TODAY:

economics

MONETARY POLICY RATE REDUCED BY 0.5 POINTS

National Bank of Georgia (NBG) announced that Monetary Policy Committee decided on March 18 to reduce monetary policy rate by 0.5 points. Accordingly, monetary policy rate makes up 6.5% now.

VOLUME OF FDI REDUCED BY NEARLY 36%

According to the preliminary data of Georgian Statistics Department, volume of foreign direct investments in Georgia amounted to $1.29 billion in 2008, which is less by nearly 36% compared with the previous year ($2.10 billion). Out of which, transport and communication accounted for the greatest share – 28%, i.e. $364.29 million (12.6% reduction).

UAE WERE THE LARGEST INVESTORS IN 2008

According to the preliminary data of Georgian Statistics Department, UAE were the largest investor in 2008. They had invested $237.14 million, i.e. 18% of the total volume.

NEGATIVE RATE OF FDI WAS FIXED TO 4 COUNTRIES IN 2008

According to the preliminary data of Georgian Statistics Department, negative rate of foreign direct investments (FDI) was fixed to 4 countries: Ukraine, Cayman Islands, China and Panama. In total, negative rate made up $12.6 million in 2008.

CONSTRUCTION OF 500-KV ELECTRIC TRANSMISSION LINE TO START IN SEPTEMBER

Georgian State Electric System (dispatching and transmission service) will start construction of the new 500-KV electric transmission line on September 1. The company announced about terms of construction start at today’s presentation of the line.

CONSTRUCTION OF RESERVOIR STARTED IN TERMS OF KOBULETI WATER SUPPLY SYSTEM REHABILITATION

Ajara government reported that construction of the special reservoir has already started in the village Kvirike. Works are held in terms of project on Kobuleti water supply system rehabilitation.

2,206 APPLICATIONS ON PROPERTY RIGHTS’ ADMISSION WERE SUBMITTED TO REGISTRATION SERVICE OF TBILISI

National Agency of Public Register of the Justice Ministry informs that 2,206 applications have already been made to the Registration Service of Tbilisi for acknowledgement of the property right on land plots. Consideration of 2,000 cases, passed by Tbilisi City Hall, has been already completed.

business

PRODUCTION TARIFF OF KHRAMHES INCREASED

Georgian Energy and Water Supply Regulating Commission reports that production tariff of KhramHES I (Khrami hydroelectric station) is increased from 1.76 tetri up to 2.3 tetri. The same way, tariff of KhramHES II is increased from 1.51 tetri to by 3.5 tetri.

SAKHALKHO BANKI OPENS THE SECOND BRANCH IN LAGODEKHI

Sakhalkho Banki (People’s Bank) reports that the second branch of the bank will be opened in Lagodekhi (Kakheti region) on March 20. It will be already the 11th branch in Kakheti and 211th – in whole Georgia.

CANNERY WAS EXPANDED IN MTSKHETA DISTRICT THROUGH MCG GRANT

Fund Millennium Challenge Georgia (MCG) reported that cannery Okros Satsmisi (Golden Fleece) was opened today in the village Naoza, Mtskheta district. The enterprise was expanded through financing of MCG.

LLC MONOLITMSHENI TO REPAIR ROADS IN CHIATURA

As gamgeoba (local administration) of Chiatura told Sarke, LLC Monolitmsheni (Monolith Builder) will provide capital repair of Chiatura roads. Tender applications were opened yesterday.

TERM OF NUMERATION RESOURCE USE IS PROLONGED TO LLC INFORMATIONAL BANK 005

Georgian Communications Commission reports that right of LLC Informational Bank 005 for technological numeration resource (0-0-5) use is extended for a year. The new term is February 13, 2010.

For further information:

Sarke