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Kvirikashvili’s Effect Lasted Only Two Years

Economic growth under Irakli Gharibashvili’s government was 3.75%; Kvirikashvili raised the rate to 3.9%. Prime Minister of Georgia Giorgi Kvirikashvili has filed a resignation referring to different visions between him and the ruling economic team on economic policy issues. “The ruling team and I have different positions regarding certain subjects, …

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Fuel Prices Keep Rising

Current developments on the Georgian oil market suggest that fuel may soon become a luxury product. Last week, fuel prices rose at all branded stations. Specifically, prices increased by 2-9 Tetri. As of June 6, at the SOCAR network the price of one liter of super petrol was 2.58 GEL, …

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New Regulations for Credit Companies

New and fairer rules will be established in Georgia’s banking and finance sector to protect consumer rights, Minister of Finance Mamuka Bakhtadze said. The reforms are to establish new qualitative standards and support sustainable, long-term economic growth. Excessive indebtedness is a key challenge the reforms will address, as it is …

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Unemployment Declines Slightly

Employment rising since 2009, but citizens still complain about joblessness. In 2017, the unemployment index in Georgia declined by 0.1% compared to 2016, and was 13.9% in total. According to Geostat, the national statistics service of Georgia, the country is seeing a tendency towards reduction in unemployment. The unemployment level …

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Where Tourists Spend Money in Georgia

Tourists Spend 4.3 Nights on Average and 888 GEL in Georgia. About 7.9 million international nonresident tourists visited Georgia in 2017, according to Geostat, the national statistics service of Georgia, up 17.7% from the previous year. The percentage of tourists in the 31-50 age category made up 44.7% of the …

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Minister of Finance Refuses to Retreat

Regulations will Refer to All Credit Organizations, after Banks. A month ago Minister of Finance Mamuka Bakhtadze appraised the Georgian banking sector as an obstacle frustrating economic development in Georgia.   Following this statement National Bank of Georgia (NBG) introduced new regulations on issuance of loans without examining clients’ solvency. Starting …

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National Bank Bans Issuing Bank Loans to Insolvent Clients

Insolvent

What to expect from new regulations? The president of the National Bank of Georgia (NBG) has passed a decree to add changes to the Provision on the Concentration of Credits at Commercial Banks and Big Risks. The changes aim to protect consumer rights and bolster healthy credit portfolios at commercial …

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Georgian Banking System Hampers Economic Development

Mamuka Bakhtadze

Minister of Finance against Commercial Banks Georgian banking system frustrates economic development, Georgian Finance Minister Mamuka Bakhtadze said at TechnoPark, where a memorandum on implementation of digital Silkroad project was signed. «Bank loans with high interest rates frustrate development of entrepreneurship and business. The Georgian banking system is to drive …

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The Number of Asylum Applications from Georgia Rose by 35%.

One year has passed since Georgian citizens were first allowed to travel to EU member countries without entrance visas. The visa-free regime for Georgian citizens began on March 28, 2017. Georgian biometric passport holders are free to stay in Schengen zone countries for 90 days within a 180-day period. Since …

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Georgia Loses Leading Positions in terms of Economic Growth

In 2018 Armenia’s GDP Growth is Twice Faster compared to Georgia. Over the past 3-4 years, especially in 2017, government officials frequently reiterate that, despite low economic growth indicators, the country is a regional leader anyway. Regretfully, the reality is different. According to preliminary estimations by Geostat, national statistics service …

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Mobile Internet Prices Triple in Georgia

The three telecommunication companies Magticom, Geocell and Beeline have won the 2018-2019 state telecommunication consolidated tender. As a result, public offices will be able to make individual decisions and choose a specific operator for signing service agreements. The decision was taken by the tender commission on March 1. In previous …

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