Beginning in July 2017, if an entrepreneur offers and/or advertises a property and/or service for sale in the territory of Georgia, the price of the property/service shall be expressed solely in GEL. According to the bill, failure to abide by the new law when denominating the price will lead to a warning, while a repeated offense will lead to a penalty of 1000 GEL. Each subsequent offense will be subject to a penalty of 5000 GEL.
BACKGROUND INFORMATION
This law is one of a few changes which will take place in support of a de-dollarization plan imp...
ISET Economist Blog
A blog about economics in the South Caucasus.
Feb
25
Feb
06
“The type of failure we’re talking about is like how frogs lay 20,000 eggs so a few wind up as adults sitting on a lily pad sucking down mosquito dinners” is how the author of the recent Newsweek article describes the rate of failure it takes to breed a handful of unicorns-tech startups valued at more than $1 billion. Failure has increasingly become a chapter in success stories; stories which inspire a new generation of entrepreneurs to try, fail, try again, and succeed.
Economics, as we have come to know it, is about efficient allocation of resources. R...
Jan
23
Protectionism and any kind of import restrictions have supporters in every country, and Georgia is no exception. Recently, I attended a lunch meeting on the need for an antidumping law, organized by Georgian Lawyers for Independent Professions, Governing for Growth (G4G), and the Society of Free Individuals. Participants from different sectors and institutions presented their views on the possible economic consequences of antidumping regulations currently being discussed by the Georgian government. From an economist’s perspective, I believe there are num...
Dec
13
Citizens of Georgia’s capital recently witnessed the luxurious Biltmore Hotel Tbilisi grand opening. A $140 million investment by the Dhabi Group supplied the market with 214 luxury rooms and suits. The $2 million opening, huge building and central location (right on Rustaveli Avenue) made the appearance of this hotel on the market very noticeable. However, with much less lavish ceremonies, in total 37 hotels were opened in Georgia just this year, as reported by the Georgian National Tourism Agency (GNTA), which amounts to an additional 1,472...
Nov
07
The official visit of the Armenian President last week was concluded by a splashy announcement that the building of the “Friendship Bridge,” a new infrastructure project approved by the Georgian and Armenian Governments in late 2014, will start construction in 2017, and will be completed in under two years. The Georgian Prime Minister and the Armenian President have reportedly discussed a range of other opportunities to deepen economic and trade relationship between the two countries and support business community engagement in this process.
This excitem...
Our Partners
