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Stock Market / Finance in Georgia

  • Economic slowdown expected in Caucasus, Central Asia

    AZERBAIJAN, 2015/10/26 For oil exporters of Caucasus and Central Asia, the economic increase is projected at 3.75 % for 2015, down from nearly 5.5 % in the previous year, despite a sizable fiscal stimulus in some nations (3 % of GDP in Kazakhstan and 1 % of GDP in Uzbekistan), the International Monetary Fund announced in its recently published statement. Slower increase in oil production in Azerbaijan and Kazakhstan, fewer remittances from Russia to Uzbekistan and less public investment in Turkmenistan, inclunding weaker confidence resulting from currency depreciations, have contributed to the economic slowdown, according to the statement. “Increase is expected to pick up in 2016 to 4 %, as increase strengthens in significant trading partners, such as Russia and the euro area, and as domestic confidence improves,” said the statement.

  • Standard & Poor's positively assesses Georgia's longer-term growth prospects

    GEORGIA, 2015/05/19 Standard & Poor's Ratings Services affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on the Government of Georgia, the rating agency reported. The outlook remains stable. Georgia has grown at an average of nearly 6 % per year for the completed decade, which illustrates resilience, according to the agency. “We believe Georgia's longer-term increase prospects are positive and the country will continue to pull in significant amounts of foreign direct investment (FDI), which supports the ratings. A still moderate government deficit burden and controlled public finances as well underpin the ratings,” S&P said.

  • Bank deposit dollarization seen in Georgia

    GEORGIA, 2015/03/06 The deposit dollarization rate amounted to 63.98 % in Georgia in January or by 3.83 % points additional than in December. As of February 1, 2015, the volume of non-bank deposits in the Georgian banking sector amounted to 11.9 billion lari ($ 1 = 2.26 lari) or by 277.6 million (2.4 %) additional than the previous month. The request deposits decreased by 202 million lari (3.9 %) in January compared to the previous month and the time deposits increased by 479.7 million lari (7.5 %), the National Bank of Georgia told Trend.

  • ADB issues loan for Georgia

    GEORGIA, 2014/12/14 The Asian Development Bank (ADB) has approved $108 million loan for Georgia to finance development of water supply system in Zugdidi and sewerage system in Poti, towns in Samegrelo region in western Georgia, ADB’s Georgian office reported. The loan is fourth tranche in $500 million funding designed for upgrades to water and sanitation services in secondary towns in Georgia under ongoing Urban Services Development Investment Program (USIIP).

  • Georgian lari devaluating against dollar

    GEORGIA, 2014/12/06 The Georgian lari continues to depreciate against the U.S. dollar hitting its lowest rate over the last four years. As of December 3, one lari was valued at $1.8604. The price of the Georgian currency has dropped by 5.4 % against the dollar since November 18. Georgia's National Bank sold nearly $80 million at the Foreign Exchange Currency Auction over the last seven days, but these efforts could not stop the lari's devaluation. Georgia’s Finance Ministry said the devaluation was not completely bad news for the country.

  • Georgia has reduced the fee for customs clearance by five times.

    GEORGIA, 2013/12/16 Georgia has reduced the fee for customs clearance by five times. The decision is aimed to create equal conditions for importers and establish preferential tariffs, Revenue Service of the Georgian Finance Ministry reported. From presently on, at the customs checkpoints ports of Poti and Kulevi, inclunding in the free economic zone of Poti customs clearance of goods worth up to 3000 GEL is reduced from 100 to 20 lari ($1 = 1.71 lari).
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