The News in Brief
Monday, October 21, 2024
Prepared by Messenger Staff
Communications Commission Rules Rustavi 2 Violated Election Code Over Political Ads
The Communications Commission of Georgia has recognized the television network Rustavi 2 as violating the Election Code for failing to broadcast the free political advertisement of the political union Unity - National Movement. As a result, the Commission has drawn up a protocol of administrative violations against the broadcaster.
The issue arose after the political union Unity - National Movement filed a complaint, stating that Rustavi 2 stopped airing their free political advertisements as of October 10. According to the complaint, the broadcaster had not made any formal public statement, unlike TV Imedi and PosTV which had both announced on the same day that they would no longer run political ads from opposition parties. However, the ads from the Unity - National Movement ceased airing on Rustavi 2 around the same time, leading to the complaint.
Georgia's Election Code mandates that during the last 50 days before elections, national broadcasters are required to allocate 7.5 minutes every three hours for free political advertisements. These slots must be distributed equally and without discrimination among all qualified election subjects.
After reviewing the evidence, the Communications Commission concluded that Rustavi 2 had breached the rules laid out in the Election Code. The broadcaster now faces administrative action as a result of the violation.
National Bank of Georgia Sells Over 100 Million USD to Stabilize Lari
In the past two weeks, the National Bank of Georgia (NBG) has intervened in the foreign exchange market, selling over 100 million US dollars in an effort to stabilize the Georgian lari. This move has contributed to the strengthening of the lari against major international currencies, including the US dollar and the Euro.
On October 16, the NBG sold USD 64.9 million in a foreign exchange auction. The bank attributed the sale to "large one-time transactions" that had been impacting the foreign exchange market and creating volatility in the lari's value. The NBG clarified that the decision to sell USD was aimed at preventing excessive fluctuations in the market.
"These recent fluctuations in the foreign exchange market are not linked to macroeconomic factors and are therefore expected to be short-term," the NBG said in a statement.
The earlier intervention occurred on October 8, when the NBG sold USD 48.5 million, citing a surge in demand for foreign currency that was putting additional pressure on the lari's exchange rate.
This is not the first time the NBG has intervened this year. During protests against the Foreign Agents Law, the central bank sold a total of USD 168.7 million in one month to prevent a sharp devaluation of the lari. That amount exceeded all foreign exchange interventions made by the NBG in 2023.
Communications Commission Rules Rustavi 2 Violated Election Code Over Political Ads
The issue arose after the political union Unity - National Movement filed a complaint, stating that Rustavi 2 stopped airing their free political advertisements as of October 10. According to the complaint, the broadcaster had not made any formal public statement, unlike TV Imedi and PosTV which had both announced on the same day that they would no longer run political ads from opposition parties. However, the ads from the Unity - National Movement ceased airing on Rustavi 2 around the same time, leading to the complaint.
Georgia's Election Code mandates that during the last 50 days before elections, national broadcasters are required to allocate 7.5 minutes every three hours for free political advertisements. These slots must be distributed equally and without discrimination among all qualified election subjects.
After reviewing the evidence, the Communications Commission concluded that Rustavi 2 had breached the rules laid out in the Election Code. The broadcaster now faces administrative action as a result of the violation.
National Bank of Georgia Sells Over 100 Million USD to Stabilize Lari
On October 16, the NBG sold USD 64.9 million in a foreign exchange auction. The bank attributed the sale to "large one-time transactions" that had been impacting the foreign exchange market and creating volatility in the lari's value. The NBG clarified that the decision to sell USD was aimed at preventing excessive fluctuations in the market.
"These recent fluctuations in the foreign exchange market are not linked to macroeconomic factors and are therefore expected to be short-term," the NBG said in a statement.
The earlier intervention occurred on October 8, when the NBG sold USD 48.5 million, citing a surge in demand for foreign currency that was putting additional pressure on the lari's exchange rate.
This is not the first time the NBG has intervened this year. During protests against the Foreign Agents Law, the central bank sold a total of USD 168.7 million in one month to prevent a sharp devaluation of the lari. That amount exceeded all foreign exchange interventions made by the NBG in 2023.