Average Monthly Nominal Earnings Increased To GEL 2,466

Archbishop Giorgi informed journalists that the funeral ceremony will take place on March 22, and, in line with the Patriarch’s own wishes, his final resting place will be in Sioni.His Holiness and Beatitude Ilia II passed away at the age of 93.Following the Patriarch’s death, a national period of mourning has been declared.

1773836965

Georgia has declared a state mourning time for Ilia II, who died at the age of 93. The official announcement was made by the Patriarch’s entourage Shio, at the Caucasus Medical Center, where His Holiness was receiving treatment in recent days.Diplomatic Missions’ AssessmentsThe US Embassy paid tribute to the Patriarch’s “great contribution,” which, they said, “will never be forgotten.”The EU Delegation, meanwhile, placed special emphasis on Ilia II’s contribution to preserving national identity.“His Holiness played a special role in preserving national identity and faith and remained a symbol of unity for believers,” the EU mission said in a statement.The Embassy of the Republic of Poland called Ilia II “a symbol of survival in times of trial,” while the Turkish Delegation noted that his death was a great loss, as he had been a pillar of peace and moral values ​​for decades.The Turkish Embassy’s condolence letter states that “His Holiness’s passing is a great loss… He was a pillar of peace, unity and moral values.”The Swedish Embassy notes that “His Holiness’s legacy will remain as an example of faith, love and peace.”The Italian Embassy also expresses its sincere condolences to the Georgian population over the death of the spiritual father of the country.The Austrian Embassy: “We express our deep sorrow and condolences to all Orthodox Christians in Georgia and abroad.”Slovakian Ambassador Matus Busovsky writes that he expresses his sincere condolences to the Georgian Orthodox Church and the Georgian peopleCatholicos-Patriarch of Georgia Ilia II (in lay life Irakli Shiolashvili) was born on January 4, 1933 in Vladikavkaz (then Ordzhonikidze). In 1960 he graduated from the Moscow Theological Academy. His theological path began in 1957, when he was tonsured a monk.Hierarchical career and enthronement: 1963-1972: He was the first rector of the Mtskheta Theological Seminary 1967: He continued his work in the Diocese of Abkhazia 1969: He was granted the rank of Metropolitan December 23, 1977: The Church Council unanimously elected him as Catholicos-Patriarch. His enthronement took place on December 25 in Svetitskhoveli Cathedral The name of Ilia II is associated with the recognition of the autocephaly of the Georgian Orthodox Church by the Ecumenical Patriarchate (in 1990), the large-scale restoration and construction of churches and monasteries, the establishment of theological schools, and the publication of the Bible in modern Georgian. The tradition of universal baptism of infants was established on the initiative of the Patriarch.

1773836764

The study shows that Georgia’s per-hectare yields for fruits, vegetables and grains are lower than those of neighboring countries and the EU.For example, Georgia’s fruit yield is only 4.8 tons per hectare, which is more than two times lower than Armenia (11.4 tons), Ukraine (11 tons) and the EU (11.7 tons).The difference is even more striking in the case of vegetables - the average yield in Georgia is 11.1 tons, while in Azerbaijan - 31.1 tons, in Armenia - 35.6 tons, and in Turkey - 42.3 tons. As for grain crops, Georgia (2.8 tons) here also lags behind both Azerbaijan and Turkey (3.4 tons), as well as Ukraine (5.1 tons) and the European Union (5.2 tons).The Galt & Taggart review emphasizes that the low yield is due to several fundamental factors, including low corporatization, lack of knowledge and technological backwardness. The share of business in the sector is only 13%, and the production of raw materials is mainly concentrated in households.Land fragmentation is also a problem - 73% of farms in Georgia are less than one hectare, 25% have an area of 1 to 5 hectares, and large farms, the size of which exceeds 5 hectares, make up only 2%. For comparison, in Azerbaijan and Armenia the share of farms smaller than one hectare is relatively lower (60-61%), which creates the basis for more efficient use of land in these countries.

1773818621

New tariffs and categoriesThe main essence of the changes is to change the principle of taxation of cars by age group: 0 to 6 years inclusive: the excise duty rate is set at 1.5 GEL per 1 cm³ of engine capacity. Over 6 years of age: the excise duty rate is tripled and becomes 4.5 GEL per 1 cm³. In addition, the benefits for hybrid vehicles (a tariff reduced by 60% of the basic rate) will be maintained, and the basic rate for right-hand drive vehicles will also be tripled.Transitional period and deadlines1. The draft law provides for preferential conditions for those who have already started the process of importing a vehicle:2. The old tariff will be used by those whose vehicle will enter Georgia before April 1, 2026, or whose transportation to a foreign country will begin before this date.In the case of land transportation (or when moving on one's own), the old rates will apply if the vehicle enters the territory of the country before July 1, 2026.Why is the legislation being changed?The authors of the initiative are the deputies of the Georgian Dream. According to them, the existing system failed to stimulate the renewal of the car fleet, as the low excise tax on 6-8-year-old cars made their import economically advantageous.“A large part of the cars imported into Georgia are over 6 years old, which causes air pollution and increases the risk of road accidents. The goal of the change is to create a stable environment for the import of new cars and establish an effective financial barrier to restrict older vehicles,” the explanatory note to the bill says.Despite the support of the committees, the initiative was sharply criticized by Dimitri Khundadze, a member of parliament from the People’s Power party. According to him, the proposed tariffs are not “restrictive” but “prohibitive,” which will have the opposite ecological effect.Khundadze cited the following as his main arguments: Aging of the vehicle fleet: According to the MP, since a large part of society cannot afford to buy a new car, they will be forced to artificially extend the service life of existing old cars, which will lead to even greater aging of the vehicle fleet. Social factor: Khundadze notes that, unlike Tbilisi, public transport in the regions is not organized and a car is not a luxury there, but the only means of transportation. A blow to re-export: The changes may also negatively affect the re-export sector, which is one of the leading directions for the Georgian economy. Technical inspection instead of age: The MP believes that age alone cannot be decisive and it is necessary to improve the technical inspection tool - if the car is technically sound, its ban is unjustified.

1773739140

Lion Finance Group (BGEO LN) shares closed at GBP 106.10/share (-8.77% w/w and +6.15% m/m). More than 320k shares traded in the range of GBP 104.20 - 118.20/share. Average daily traded volume was 59k in the last 4 weeks. The volume of BGEO shares traded was at 0.74% of its capitalization.TBC Bank Group (TBCG LN) closed the week at GBP 42.10/share (-2.43% w/w and -0.94% m/m). More than 241k shares changed hands in the range of GBP 41.45 - 45.15/share. Average daily traded volume was 65k in the last 4 weeks. The volume of TBCG shares traded was at 0.43% of its capitalization.Georgia Capital (CGEO LN) shares closed at GBP 34.90/share (-2.38% w/w and +5.28% m/m). More than 243k shares traded in the range of GBP 34.25 - 37.25/share. Average daily traded volume was 59k in the last 4 weeks. The volume of CGEO shares traded was at 0.70% of its capitalization. 

1773662087

The prosecutor's office charged Mikautadze with nine different counts, including abuse of office, illegal participation in entrepreneurial activity, and money laundering.According to the prosecutor in the case, Irakli Marshania, the convict was deprived of important assets: A residential apartment in Spain 3 cars Expensive watches, gold bars and coins A 15% stake in the Nakhidur hydroelectric power plant Despite the fact that Romeo Mikautadze applied to the prosecutor's office for a plea bargain, he did not plead guilty at the court hearing. In his closing statement, he stated that he was ready to admit to a "non-existent crime" in order to quickly conclude the case. According to the prosecutor, since the defendant does not admit guilt, a plea bargain is impossible.The convict's lawyer, Beka Nemsitsveridze, will appeal the decision to the Court of Appeal. He criticized the justice system and noted that the court only took into account the arguments of the prosecution.Romeo Mikautadze was arrested by law enforcement officers on June 20 of last year. He was charged with 4 articles: Article 333, Part 2 of Article 332, Article 337, and Subparagraph “c” of Part 3 of Article 194 of the Criminal Code.

1773661999

The Prime Minister also focused on the results of the agro-credit subsidy program and noted that the total output of the sector has almost doubled since 2018. As for foreign trade, exports currently amount to 4.5 billion GEL, although the fact that this volume is based on only a few product categories remains a challenge.According to Irakli Kobakhidze, despite the growth, the country is still significantly dependent on imports for meat, dairy products and grains. The main task of the state and the private sector remains to increase production productivity, expand the export range and establish itself in new, highly cost-effective international markets.

1773661896

According to the Government of Georgia, the one-on-one meeting primarily centred on the relations between Georgia and Belarus, as well as potential future opportunities for cooperation.“The parties reviewed current issues related to the bilateral partnership, including cooperation in the trade and economic spheres. Particular emphasis was placed on Georgia’s role as a safe country in terms of creating a stable, predictable and investor-friendly environment.The importance of holding the 7th Session of the Georgia-Belarus Intergovernmental Economic Commission was also highlighted, as a crucial platform for discussing key economic issues between the two countries.The sides also discussed the positive dynamics in the tourism sector and the growing number of Belarusian tourists visiting Georgia,” read the statement issued by the Government of Georgia.

1773661813