Georgia's Total Foreign Debt Increased By 2.2%

The body added the memorandum aimed at deepening cooperation in various areas, including sharing experience on digital governance and individual e-services, exchanging information on challenges in the fields of cyber and information security and collaborating on the development of uniform standards and implementation of projects.The signing of the memorandum was attended by Erekle Gvinianidze, the Deputy Minister of Justice of Georgia, who emphasised the importance of strengthening cooperation with Azerbaijan in cybersecurity.

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According to the document, as a result of the privatization campaign, the agency brought 37,102,291 GEL to the state budget, instead of 37,000,000 GEL provided by the plan for 2Q2024. According to the body, 506 electronic auctions were announced during the mentioned period."Any interested person has the opportunity to participate in the current electronic auctions without any bureaucratic procedures and become the owner of a state asset in a short time," - First Deputy Minister of Economy, Nino Enukidze said.It should be noted that as a result of successful privatization, the National State Property Agency of the Ministry of Economy was able to mobilize more than GEL 142 million in the first and second quarters of this year, and instead of 73 million provided by the six-month privatization plan, the agency contributed more than GEL 97 million to the state budget, thus The 6-month plan was completed by 133%.

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Speaking at the International Association of Deposit Insurers conference in Tbilisi, Turnava emphasised the “crucial role” of the system in “managing financial stress, protecting depositors and restoring market confidence”.“Our deposit insurance system is well-capitalised and maintains solid liquidity buffers, with strong profitability and good asset quality. Even in severe stress scenarios we test, our banks manage to maintain viability and continue providing financial services”, she said.Turnava also spoke about the central bank’s supervisory and resolution functions. She explained the resolution framework was based on the European BRR Directive and was “principally compliant” with it, with ongoing efforts to achieve full compliance with the EU framework.Industry representatives and experts from abroad attended the conference aimed at raising awareness of the benefits of the deposit guarantee scheme for the Georgian market. The event featured discussions on the achievements and challenges of deposit insurance systems worldwide.

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Moreover, the price of the GEL mortgage has increased by 0.2 percentage points, and as of June, the average annual rate is determined by 11.6%.As a whole, in May, rates on corporate loans in foreign currency increased by 0.1 percentage point.As of the NBG’s statistics, the dollarization ratio of loans of legal entities has increased to 65.3%. 64.4% was at the end of April.According to the NBG’s interactive statistics, the dollarization of the total portfolio is 45.6%.

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To ensure continued safety and monitoring of the location, professionals from the Emergency Management Service will remain stationed in the area throughout the night, the body added.Earlier: 13:07Rescuers of the Emergency Management Service are “intensively continuing” their efforts to localise a fire in a forest near Akhaldaba village of central Georgia’s Borjomi valley, the body said on Wednesday.Four helicopters from the border police are involved in extinguishing the fire which erupted on Tuesday, it said.“Throughout the night, firefighters have persisted in their efforts to contain the fire, despite the challenging terrain that has made it difficult to bring equipment to the heart of the blaze”, the body said.A total of 150 firefighters from Fire and Rescue Department of the capital city of Tbilisi, southern region of Samtskhe-Javakheti and eastern Shida Kartli region, along with Borjomi-Kharagauli National Park rangers, are engaged in extinguishing the fire.The body said additional rangers from other territorial administrations stood ready to join the operation with firefighting equipment.The Emergency Management Service has also established a specialised field headquarters to coordinate the efforts, while drones are used to monitor the operation. 

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This cable will connect Georgia and Romania, with the project expected to be operational by 2030. The joint venture, which will be headquartered in Romania, was formalized by the transmission system operators of the four countries, with the agreement signed by Giorgi Gigineishvili, the General Director of JSC Georgian State Electric System. Georgian Minister of Economy Levan Davitashvili participated in the event.The project aims to facilitate the supply of electricity from Romania to Hungary and subsequently to Western European countries, strengthening energy ties between these nations and contributing to the development of green energy infrastructure in the region.

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This program is designed to support socially disadvantaged individuals, members of large families, and students with disabilities. Announced by Mayor Kakha Kaladze, the initiative aims to further the program’s annual growth, having assisted 20,000 students since its inception.The program is open to students at all academic levels—bachelor’s, master’s, and doctorate, who are registered in Tbilisi, possess active student status and meet the criteria for financial assistance.Funding amounts vary based on academic performance, covering 50%, 70%, or 100% of the semester fee, set at GEL 1,125. Applications will be accepted until November 30, 2024.

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Half of it accounts for the Bank of Georgia, but the net commission income from  credit investments do not even reach 1%. BOGG’s invest is more than 21.858 billion GEL.TBC's ratio is up to 1%, the system bank, which is the largest, has a loan portfolio of up to 23 billion GEL.The lowest of the service fees went to Liberty. System Bank ranks 3rd , which credit investment is 3.3 billion GEL, received 16 million in January-July. Accordingly, the coefficient of freedom is up to 0.5%.The bank receives commission from various services, including loan, account services and foreign exchange operations.Net commission income of banks

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