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Economy

Russia Restricts Grain Exports

Rosselkhoznadzor asked the Minbistyr of Agriculture  to ban grain exports through offshore countries, Head at Rosselkhoznadzor Sergei Dankvert told TASS agency. The main buyers of Russian grain are Turkey, Egypt, Yemen, Israel, Sudan, South Africa, Iran and South Korea and Georgia. According to Dankvert, now the bulk of Russian grain …

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EXCHANGE RATE MONITORING (24.01.2014-28.11.2014)

The GEL exchange rate against USD has considerably shrunk week on week. The rate declined by 2.3% to 1.8367 point from 1.7938 point grom November 24 to November 28. The GEL exchange rate against EUR fell by 2.6% to 2.2905 point from 2.2313 point. As to GBP, on November 24 …

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The 2014 State Budget Fulfillment May Fail

Several years ago the Georgian society used to associate the Georgian state budget with one unpleasant word – sequestration. Today another term – budget gap – has become relevant. In 2013 the state budget gap marked 640 million GEL. Economic experts do not rule out the 2014 budget fulfillment may …

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GEL Depreciates Again

After a slight strengthening, the exchange rate of the Georgian national currency has fallen again. The Minister of Finance of Georgia has spoken about the devaluation of the national currency today. In recent weeks, the rate of GEL against US dollar decreased by 4%, although,  a reduction has not yet …

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IFAD: GEORGIA SHOWS HIGHEST INDICATOR IN REGULATORY QUALITY CATEGORY

On November 19 the Caucasus University Center for Economy and Health Research (CU EHRC) held a final forum:IFAD Expertise – Georgia Government’s Management Quality. The forum was proposed by the EHRC analytical laboratory: International Monitoring Center of the Government. The Forum discussed a report on expertise developed by the UN …

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Importers Preparing to Raise Prices of Food Products

According to importers, if GEL continues depreciation, prices of products will increase by  5%. Director General  of one of the largest importers of food products Lux 2004 states “Commersant” that prices of the imported products are  linked to the GEL rate. Guram Brodzeli explains  when the  exchange rate fluctuates rapidly, …

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Airzena may Stop Flights to Moscow in a Few Days

Frequency of flights between Tbilisi and Moscow has remained  at 14 per week for each side. “Commersant” was told by  the head of the Civil Aviation Agency Guram  Jalaghonia. He says  two Russian companies Siberia and  Aeroflotwill have the right to perform  flights from Moscow to Tbilisi. The Russian delegation …

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Bill on the Sale of Farmland to Foreigners to be Considered in the Near Future

The draft law, which determines the rules of the sale of agricultural land to foreign citizens,  will be submitted to the Parliament in the near future. Currently, the project is still under development, and representatives of the Government are consulting with various stakeholders. Business ombudsman of Georgia Giorgi Gakharia has comment …

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