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Remittances from Russia to Georgia Likely to be Reduced

Remittances from Russia to Georgia might reduce. The International Monetary Fund’s (IMF) representative Natalia Tamiris makes this assumption. Consequently, the social status of the families that are wholly or partly dependent on aid from relatives living in Russia will significantly worsen. Geopolitical tension, the Ukrainian crisis and economic sanctions inhibit …

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Finance Ministry to Tackle Problems with Bad Mortgage Loans

Ministry of Finance of Georgia is studying the problems associated with debtors on mortgage loans, the approach to which will be differentiated – the Finance Minister Nodar Khaduri announced  in response to the accusations of the opposition as if the government does nothing to alleviate their plight. “During the pre- election campaign …

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EY ENTREPRENEUR OF THE YEAR 2014 GEORGIA – MAMUKA KHAZARADZE

Mamuka Khazaradze, TBC Group, was named the first EY Entrepreneur of the Year Georgia on a Gala Awards Ceremony held in Radisson Blu Iveria Hotel. EY Entrepreneur Of The Year™ is the world’s most prestigious business award and is held in 145 cities of more than 60 countries for 28 …

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Gov’t Continues to Subsidize Citrus Growers

The Georgian government is forced to continue subsidizing citrus growers  – otherwise, the companies  will not buy non-standard citrus from the population. In 2013, the price of non-standard citrus  was  GEL 0.20-0.22  per kilogram, according to businessmen, a situation will be similar this year. However, they are not willing to …

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After Excise Tax Rise, Price of Cigarettes to Hike by 5%

“Commersant”  reports  that from  July 1, the government plans to introduce the ad valorem tax on tobacco and increase the excise tax on tobacco products, which will lead to an increase in cigarette prices by about 5%. Raising excise taxes is part of the government program to fight against smoking, …

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State Development Corporation to be Established in Georgia

“Commersant”  reports that the German Development Bank (KFW) will assist the Georgian government in establishing the  State Development Corporation. According to  the parliamentary majority  leader David Saganelidze, KFW will provide about 350 000 Euro for a research about the prospects for the creation of such a structure in Georgia, and …

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Government Makes Concessions – Pensions will Rise for all Citizens

In 2015 pension increase will not be categorized and all pensioners will get increased pensions, Finance Minister Nodar Khaduri told journalists after the meeting between the PM and the parliamentary majority, which was also attended by the Minister of Finance. He introduced next year’s budget parameters at the meeting. “Today …

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For Sale! World’s oldest bank, Banca Monte dei Paschi di Siena

Banca Monte dei Paschi di Siena SpA, Italy’s No. 3 bank and the world’s oldest, is up for sale. The Tuscan lender, the worst performer in Europe’s recent banking “stress tests,” has hired investment bankers at UBS AG UBS 0.29% and Citigroup Inc.C, 0,26% to find a buyer or merger partner, these …

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Fruit and Vegetable Prices Hiked by almost 30%

Review of the National Bank of Georgia (NBG) notes that in September 2014 consumer prices have risen 1.2 percent compared with the previous month. In September 2013,  the inflation rate amounted to 0.1 percent. As a result, during the reporting period, the annual inflation rate increased by 1.4 percentage points …

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