BUSINESS
GEORGIA TODAY
DECEMBER 29 - JANUARY 7, 2015
13
NBG Sells USD 20m to Strengthen Lari
BY KATIE RUTH DAVIES
T
he National Bank of Georgia (NBG) sold USD 20 million at a foreign currency auction last week in order to support the national currency Lari (GEL) which, as a result, strengthened to 2.4023 per U.S. dollar from 2.4107. The move marked the central bank’s ninth intervention this year with total sales reaching USD 286.96 million. The beginning of this month saw Georgia’s foreign exchange reserves at USD 2.479 billion, up from USD 2.449 billion the previous month, and down
from USD 2.699 billion at the beginning of 2015. IMF mission said on December 8 that it “strongly supports the NBG’s policy to allow the Lari to float and to limit foreign exchange interventions only to dampen excess exchange rate volatility.” The Lari has been stable at around 2.39-2.40 to the USD since the summer, yet since the beginning of the year has lost 27.6% of its value and 37% since November 2014, when the Georgian currency began to depreciate due to global strengthening of the USD and a slowdown in export. The depreciation of GEL has increased the debt burden of borrowers with loans in USD. Around 64% of the total loans in Georgia have been taken out in a foreign currency, the majority of those in USD.
New Ski Lift Station Kokhta Opens in Bakuriani
The opening was attended by Georgia’s candidate Prime Minister, Giorgi Kvirikashvili, and acting Ministers of the Georgian Cabinet. Photo: Georgian National Tourism Administration
BY ANA AKHALAIA
A
renovated ski lift station was opened on Kokhta Mount in Bakuriani, one of Georgia’s leading ski resorts, on December 27th. The opening was attended by Georgia’s candidate Prime Minister, Giorgi Kvirikashvili, and acting Ministers of the Georgian Cabinet. After an eight-year pause, the Kokhta 6-chair Ski lift was rebuilt by leading Austrian company Doppelmayr in three months. The total length of the renewed Kokhta ski track is 3 km and 100 m, now the most challenging track in Bakuriani. The maximum altitude is 2100 m. The new ski lift has been launched with a mid-station. The multi-million dollar project was implemented with collaboration between the state and
the private sector. The Mountain Resorts Development Company under the Ministry of Economy and Sustainable Development, and investment company GRDC, are actively involved in the development of the historic resort of Bakuriani and from 2016, a 500bed tourist infrastructure will be built at Kokhta. Bakuriani is one of the locations where the Georgian Ski Federation is holding the 2015-2016 season Ski Championship. With the opening of a new ski lift, the first stage of the Ski Championship was launched with a giant slalom on the 27th December and a slalom competition on the 28th. The high level tournament, is supported by the Ministry of Sport and Youth Affairs and the Mountain Resorts Development Company. The Georgian Cup of the Ski Championship, sponsored by Silknet, is to include all the country’s active ski resorts: Gudauri, Bakuriani, Goderdzi and Mestia.
The Rike-Narikala Cable Car will be open to citizens without charge from 23:00 on December 31 to 15:00 on January first
Travel Free Around Tbilisi this New Year
BY KATIE RUTH DAVIES
T
bilisi Metro and the Rike Cable Car service will be running free of charge on New Year’s Eve and Christmas Eve. Tbilisi Mayor Davit Narmania announced that the Metro and RikeNarikala Cable Car will function for longer and will be free to all. The Metro will be free from 23:00 on December 31 to 04:00 on January 1, and from 23:00 on January 6 to 04:00 on January 7. The Cable Car will be open to citizens without charge from 23:00 on December 31 to 15:00 on January 1.