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DAILY ECONOMIC NEWS SERVICE

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DAILY ECONOMIC NEWS SERVICE

    DAILY ECONOMIC NEWS SERVICE July 8

    ECONOMIC NEWSLINE

    In the issue: BLACK SEA PRESS BLACK SEA PRESS

    News Agency of the Countries of the Black Sea Region

     Average Weighted Interest Rate TICEX Auction Totals GEL 1,413$1 On 7-Day Deposit Certificates

     Made 11,81% TBILISI. 8 July. According to the totals of 8 July, auction at the Tbilisi Interbank Currency Exchange, the exchange rate of GEL against US As of 8 July, TIBR1 Makes dollar remained unchanged and made GEL 1,413/$1. 8,05%

    4 commercial banks and the National Bank of Georgia took part in the EBRD Allocated Subordinated auction. 3 currency exchange deals to the amount of USD 1,5 million Loan Facility For Bank was made. The National Bank of Georgia bought USD 0,2 million at the Republic auction. -0-

     JSC Galt & Taggart Capital GEORGIA-DEPOSITS-CERTIFICATES Announces The Acquisition Of

     An 11% Equity Interest In JSC Average Weighted Interest Rate On 7-Day Deposit Certificates Made Nikora 11,81%

     Joint Clearing Centre To Be TBILISI. 8 July. Regular auction on allocation of 7-day Deposit Established In Georgia Certificates of GEL 9,45 million was held at the National Bank of Georgia (NBG). BLACK SEA PRESS was told at the NBG. ProCredit Bank Opened Three

     New Offices In Tbilisi The total issue has been allocated. Three commercial banks participated in the tenders. Minimal interest rate made annual 11,75%, Extra GEL 7 Thousand maximal one 12,0% and average weighted 11,81%. -0- Refunded To Businessmen By

     Finance Ministry In January-GEORGIA-CREDITS-INTEREST June

    As of 8 July, TIBR1 Makes 8,05% The EU-Georgia Business

     Council Issued The First Of 3 TBILISI. 8 July. One-day average weighted interest rate TIBR1 fixed at Publications For Georgian the Tbilisi inter-bank market makes 8,05% as of 8 July. Exporters

    There were no transactions fixed on the seven-day credit resource, so the seven-day average weighed interest rate TIBR7 was not fixed either.

    As BLACK SEA PRESS was told at the National Bank of Georgia (NBG), TIBR1 was decreased by 3,03 percentage points -0-

    GEORGIA-BANK-CREDIT

    EBRD Allocated Subordinated Loan Facility For Bank Republic

    TBILISI. 8 July. The European Bank for Reconstruction and Development (EBRD) allocated USD 5 million for Bank Republic for 6 years tenor. This was the first subordinated loan facility issued by EBRD for local Georgian banks.

    As BLACK SEA PRESS was told at the EBRD Tbilisi Office, the new transaction was intended to assist BR to strengthen its capital base through increase of its Tier II Capital and to be utilised for transactions within the ordinary course of the bank's business.

     The main currencies cross-Let us remind that French banking group Societe Generale owns the rates, set by the NBG, in force

    controlling block of shares of Bank Republic. EBRD owns 10% of the from July 9: shares.

     Bulgarian lev According to the National Bank of Georgia, the assets of Republic 1 - 1.1307 GEL Bank totaled GEL 632 121 thousand as of 1 May 2008, while the joint stock GEL 91 236 thousand. -0- Danish crown 1 - 0.2978 GEL GEORGIA-COMPANY-SALE Euro

     1 2,2188 GEL JSC Galt & Taggart Capital Announces The Acquisition Of An 11% Equity Interest In JSC Nikora English pound sterling

     1 2.7878 GEL TBILISI. 8 July. JSC Galt & Taggart Capital announced today the acquisition of an 11% equity interest in JSC Nikora. BLACK SEA Icelandic crown PRESS was told it at the Company Galt & Taggart Asset Management. 10 0.1860 GEL

    Nikora is the leading food processing company in Georgia with Serbian dinar estimated meat products market share of 55%. In addition, Nikora 100 2.8110 GEL produces packaged fish, half-fabricated products, dairy products, ice cream, soft beverages and wine. In-Trade, Nikora's 100% owned Norwegian crown subsidiary, imports and distributes several brands of beer and soft 1 - 0.2770 GEL beverages.

     Polish zloty The company owns two production facilities located in Tbilisi and in 1 - 0.6725 GEL Poti, as well as a retail chain comprising 61 branded small-format stores: 43 in Tbilisi (23 owned) and 18 in the regions. The chain Romanian leu accounts for approximately 55% of the company's total revenue. Apart 1 - 0.6189 GEL from that, Nikora carries out distribution to over 2,000 third-party operated retail outlets countrywide. Hungarian forint

     100 - 0.9573 GEL "Together with other shareholders, we will seek to broaden and further diversify the non-meat product portfolio, increase production facilities Swedish crown and expand the retail chain", commented Eli Enoch, Chief Executive 1 - 0.2354 GEL Officer of Galt & Taggart Capital.

     Swiss franc Galt & Taggart Capital is a private equity vehicle managed by Galt & 1 - 1.3779 GEL Taggart Asset Management, Georgia. The company invests in Georgian companies which are engaged in the production, wholesale and retail Czech crown distribution and logistics support of consumer goods, provision of 1 - 0.0944 GEL consumer services, real estate development and operations, and provision of business services to companies focused on the Georgian USD consumer market (excluding financial services). 1 - 1.4130 GEL

    As at March 31, 2008, the company's market capitalisation was GEL Canadian dollar 65,7 million. Bank of Georgia beneficially owns approximately 59.1 1 - 1.3871 GEL million shares, or 75.1% of Galt & Taggart Capital.

     Australian dollar Galt & Taggart Asset Management Galt & Taggart Asset Management 1 - 1.3464 GEL ("GTAM") is an asset management arm of JSC Bank of Georgia. Established in 2007, GTAM acts as an investment advisor to several Egyptian pound investment funds, Georgia's second largest pension fund and an 1- 0.2649 GEL endowment with the aggregate AUM in excess of US$120 million. -0- Turkish lire 1 - 1.1465 GEL GEORGIA-BANKS-CENTRE Japanese yen Joint Clearing Centre To Be Established In Georgia 10 - 0.1324 GEL TBILISI. 8 July. Ten Georgian commercial banks have established Joint UAE dirham

    Clearing Centre with support of the National Bank of Georgia and the 1 - 0.3847 GEL Association of Banks of Georgia. BLACK SEA PRESS was told it at the Association of Banks of Georgia. Iranian real

     1 000 - 0.1534 GEL The Centre has been established for simplification of payment for communal services through commercial banks. The service at 18 Israeli shekel commercial banks will be available owing to the Joint Clearing Centre. 1 - 0.4333 GEL

    The Centre has been established with consideration of positive Singaporean dollar experience of similar companies in developing countries. Operations at 1 - 1.0375 GEL the Centre will start already in 2008. -0-

     Kuwaiti dinar

     1 5.3363 GEL GEORGIA-BANK-BRANCHES

     Chinese yuan ProCredit Bank Opened Three New Offices In Tbilisi 1 - 0.2061 GEL

    TBILISI. 8 July. ProCredit Bank will enlarge its network in both Tbilisi Hong Kong dollar and the regions. The bank opened three new offices in Tbilisi during 1 - 0.1811 GEL last month as well as the first branch in Ozurgeti and one extra branch - in Zugdidi. BLACK SEA PRESS was told it at ProCredit Bank. Indian Rupee

     1 - 0.0326 GEL ProCredit Bank has 49 offices throughout Georgia. The number of the offices will be increased to up to 57 till the end of 2008. Five branches New Zealand dollar are planned to be opened in Tbilisi as well in Borjomi, Zestaponi and 1 - 0.0605 GEL Akhaltsikhe.

     Russian rouble The bank plans to increase the number of ATMs throughout the 1 - 0.0601 GEL country. 83 ATMs are operating now; the number will be increased to up to 100 till the end of 2008. Azeri Manat

     1 - 1.7466 GEL Let us remind that net profit of ProCredit Bank Georgia totaled $6,4 million in 2007, by 57% more than in 2006. Belarusian rouble

     1 000 - 0.6656 GEL The total credit portfolio of the bank was increased by 31% and totaled $240 million. Over 90% of the credits totaled at least $10,000. The total Estonian kroon deposits of clients of the bank were increased by 34% in 2007 and 10 - 1.4130 GEL totaled $173 million.

     Turkmen manat ProCredit Bank Georgia started operations in 1999. The operations are oriented for crediting of small and medium business. ProCredit 1000- 0.0994 Holdings 92,6% and IPC - 7,4% are shareholders of ProCredit Bank GEL Georgia. -0-

     Latvian lat

     1- 3.1470 GEL GEORGIA-TAXES-REFUND

     Lithuanian litas Extra GEL 7 Thousand Refunded To Businessmen By Finance Ministry 10 - 6.4265 GEL In January-June

     Moldavian leu TBILISI. 8 July. Council for Tax Disputes at the Finance Ministry of 10 - 1.4313 GEL Georgia received 245 claims of taxpayers in January-June 2008. The claims concerned GEL 76 804 253. BLACK SEA PRESS was told it at Armenian dram the Finance Ministry of Georgia. 100 - 0.4649 GEL

    Under resolution of the Council, demands under 64 claims were met Tajik somon with some of them - partially. The amount to be refunded to 1 - 0.4123 GEL businessmen makes GEL 7 178 389. 92 claims referring to GEL 31 434 517 were rejected. Uzbek sum

     1 000 1.0779 GEL 39 claims referring to GEL 4 237 583 thousand have not been discussed, because the plaintiffs have violated the claim procedure. Ukrainian hryvnia

    Nine claims referring to GEL 58 420 were returned to the Revenue 10 - 3.0464 GEL Service for discussion. 0-

     Kazakh tenge GEORGIA-EU-BUSINESS 10 - 0.1172 GEL

    The EU-Georgia Business Council Issued The First Of 3 Publications Kyrgyz som For Georgian Exporters 10 - 0.3967 GEL

    TBILISI. 8 July. The EU-Georgia Business Council (EUGBC) with the support of the Delegation of the European Commission (EC) to Georgia has issued the first of 3 publications aimed at raising business sector's awareness of internationally recognized trade practices, rules and conditions for access to the European Union (EU) market. BLACK SEA PRESS was told it at EUGBC.

The publications are part of an EUGBC-led project aimed at providing

    the Georgian business community (mainly, small and medium

    entrepreneurs) with practical information on the complex EU trade

    legislation, regulations, procedures, rules and standards. A series of

    roundtables/seminars will also be organized to provide interested

    parties, in different regions of Georgia, with an opportunity to better

    understand the requirements for trade with the EU.

The publications intended for potential exporters will all be in Georgian

    with an English summary.

In his comments Hugh McDowell, Chairman of the EUGBC Board of

    Directors, said: "we consider that the brochures will provide valuable

    information and serve as a practical guide to all Georgian businesses

    oriented towards export to the European market".

While explaining objectives of the project, Ambassador Kote

    Zaldastanishvili, EUGBC Secretary General said: "These publications,

    written in a simple and reader-friendly way as well as the workshops to

    explain different aspects of trade with the EU to potential exporters,

    will help promoting export of Georgian products to the EU market." -0-

    BLACK SEA PRESS, 2008

    ***

    BLACK SEA PRESS

    2, Kakabadze Brothers Str., 380008, Tbilisi, Georgia

    Phone /8832/ 93 51 20, Fax /8832/ 931 302

    econews.bspress@caucasus.net

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