Economy Ministry official discusses Georgia’s integration with EU digital market with industry professionals

According to the statistics of the National Bank of Georgia, in November the net profit of banks increased by 260 million GEL (10/24 +279 million m-o-m; 09/24 +275 million m.m).The total profit for 11 months (of profitable banks) is up to 2.870 billion GEL. Among the 13 profitable banks is the sanctioned subsidiary of VTB.Silk Bank and digital banks that have not yet started full-fledged operational activities are at a loss (Hash, Paysera, Pave).The TOP-7 has changed: Cartu Bank with Georgian capital moves to 6th position, and the banking group of German capital - ProCredit Bank - to 7th.TOP-11 (+2) Of Profitable Banks 

1735219179

“I have such an offer to the “government”.While “Trump is fighting the Deep State”, let’s stop paying your salaries and bonuses and reimburse your expenses.A group of unrecognized, sanctioned and unconstitutional people who are playing the government, with orders, inaugurations and meaningless comments, it seems that you have no other function than to annoy and provoke citizens.The economy is entering a crisis, development projects are suspended and people will start starving in a few months!In this situation, instead of offering us ways to overcome the crisis, first give us until January 20, then say "it will take a little more time" and now "if".Remove all the privileges that you have received from the pockets of already needy citizens with a 40% tax.When you say "we will stand firm", the people of Rustaveli will show you this," - wrote the director of "Expo Georgia", Resan Kikava on the social network.

1735210844

A yellow security level will be in effect during the Presidential inauguration ceremony, restricting public access to the Parliament building. Media outlets seeking to cover the event must obtain special accreditation, with a maximum of two crews allowed per outlet.The Parliament will set up a dedicated media space in the Rustaveli Hall (B Block, ground floor) where journalists can watch the inauguration and record interviews.The Parliament will provide a broadcast signal for live coverage of the ceremony.Members of the electoral college, representatives of the government and constitutional bodies, and representatives of the Orthodox Church - a total of 300 people - have been invited to the inauguration.On December 14, the elections for the sixth President were held in the Parliament building of Georgia. 224 delegates of the Georgian Dream voted for the sole candidate, Mikheil Kavelashvili.Georgian President Salome Zurabishvili called the election of Mikheil Kavelashvili as president, a “provocation” and a “parody.”A rally was held in front of the parliament in parallel with Kavelashvili’s presidential election.For the 29th day, demonstrators in the capital and regions have been protesting the decision made in the “Georgian Dream,” according to which Georgia will not put the issue of opening negotiations for accession to the European Union on the agenda until the end of 2028.Since November 28, police have detained more than 400 participants of the rally, including more than 40 people who were arrested under criminal law and face several years in prison.

1735210681

Songulashvili highlighted the importance of the share of agriculture in development of the Georgian economy, and expressed interest in sharing Turkey's experience, while also emphasising that existing “friendly and partnership relations” between the two countries were a “basis for effective cooperation”.The Minister also pointed out the importance of diversifying Georgia's markets, with the parties also discussing deepening of the cooperation in fisheries, livestock, irrigation, forestry and waste management, and agricultural mechanisation.On his part, Orbai noted the countries were “connected by historical friendship and partnership”, which he said represented an “important prerequisite for deepening cooperation in various directions”.The meeting also noted the importance of increasing exports of Georgian products to Turkey, as well as deepening cooperation between Georgian wine producers and the HoReCa, hotels, restaurants and cafés sector of Turkey.

1735210282

As of the document, in November, the volume of term deposits increased by 655.88 million GEL (by 2.53%; exchange rate effect volume of term deposits increased by 2.14%). Demand deposits decreased by 216.29 million GEL.The larization ratio of total non-bank deposits constituted 48.32% by the end of November 2024 and decreased by 0.98 percentage point (exchange rate effect excluded decreased by 0.83 percentage point) compared to the end of October 2024.The market interest rate on term deposits constituted 6.61%. In particular, the market interest rate for national currency denominated deposits was 9.47% and the market interest rate for foreign currency denominated deposits was 2.75%.The share of the US dollar in the total volume of foreign currency denominated deposits equals 78.85% and the share of the Euro equals 19.48%.

1735210156

International currency reserves are an important guarantor of the country’s macroeconomic stability. Accordingly, NBG is always focused on replenishing reserves, which is confirmed by the bank’s stated policy: at a given moment, when the market allows it, the National Bank increases the country’s international reserves.In addition, the foreign exchange interventions carried out by the NBG in the 11 months of 2024 as follows:• January - Net purchase through Bmatch $8.1 million• February - Net purchase through Bmatch $77.5 million• March - Net purchase through Bmatch $127.9 million• April - Net purchase through Bmatch $73.1 million• May - Sale through foreign exchange auction of $108.7 million and net sale through Bmatch of $9.1 million• June - Sale through foreign exchange auction of $60 million and net sale through Bmatch of $42 million• July - Net purchase through Bmatch $1.9 million• August - Net purchase through Bmatch $41 million• September - Net sale through Bmatch $106.5• October - Sale of $213.4 million via foreign exchange auction and net sale via Bmatch of $377.7• November - Net purchase via Bmatch of $124.5The National Bank of Georgia will publish updated data on operations carried out in the foreign exchange market on January 25, 2025.

1735126150

In its report on the October 26 parliamentary elections, published on November 28, PACE stated that “an unacceptable incident occurred on election day near a polling station in the village of Bodbe, Sighnaghi district.”“We would like to respond to the information spread through various media based on the report of the Parliamentary Assembly of the Council of Europe (PACE), according to which, on the day of the Parliamentary elections, on October 26, 2024, the vehicle tires of PACE observation mission were deliberately damaged and crashed in Kakheti region, Sighnaghi Municipality.We would like to clarify that as soon as the notification on traffic accident was received at Public Safety Command Center 112, a patrol police crew was dispatched to the scene for appropriate legal actions.In order to determine the cause of the incident, law enforcement officers inspected the surrounding area, after interviewing the initiator of the report, the appropriate documentation was prepared.It should be noted that the driver of the mentioned vehicle was parked on the side of the road.The driver explained to patrol police officers who arrived on the spot that an unidentified vehicle supposedly damaged his vehicle while driving on the highway and asked the incident to be officially recorded.Herewith, the law enforcement officers asked the driver about assumptions that the mentioned vehicle could be damaged on purpose, although he did not have such doubts.Administrative proceedings have been initiated on the incident in order to identify the violator for further, appropriate actions”, - MIA stated.|

1735120774

Currently, the portal has 161 indicators, providing at the municipal level. These indicators include various information on population and demography, health, education, culture, construction, tourism, business register, business sector and other sectors. The portal allows user to compare key indicators at both municipal and regional level.The regional and municipal statistics portal was developed within the framework of the project supported by the European Union, Denmark and the United Nations Development Program (UNDP). The objective is to enhance statistical capacities at the municipal level, improve the production of statistics and increase the information accessibility which will contribute to the planning and monitoring of development measures at the local level.Increasing the capacity for producing statistical data at the municipal level is one of the priority determined by the 2020-2023 National Strategy for the Development of Official Statistics of Georgia and the 2020-2025 strategies for decentralization. Within the framework of the above-mentioned strategies, the Ministry of Regional Development and Infrastructure of Georgia, the National Statistics Office of Georgia and the United Nations Development Program (UNDP), with funding from the European Union and the Danish government, are collaborating to improve the production of needs-based statistics at the local level.New indicators are available at the link: https://regions.geostat.ge/regions/

1735120471