Georgian government is working on easing visa regulations, which came into force in September 2014. Among the proposed changes, there is  the issuance of multiple-entry visas for those foreign nationals who own property in Georgia worth  not less than $ 35 000. According to Deputy Economy Minister Dmitry Kumsiashvili, …

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Egypt to join Russia-led Eurasian free trade zone

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Egypt has established a free trade zone with the Russian-led Eurasian Economic Union, which includes Russia, Armenia, Belarus, and Kazakhstan, president Sisi of Egypt announced at a joint news conference with Russian President Vladimir Putin. “We have reached an agreement to establish a free trade zone between Egypt and the …

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