1 USD costs 2.3044 GEL
According to the official exchange rate set by the National Bank of Georgia US Dollar cost 1 USD costs 2.3044 GEL. While previews exchange rate was GEL 2.2915 GEL. Georgian Lari has depreciated against the Dollar by 0.0129 GEL.
Georgian National Currency has also depreciated against Euro by 0.0246 GEL. According to the new exchange rate, 1 EUR costs 2.5132 GEL.
EBRD and EU strengthen support to small businesses in Georgia
The European Bank for Reconstruction and Development (EBRD) will enhance its advisory services in Georgia to support local small and medium-sized enterprises (SMEs) in digitalisation and access to capital markets during the COVID-19 crisis. Together with Team Europe, the EBRD aims to increase the resilience and agility of the private sector.
Backed by €1.8 million in EU funding, the EBRD will help local firms with their digital transformation to avoid interruptions to their operations because of the pandemic and rebuild their businesses with a focus on sustainable and green practices. The previous phase of funding supported strengthening the competitiveness of the country’s SME sector.
In parallel, the EBRD will assist the National Bank of Georgia with the design and implementation of support mechanisms facilitating access to capital markets – both debt and equity – for local corporates, including SMEs. Targeted support will enhance Georgian companies’ preparedness for capital markets, broaden their funding sources and help attract financing from domestic and international investors. Companies can receive tailor-made advisory services and technical support to improve their corporate governance, transparency and credit rating to source investments across capital markets.
The announcement follows the new EBRD President Odile Renaud-Basso’s first visit to Georgia on 1 and 2 February.
The EBRD is a leading institutional investor in Georgia. Since the start of its operations in the country, the Bank has invested more than €4.2 billion in 262 projects in the financial, corporate, infrastructure and energy sectors.
The news prepared in the framework of the EU project "EU NEIGHBOURS east".
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.
Building bridges between Georgia and ArmeniaThe European Bank for Reconstruction and Development (EBRD) is providing a loan to Georgia to improve the cross-border bridge connecting Georgia with Armenia. The project is part of the EU’s Integrated Border Management regional initiative. It represents another step forward in the implementation of Georgia’s plans to modernise and upgrade its infrastructure to EU standards.The Sadakhlo-Bagratashen bridge checkpoint is the main crossing between Georgia and Armenia. An upgrade of the existing infrastructure will improve the transit of people and goods across the border. The Northern Corridor Modernisation Project has a budget of EUR 10.3 million and is essential for supporting regional trade and cooperation between the two countries.Dimitry Kumsishvili, First Deputy Prime Minister and Minister of Finance of Georgia, commented: “I hope that our successful partnership will continue and that significant projects will be implemented for the advancement of water supply and sewage systems, energy, transport, agriculture and tourism.”
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.