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The News in Brief

Friday, May 17, 2024
Prepared by Messenger Staff

Georgia and Turkey Sign Energy Cooperation Memorandum during Prime Minister's Official Visit

A memorandum of understanding (MoU) on cooperation in the field of energy was signed between Georgia and the Republic of Turkey during the official visit of Prime Minister Irakli Kobakhidze to Turkey. The Government Administration has announced this development, highlighting that the signed document aims to strengthen and deepen the existing partnership between Georgia and Turkey in the energy sector.

"The memorandum will allow the two countries to share knowledge and experience in areas such as: renewable energies, energy efficiency, digitization of infrastructure, reduction of carbon emissions, etc.

The memorandum of understanding was signed by the First Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development Levan Davitashvili and Minister of Energy and Natural Resources of the Republic of Turkey Alparslan Bayraktar. The signing ceremony was attended by Prime Minister of Georgia Irakli Kobakhidze and President of the Republic of Turkey Recep Tayyip Erdogan," the information reads.

National Bank of Georgia Sells $60 Million at Foreign Exchange Auction Amid Market Turbulence

The National Bank of Georgia announced the sale of 60 million US dollars at a foreign exchange auction in response to recent turbulence in the foreign exchange market. The decision to provide liquidity was prompted by large one-time transactions that led to excess demand for currency, placing additional pressure on the exchange rate of the Georgian Lari. The Bank clarified that these market fluctuations are short-term and not driven by fundamental macroeconomic factors.

"As a result, there was excess demand for the currency, which created additional pressure on the exchange rate of the lari. We clarify that the fluctuations observed in the currency market are not caused by fundamental macroeconomic factors and are therefore short-term.

Macroeconomic parameters are healthy: international reserves are at a historical maximum, foreign inflows are stable, the current account deficit is at a historical minimum, high economic growth has been recorded in the last three years, inflation is below the target of 3%, and the fiscal balance and public debt have been maintained at a sustainable level," the National Bank said.