In the fourth quarter of 2016 averaged salaries in business sector made up 1130.4 GEL, up 85.8 GEL year on year, including salaries for females made up 819 GEL, up 66.1 GEL year on year. According to Geostat, the national statistics Service of Georgia, averaged salaries are as follows: Major …

According to the order of the President of the National Bank of Georgia the minimum supervisory capital requirement for the existing commercial banks will be increased to 50 mil GEL before the end of year 2018. According to the CEO of FINCA Bank Georgia, Mr. Vusal Verdiyev – “The compliance …

This is mainly due to the sharp rise in excise taxes on right-hand drive cars, although the large number of such vehicles were imported into the country before January 1 and  customs clearance is carried out under the old rules. However, not all managed to bring the right-hand drive cars …

Spanish company Deraza Iberico plans to grow Kakhetian pigs and build farms. The company plans to develop the project stage by stage jointly with Partnership Fund. As a result, the company will manufacture Hamon product and various meat products from Kakhetian pigs and sell them on  both domestic and exports …

Georgia’s Prime Minister Giorgi Kvirikashvili has released a statement raising an initiative to establish a media ombudsman institution in Georgia.  “First and foremost, I would like to emphasize that we honor decisions, recommendations and ideas from European institutions that make a special contribution to our country’s democratic development. Accordingly, this …

GEL has returned to the strengthening trend after the resume of foreign exchange trade. GEL started devaluation unexpectedly on March 2 and cost of 1 USD grew up to 2.54 GEL, despite the fact that strengthening trend had been fixed through day. To note, trade stated at $1/2.4925 point at …

Meat Products Business Sector Explains Reasons of Market Deficit and Surge in Prices. After the New Year period, beef price has risen by 2-3 GEL, mutton price has increased by 1.5-2 GEL. It turned out that prices have increased because of meat deficit on domestic market. And this deficit was …

International Foundation for Agriculture Development (IFAD) will introduce a new grant project – Agriculture Modernization, Market Access and Resilience (AMMAR) in Tbilisi in the near future. The presentation will be attended by representatives from Denmark and IFAD head office. BusinessContract was told at Agriculture Ministry that this presentation will unveil  …

The Bloomberg agency has published an updated rating of the world’s 500 billionaires. In the rating Georgian billionaire Bidzina Ivanishvili ranks 276th with 5.52 billion USD. The rating is topped by Microsoft founder Bill Gates with 85.6 billion USD. American businessman Warren Buffet ranks second with 78.9 billion USD and …

Moderat is a German collaboration between Apparat and Modeselektor. Both bands started their career in early 2000. The band is going to hold a concert in Tbilisi, at Hippodrome on 24th of March.It is possible to buy tickets online on Eventer.Ge and at social bar Generator 9.8. Currently, the tickets …

Georgian Wine Club invited small wine companies to participate in the wine festival. Wine club will host the festival for the 8th time. The aim of the festival is to popularize Georgian wine and promote the wine education and consumer culture in Georgia. A new Wine Festival will take place …

In the fourth quarter of 2016 the business sector turnover rose 15.3% year on year and constituted 17.4 billion GEL. The business sector’s production volume have also grown to 8.8 billion GEL, up 20% year on year. According to Geostat, the national statistics services of Georgia, in the reporting period …