Georgian Lari Gains slightly Value against USD
Georgian National Currency slightly gained value against Dollar today. Tomorrow 1 USD will cost 2.3957 GEL, what is less by 0.0117 GEL compared to previews official exchange rate.
Visa and the National bank of Georgia continue to raise awareness on financial literacy
Visa and the National Bank of Georgia continue to promote financial literacy by organising a special educating-entertaining event for kids during Back to School period at Tbilisi Mall. This activity will be conducted within Visa and the National bank of Georgia financial literacy campaign started in May, 2018 by launching the financial football game and signing a memorandum of understanding.
Visa and NGB Back to School event will take place on September 22, from 10AM to 8 PM at the central area of Tbilisi Mall. Children will be able to learn more about smart money management in an easy and funny way by playing Financial Football Game, enjoying different entertaining activities and getting memorable souvenirs from Visa and NBG.
“We are pleased to continue cooperation with the National Bank of Georgia to promote financial education platforms in Georgia and celebrate new school year by highlighting the importance of financial literacy. At Visa we believe that development of a gaming approach in terms of financial literacy is more interesting, particularly for teenagers, students and all the grownups. It is always more fun to learn when you play. The Financial Football online game helps us doing that. Financial literacy helps people become self-sufficient and achieve financial stability. This includes being able to save money, distinguish the difference between wants and needs, manage a budget and simply making good financial decisions”. - said Dmytro Krepak, Acting Group Country Manager in CIS&SEE.
“Financial education is one of the priority areas for the National Bank of Georgia. We developed the National Strategy for Financial Education in 2016, and currently, we are in the process of its implementation. Further, we announced 2018 as the “Year of Financial Literacy” and we are glad that we had an opportunity to develop the Georgian-language “Financial Football” game in partnership with VISA during this very year. The “Financial Football” game is a fun and effective tool for teaching basic principles of personal finance management to our population.
We hope that the young generation has been actively playing “Financial Football”. With Back to School event of September 22, we want to remind everyone about the “Financial Football” game, and to encourage schools and other stakeholders to use this game and its accompanying educational modules in the teaching process. We also hope that we will continue our cooperation with VISA to advance the levels of financial literacy of the Georgian population.” - said Lasha Gzirishvili, Head of Consumer Protection and Financial Education Department of the National Bank of Georgia.
Tourism Revenues Exceed Two Billion USD
The numbers of tourists in Georgia have increased by half a million, and tourism revenues exceed two billion USD. The Prime Minister of Georgia commented on the positive tourism statistics at today's Government meeting.
According to Giorgi Kvirikashvili, it is truly commendable that, in 2016, over 6,350,000 international guests visited Georgia, and the country's revenues from tourism exceed 2,000,000,000 USD.
"It is a result of our joint efforts seeking to develop infrastructure and position Georgia as an attractive international destination. We believe that the investments to create year-round resorts and build roads to tourist destinations, also to implement public-private partnership models at winter resorts, must be enhanced further, because they yield concrete results in terms of additional revenues for local businesses and residents," the Prime Minister stated.
According to Giorgi Kvirikashvili, it is also a commendable outcome that, this year, more than one reputable publication has named Georgia as one of the most attractive new destinations, while some even rank it as the best new tourist destination in the world.
Monthly Review By National Bank of Georgia
On the 30th day of each month the National Bank of Georgia presents a "Monthly Review" to the public.
In this survey, the macroeconomic parameters of the past month and the situation in the country's banking and financial sectors are analyzed. The aim of the review is to promote the provision of the country's short-term (one month) macroeconomic analysis to a wide spectrum of society. The review’s appendix includes statistical tables positioned thematically.
The Parliament considered the candidates for three members of the Board of the National Bank
The Sector Economy and Economic Policy and the Budget and Finance Committees discussed the candidates for three members of the Board of the National Bank.
The President of Georgia has nominated Archil Mestvirishvili, Murtaz Kikoria and Robert Hendry Singleter Jr. to the positions due to expiration of the term of three members of the Board. The Deputy-Parliamentary Secretary of the President, Zurab Macharadze introduced the biographic data and working experience of the candidates.
MPs heard the candidates introducing their views and approaches. The main challenge for the NB and the country was named to be reduction of dollarization. “It is a complex issue and the National Bank powerless here. NB, the Government and financial sector are all involved in the issue as reduction of dollarization would be beneficial for everyone”, - A. Mestvirishvili noted. We have the plan of 10 points, which is one of the most important step forward to once and forever defeat dollarization problem. “It is not an easily solvable problem. It requires efforts and concentration of us all and we, the NB, as one of the leading bodies, will be involved in the issue”.
M. Kikoria named protection of consumers’ rights as another challenge. “In this term, we shall enhance the normative base and establish the principles to ensure stability of the sector”. According to R. Hendry Singleter Jr., protection of the population is possible through establishing the upper ceiling on interest rates. The state shall establish the higher limit for interest rates of the loans issued by the online loan and micro-financial organizations. “In my opinion, the state shall make effective steps and shall establish the upper ceiling of interest rates for the loans. The population has no financial knowledge and information unable to see the essence of the problem. Hence, their protection is possible with establishment of upper ceiling of interest rates”.
The candidates answered the questions concerning development of stock exchanges, upper ceiling of interest rates of the loans by online loans and micro-financial organizations , regulation of financial sector and involvement of banks in non-profile activity. MPs, with majority of votes through secret ballot, supported the candidates. Minority refused to participate in ballot as plans to consider the candidacies.
TWO PERSONS DETAINED FOR THE ATTEMPTED SWINDLING
The officers of Samegrelo-Zemo Svaneti Police Department of the MIA as a result of operative-investigation activities detained Maia B. (D.o.B.: 1968) and Nana Sh. (D.o.B.: 1980) in Zugdidi for attempted swindling.
Investigation established that the detainees deceived one of the refugees as if they had an influential acquaintance at the Ministry of Internally Displaced Persons from the Occupied Territories, Accommodation and Refugees who would assist him in receiving an apartment. For the mentioned favor detainees demanded and extorted 2000 USD from the refugee.
Law enforcers detained Maia B and Nana Sh in several minutes from the moment of extortion money. Police seized 2000 USD as evidence during personal search of Maia B. Both of the detainees have already pleaded guilty.