TBILISI, DFWatch–Tbilisi City Court on Sunday ordered the pre-trial detention of two Georgians who are suspected of embezzlement of more than USD 25 million from thousands of microfinance customers.
The court rejected a motion to release the accused
Economy
Government deal to soften impact of currency drop on mortgage lenders
TBILISI, DFWatch–The Georgian government offers a temporary aid package to people who have their mortgage loans in US dollars, to ease the disastrous consequences of the lari’s continued race to record low depths.
The decision was made at a
Plans revived for Trump Tower in Batumi, Georgia
Money transfers to Georgia up 14% in October year-on-year
TBILISI, DFWatch–The flow of money into Georgia grew by 14 percent in October, according to the latest monthly report by the National Bank.
The money flow into the country was USD 102.5 million, USD 12.6 million more than in October 2015.
91.9 percent of transfers
Georgian lari tanking, on course for second record low this year
TBILISI, DFWatch–The Georgian lari is on course for a new historic low, after setting a record earlier this year at 2.4921 laris per US dollar. Today it is valued at 2.4899.
Prime Minister Giorgi Kvirikashvili explained the new drop in the value of the lari is as a result of growing imports.
First road, now airport – PM promises to develop mountain region Tusheti
TBILISI, DFWatch–Two months after promising to build a new road to Tusheti, Prime Minister Giorgi Kvirikashvili now suggests building an air strip in the inaccessible region in the northeast of the country.
It’s an attractive tourist destination, but difficult to access.
Georgian Railways considering Tbilisi-Kutaisi airport train
TBILISI, DFWatch–Georgian Railways is considering creating a new train line connecting the airports in Tbilisi and Kutaisi, with regular departures.
Spokesperson Dachi Tsaguria told Kutaisi Post that Georgian Railways is currently researching whether the new
Georgian developers plan Sheraton and Radisson in Gudauri
TBILISI, DFWatch–Georgia’s winter resort Gudauri had 127% growth in visitors since last year. Now developers plan a Radisson and a Sheraton hotel there.
Malkhaz Kunelauri from the real estate company RED-CO told journalists that the first phase of the planned new hotels
Caucasus rail-link to help Iranian companies establish foothold in Europe
TBILISI, DFWatch–Georgian Railway is in talks about increasing rail freight between Iran and Bulgaria through Georgia.
The target group of the plan is Iranian investors looking to establish a foothold in the European market.
Through using the railway connection
Georgia secures free trade deal with China
TBILISI, DFWatch–Georgia has secured a free trade agreement with China which is expected to boost Georgia’s export of wine.
The agreement, which still needs to be confirmed formally, will exempt goods and services that were previously charged more than 40 percent