2nd Caucasus International Banking and Finance Conference and Showcase start in Tbilisi

2nd Caucasus International Banking and Finance Conference and Showcase start in Tbilisi
# 17 May 2007 13:31 (UTC +04:00)
Georgia’s Finance Minister Aleksi Aleksishvili told the opening meeting that the country has made great progress and gained macroeconomic stability during the past three years. Gross Domestic Product – the output of goods and services produced by labor and property in the country reached 9.5% in 2005 and stood at 9.4% IN 2006.
Foreign investment inflow to Georgian economy was $1.5 billion, including foreign investment of $1.2 billion last year.
He added that Georgia created liberal tax climate and cut the number of taxes to 7 from 21.
Roman Gatpiridze, chair of the board of the National Bank of Georgia, said the state budget more than tripled during the last three years to $4.5 billion.
“Foreign capital influx to Azerbaijan, Georgia and Armenia has become more active. It has a negative impact too, that is the national currency has become too strong in these countries,” he added.
He also noted that investment in Georgia’s banking sector continues to increase.
“Several European banks will come to Georgia in the nearest future. Bank of Georgia intends to penetrate Azerbaijan’s market,” he underlined.
He said that during the past three years Georgian banks’ assets rose 148%, authorized capital 104%, deposit portfolio in national currency 144%, the number of ATMs 5 times and the currency reserves of the National Bank jumped to 1.605 billion. Supported by Iteca Caspian, a group of reporters, including APA representative attended the event. /APA-Economics/
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Politics

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THE OPERATION IS BEING PERFORMED