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Daily Archives: July 25, 2016

Credit Portfolio of Commercial Banks Grows in June

Credit Portfolio of Commercial Banks Grows in June

In June 2016 the crediting portfolio of commercial banks (including loans issued to nonresident entities) has increased by 1.2 billion GEL (+7.8 month on month). The exchange rate growth without effect made up 2% month on month, according to the statistics by the National Bank of Georgia (NBG). The credit …

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VTB Bank Introduces New Product on Mortgage Credit Market

VTB Bank Introduces New Product on Mortgage Credit Market

VTB Bank has introduced a new competitive loan on the mortgage crediting market. The new products is called as Target Mortgage.   The product enables borrowers to cover costs for purchase, building, repair of real estate or the existing mortgage loan.   The loan’s interest rate is the lowest one, …

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June Records Growth in Bank Sector’s Assets

June Records Growth in Bank Sector's Assets

The bank sector’s assets in June rose by 9% month on month and totaled 25.274 billion GEL in January-June 2016. The Georgian bank sector registers 19 commercial banks, including 17 ones with foreign capital co-participation and one – a branch of foreign commercial banks. Two leading commercial banks control 60% …

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Deposits of 14,3 bln are Placed in the Banks by July 1

Deposits of 14,3 bln are Placed in the Banks by July 1

The volume of deposits in the banks totals to 14.3 billion GEL by July 1, 2016, the figure is increased by 849.5 million GEL, compared to June 1, 2016 (exchange rate effect excluded volume of deposits increased by 0.3 percent). In June, the volume of term deposits increased by 475.9 …

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Biltmore Hotel Tbilisi to be Opened with a Grandiose Show

Biltmore Hotel Tbilisi to be Opened with a Grandiose Show

Final preparation works are being carried for the opening of high-class Hotel in Tbilisi. According to the organizers, grandiose show concert, 3D laser-show will be dedicated to the opening of the hotel at 21:30 a.m. on July 31. The building is being covered with white stickers, in order to conduct unprecedented 3D and …

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New Director of Archi Group Plans to Strengthen Leading Positions

New Director of Archi Group Plans to Strengthen Leading Positions

Since 2006 Archi Group has been implementing many large-scale projects in Tbilisi and regions in various sectors. The company’s key direction covers construction and development projects. Archi Group has finished 6 residential complexes, 1 commercial project and has 8 ongoing projects in Tbilisi. A month ago a new director Nino …

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New System of Profits Tax to Come into Force in 2017

New System of Profits Tax to Come into Force in 2017

Deputy Finance Minister Lasha Khutsishvili has taken part in the round table of the UN top political forum: “Reform of Internal Resources Mobilization in Partner Countries and Role of Addis Abeba Tax Initiative”, where he updated the meeting participants about the Georgian experience in cooperation as part of the initiative. …

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Problems with EU Entrance Visa Issuance

Problems with EU Entrance Visa Issuance

Particular Problems Emerge at Greek and Italian Embassies In the last period public discontent is growing because of serious problems with receiving EU entrance visas. Public discontent has also broken out in the social network. Mariam Kukunashvili, founder of New Life Global Network center of surrogation, describes the current problems …

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