Today:

economics

DEPOSITS’ DOLLARIZATION RATE INCREASED BY 10.5% IN 2008

National Bank of Georgia (NBG) reports that deposits’ dollarization rate made up 75.8% by the state of January 1, 2009, which is more by 10.5% compared with the beginning of 2008. NBG notes that average annual interest rate on deposits, placed in the national currency, made up 11.2% in 2008, while in foreign currency – 8.8%.

TBILISI ACCOUNTED FOR BIGGEST SHARE OF BANKING CREDITS

National Bank of Georgia (NBG) reports that Tbilisi accounted for the biggest share of credits, issued by the banks in 2008. Namely, credits of nearly 1.13 billion lari were issued in the national currency (more by 6.13% compared with 2007), which makes up 72.97% of total volume of credits, issued in the national currency.

REHABILITATION OF SAMTSKHE-JAVAKHETI ROADS WILL COST $50.2M IN 2009

Fund Millennium Challenge Georgia (MCG) reports that $50.2 million will be spent in 2009 in terms of project on roads rehabilitation in Samtskhe-Javakheti region. MCG already announced a tender (on January 12) on rehabilitation of Teleti-Koda-Asureti section (19 km).

MECHANISM OF KINDERGARTENS’ FINANCING TO BE CHANGED

Mechanism of kindergartens’ financing will be changed in terms of preschool institutions reform program. As Tbilisi City Hall told Sarke, 9 kindergartens were selected with the aim to conduct pilot projects.

business

BANK CONSTANTA JOINED ANELIK AND MONEYGRAM SYSTEMS

Bank Constanta reports that its clients will have a possibility to use Anelik and MoneyGram systems while making money transfers since February 4. Until now, the bank’s clients were able to use service of Western Union and Fast Remittances (local system of money transfers) only.

CONSTRUCTION OF KEMPINSKI HOTEL IN TBILISI TO START IN TWO MONTHS

Dimitri Napetvaridze, director of Tbilisi representation of the London-based investment company Capital Vostok, announced that construction of hotel Kempinski in Tbilisi will start in 2 months. Cleaning works are being held at the moment, Napetvaridze told Sarke.

DEVELOPMENT COMPANY REDIX TO BUILD TWO COMPLEXES IN TBILISI

Development company Redix told Sarke that it is planned to build 2 mixed complexes in Tbilisi (Vake and Ortachala districts) current year. The company planned to start the mentioned projects in autumn 2008, but had delayed them because of August war.

BLITZ-SURVEY: PART OF CONSTRUCTION PROJECTS, PLANNED FOR 2009, DELAYED

The next blitz-survey, held by Sarke, proved that majority of construction companies delayed implementation of a row of projects, planned for 2009. As the reason they named crisis on the property market in Georgia.

AUCTION ON PROPERTY OF CONSTRUCTION COMPANY TBILISI IS DELAYED

Auction on the property of the construction company Tbilisi, announced by the Large Tax Payers’ Inspection, is delayed for an uncertain period. The auction should have been held on January 28.

GEORGIAN RAILWAY ANNOUNCED A TENDER ON REPARATION OF PASSENGER CARRIAGES

LLC Georgian Railway announced an international tender on carriages’ reparation of passenger electric trains. The service should be provided during year 2009.

FOUR COMPANIES ARE INTERESTED WITH LLC RAILWAY TELECOM

As LLC Georgian Railway told Sarke, four companies are interested with LLC Railway Telecom. Bids on selling 100% or less shares of LLC Railway Telecom were invited by Georgian Railway on December 26, 2008.

PAYMENTS FOR INFORMATION SERVICE 09 ARE ACCEPTED IN UNITED TELECOM’S SERVICE-CENTERS

JSC United Telecom announced that payments for information service 09 are accepted from this year in any service-center of the company. At this stage, United Telecom holds negotiations with the Information Center 09 about delay of the existed arrears.

OTC WAS FIXED ON JSC ANDZA-94 SHARES

Georgian Stock Exchange reports that first OTC deal in this year on shares of JSC Andza-94 (Tower-94) was fixed on February 2, when 11,427 shares were sold for 5,000 lari. Accordingly, price per share made up 0.438 lari (nominal value is $1).

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Sarke