The FINANCIAL — Last week, London traded Bank of Georgia Holdings share price decreased 3.8% to GBP 10.10. During the week, up to 456,000 shares were traded in the range of GBP 9.87-10.60.
In the debt world, Georgian Oil and Gas Corporation (GEOROG) and Bank of Georgia (GEBGG) Eurobonds prices were down 0.2% to 104.2 (5.8% YTM) and 0.1% to 102.3 (7.2% YTM), respectively. Georgian Railway (GRAIL 07/22) Eurobonds price grew 0.5% to 114 (5.8% YTM), while Georgia Sovereign (GEORG) Eurobonds price was unchanged at 116.4 (4.5% YTM).
On the Georgian Stock Exchange, only Liberty Bank (BANK GG) shares were traded closing at GEL 0.008 (unchanged), while the BG Index was unchanged at 529.9.
Last week, the National Bank of Georgia (NBG) issued 7-day refinancing loans in the amount of GEL 284mn with an average yield amounting 5.51% (unchanged). NBG also sold 84-day, GEL 30mn Certificates of Deposits last week. The average yield was 6.05% (down 5bps).
As for the treasury debt, Ministry of Finance sold one-year T-bills in the amount of GEL 5mn with the yield ranging between 6.15-6.45%. Average yield equalled 6.28% (down 22bps). The next two-year T-notes auction is planned for December 12 with total estimated emission of GEL 5mn.
Georgia’s monthly CPI grew 0.1% in November, while the annual deflation amounted 0.5% from 0.1% inflation in October. Transportation services was down 0.2% m/m, while food prices increased 0.3% m/m. On an annual basis, food prices are down 1.8% and transportation is up 0.5%.
Central bank reserves down 0.3% m/m to US$ 2.8bn in November — National Bank of Georgia (NBG) gross international reserves decreased for the third consecutive month, 0.3% m/m to US$ 2.8bn in November. Gross reserves are up 2.2% y/y.
Georgia ranks first in four dimensions of World Justice Project’s Rule of Law Index report — According to the World Justice Project’s Rule of Law Index 2012 report, Georgia tops ranking of 23 lower middle income countries in four dimensions of the rule of law—absence of corruption, regulatory enforcement, civil justice and criminal justice.
The report ranks countries across eight areas impacting on the rule of law: limits on government power, corruption, security, fundamental rights, open government, regulatory enforcement, civil justice and criminal justice. The country ranks sixty-sixth in the world in providing effective checks on the government's power and fifty-fourth in open government.
It was noted that political interference within the legislature and the judiciary is common. Although the country is relatively safe from crime, outbreaks of violence in and around the borders are a source of concern.
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