International reserves up 9.4% y/y in 2016
Gross international reserves were up 9.4% y/y to US$ 2.8bn in December 2016, while reserves were down 0.8% m/m (-US$ 21.7mn), according to NBG. The reduction in reserves on a monthly basis was attributed to NBG’s FX intervention. In December NBG sold US$ 40mn, however reserves declined by a lesser amount which was likely due to gains in government FX operations (disbursement of foreign assistance).
Property registration up 8.7% y/y in December 2016
Property registration (commercial and residential real estate) increased 8.7% y/y (+2.6% m/m), reaching 60,223 units in December 2016, according to the National Agency of Public Registry. Registration increased for primary (+22.6% y/y, 21.7% of total), as well as secondary (+5.4% y/y, 78.3% of total) properties.
Company registration down 11.3% y/y in December 2016
In December 2016, company registration decreased 11.4% y/y (-11.2% m/m) to 3,726 units, according to National Agency of Public Registry. Out of newly registered companies, 95.3% were business legal entities, while 4.7% comprised non-entrepreneurial (non-commercial) legal entities.
EU transfers EUR 43.95m to Georgian treasury in support of reforms
On 9 January 2017, the EU granted EUR 43.95 million of non-reimbursable aid to Georgia in support of reform progress in several sectors: trade and business development, vocational education and employment, agriculture, and integration of internally displaced people (IDPs). Payments were also made for Georgia’s justice sector, public administration, public finance management and regional development policy.
