A new counter-cyclical buffer has been launched for the sector since March.According to the NBG, banks, including microbanks, are required to have an excess reserve of 0.25%. A digital bank (Paysera, Pave Bank) is exempt from these and other capital regulations.With the newly implemented buffer, the system will not lack more than $125 million in resources.The 0.25% is the first phase of the 1% capital requirement distributed over 4 years and will be effective until March 15, 2025.Then it will be doubled and the 0.5% rate will apply until 2026. It will equal 1% on March 15, 2027. TOP 6 Banks with Supervisory Capital.

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Compared to the 2020 average, the index change amounted to 41.3 percent.The RPPI covers the market of new residential property in Tbilisi, both flats and detached houses segments.The following table shows percentage changes of the RPPI compared to the previous quarter, the corresponding quarter of the previous year and to 2020 average.In the first quarter of 2024 a price increase compared to the previous quarter was registered both in flats (1.2 percent) and detached houses (0.7 percent) segments.Compared to the first quarter of 2023, the prices increased in both segments, for flats by 12.9 percent and for detached houses by 13.3 percent.The following graph represents the dynamics of the total RPPI and its sub-indices, as well as the Consumer Price Index

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Speaking at the economic forum Challenges of the Georgian Economy: Geopolitical Role, Investments and Economic Growth, Davitashvili highlighted forecasts and trends, sectoral priorities and challenges, large infrastructure projects, structural reforms and cooperation between the state and the business.“The forecast of the International Monetary Fund shows Georgia will be one of the fastest-growing economies - in fact, the fastest-growing economy among the countries of Europe and the wider region, with economic growth above five percent until 2029”, he said.He also said the growth rate was expected to be above 5.7 percent this year and stressed the country could achieve “even higher” numbers.The Minister also reviewed the current investment sector, saying transport, logistics, service and tourism sectors had recorded “high investment activity” last year. He also emphasised the “high economic activity” had led to a “record-high” employment and a “record low” in unemployment last year.“In the future, we will focus on productivity growth and the technological transformation of the country. The Ministry is actively working on the policy that will allow the country to achieve this goal”, he said.Davitashvili also highlighted the importance of the Middle Corridor - a logistics route connecting Central Asia and China to Europe via the South Caucasus - for Georgia’s economy. He mentioned large infrastructure projects that he said would increase the Corridor's capacity and its economic efficiency.The official noted the volume of cargo transported through the Middle Corridor had doubled in 2022 and again risen by about 86 percent in 2023. He also mentioned the roadmap for the period until 2027 which outlines each participating country’s tasks for improving road infrastructure, management and coordination along the route.Davitashvili emphasised the plans would reduce prices and shipping times and increase safety. He also mentioned Georgia's natural location could allow it to play a “vital role not just as an ordinary link in the chain but as one of the leading ones, including at the political level”. 

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In a social media message, Khutsishvili said he had held “very good discussions” with the representatives of the international institutions, with the discussions also going into future prospects.Last month, Asakawa and Khutsishvili discussed preparations for Georgia’s hosting of the upcoming 57th annual meeting of the ADB. The Bank official said in a social media post he had thanked the Georgian Minister for “excellent” preparations and planning that were being put in place for the event.The Bank President also said his meeting with Khutsishvili discussed approval of a new, five-year country partnership strategy. Asakawa said the Bank would support Georgia’s transition to a “green and inclusive regional gateway” between Asia and Europe, and the rest of the world.The ADB on Wednesday said it had approved a €46.3 million policy-based loan to help improve access to quality and affordable healthcare in Georgia.

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In January-March 2024 the share of the top ten trading partners by domestic exports in the total domestic exports of Georgia amounted to 71.8 percent. The top partners were Russia (USD 132.1 million), Türkiye (USD 82.3 million) and China (USD 56.5 million).In January-March 2024 wine of fresh grapes reclaimed the first place in the list of top export items, equaling USD 83.2 million, or 13.7 percent of total exports. The exports of ferroalloys totaled USD 72.5 million and their share in the total exports amounted to 12.0 percent. The exports of precious metal ores and concentrates occupied the third place, standing at USD 39.5 million and constituting 6.5 percent of the total exports.

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The exports equaled USD 1 326.0 million (9.3 percent lower), while the imports stood at USD 3 373.3 million (5.3 percent lower). The negative trade balance was USD 2 047.4 million in January-March 2024 and its share in external trade turnover constituted 43.6 percent.In January-March 2024 the share of the top ten trading partners by exports in the total exports of Georgia amounted to 79.3 percent. The top partners were Kyrgyzstan (USD 235.9 million), Russia (USD 160.8 million) and Kazakhstan (USD 147.0 million).In January-March 2024 the share of the top ten trading partners by imports in the total imports of Georgia amounted to 69.3 percent. The top partners were Türkiye (USD 624.6 million), Russia (USD 458.4 million) and United States (USD 298.9 million).In January-March 2024 the share of the top ten trading partners in the total external trade turnover of Georgia amounted to 68.1 percent. The top trading partners were Türkiye (USD 721.7 million), Russia (USD 619.2 million) and China (USD 330.6 million).In January-March 2024 motor cars claimed the first place in the list of top export items, equaling USD 443.8 million with 33.5 percent of total exports. The exports of wine of fresh grapes totaled USD 83.6 million and their share in the total exports amounted to 6.3 percent. The exports of ferroalloys occupied the third place standing at USD 72.5 million and constituting 5.5 percent of the total exports.The top import commodities in January-March 2024 were motor cars, whose imports equaled USD 486.6 million (14.4 percent of the total imports). The petroleum and petroleum oils followed in the list with USD 289.6 million (8.6 percent of imports). The Petroleum gases and other gaseous hydrocarbons were third in the top import commodity list with USD 184.1 million (5.5 percent of imports).

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The prices for products from mining and quarrying increased by 7.2 percent compared to February 2024, resulting in a 0.39 percentage point contribution to the overall monthly PPI change.In the same period the prices for manufactured products increased by 1.0 percent, contributing 0.83 percentage points to the monthly index change. Within the group a noteworthy price increase was registered for beverages (0.6 percent) and for basic metals (5.5 percent). Besides, the prices decreased for electricity, gas, steam and air conditioning by 0.1 percent, contributing -0.01 percentage points to the monthly index change.The annual PPI rate was mainly affected by price changes for the following products:• Products from mining and quarrying: the prices were 9.2 percent higher, contributing 0.55 percentage points to the overall annual index change. Within the group the prices were higher for the subgroup of metal ores (8.5 percent);• Manufactured products: the prices increased by 2.7 percent, contributing 2.19 percentage points to the overall annual index increase. There was a notable increase in the prices for the following subgroups: food products (5.0 percent) and beverages (6.9 percent);• Electricity, gas, steam and air conditioning: the annual price increase amounted to 11.1 percent, which contributed 1.16 percentage points to the annual index change;• Water supply, sewerage, waste management and remediation services: the annual price increase amounted to 5.7 percent, which contributed 0.12 percentage points to the annual index growth.

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The initiative of a group of MPs was introduced to the plenary by the Chair of the Budget and Finance Committee, Paata Kvizhinadze. Pursuant to the Draft, the indebtedness of the natural persons accrued before January 1, 2021, and the respective surcharges shall be written off.As Kvizhinadze elucidated, by writing off the accumulated indebtedness, the Draft provides supporting the natural persons, allowing them to, free of tax liabilities, resume their activity.The Draft also stipulates that the incomes earned by the foreign enterprises registered in a tax haven and the partner natural person within the delegation of the property right on all assets (including the shares or stocks) of the foreign enterprises registered in a tax haven within the hereof transaction as of January 1, 2028, shall be exempted from the income/profit taxes; similar applies to the import of the goods, and the Georgian enterprise, regarding the assets earned within the hereof transaction shall be exempted from the property taxes as of January 1, 2030.According to Kvizhinadze, the Draft aims to encourage the transition of the assets from foreign enterprises to Georgia through the establishment of temporary tax reliefs.The Draft is initiated by MPs Paata Kvizhinadze, Anton Obolashvili, Irakli Kirtskhalia, Bezhan Tsakadze, Zaal Mikeladze, Irakli Zarkua and Gogi Meshveliani.

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According to the document, production of barley decreased by 26.9 percent year-on-year set 43.0 thousand tons. Production of maize equaled 189.8 thousand tons, which is 24.1 percent more than in the same period of the previous year.According to the preliminary data, in 2023 sown areas of annual crops amounted to 205.2 thousand hectares, which is 4.9 percent less than the same period of the previous year. However sown area of winter crops decreased by 3.7% and amounted to 64.6 thousand hectares and sownareas of spring crops decreased by 5.5% and consisted of 140.5 thousand hectares.Sown area of maize took the biggest share in the sown areas of annual crops and equaled 75.4 thousand hectares. Sown area of wheat was 56.7 thousand hectares, sown area of barley – 22.4 thousand hectares, sown area of potato – 16.2 thousand hectares, sown areas of fodder crops –13.2 thousand hectares, sown area of vegetables – 10.2 thousand hectares and sown areas of the remaining crops 11.1 thousand hectares.

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The squad claimed a place in Group F of the upcoming tournament after defeating Greece in the playoff final following a penalty shootout, after extra time ended in a goalless draw at Dinamo Arena in Tbilisi.In his comments, Kobakhidze said he had been “waiting for this day since 1994” and highlighted its importance by saying “today is the happiest day and this is the happiness that unites us”.“The boys gave us great happiness. These guys are heroes and heroes need to be appreciated”, he added.The team coached by Willy Sagnol won the penalty shootout 4:2, with Nika Kvekveskiri, Lasha Dvali, Zuriko Davitashvili and Giorgi Kochorashvili scoring from the spot.They will play their first match at the Euro 2024 against Turkey on June 18, with the Group also involving Portugal and Czech Republic.

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