Georgia’s Economy Minister: “Lari has stabilised”
Tweet 
Share
Georgia’s national currency, the Lari, is not experiencing a sharp fluctuation and has stabilisied as of today, says Georgia’s Economy Minister Giorgi Kvirikashvili.
Since the beginning of the day the Lari slightly strengthened in value against the US dollar. Correspondingly, the National Bank of Georgia (NBG) set a new exchange rate where 1 USD cost 2.2465 GEL. The previous exchange rate was 1 USD = 2.2471 GEL.
Similarly, the Lari gained value against the Euro. From today 1 EUR cost 2.4777 GEL, while the previous rate was 2.4965 GEL.
Minister Kvirikashvili said the previous exchange rate against the Greenback was 2.38 GEL for every dollar but now the rate was 2.24-2.25 GEL.
We cannot create an artificially stable currency as our trade balance is reflected on the rate that we have now. Our main trade partners have their currencies at the same rate as Georgia has,” Kvirikashvili said.
Georgia’s Finance Minister Nodar Khaduri added the Government’s forecast about the currency stabilisation did not accurately reflect the current situation; he stressed the Lari would strengthen in the near future as a result of increased tourism and exports.
Meanwhile NBG published an official document advising the Government of Georgia to reduce its expenditures to stabilise the Lari.
Several days ago NBG increased Georgia’s refinancing rate by 50 basis points to 5.5 percent following a review of the macroeconomic forecast, which showed an increase in inflation expectations as well as in domestic and external risks affecting the forecast inflation.
More than 7,000 people in Georgia will soon have to fork out more in debt repayments as the financing rate increased by 50 basis points to 5.5 percent.
Georgia’s national currency, the Lari, is beginning to stabilise since it began dropping in value against the US dollar about seven months ago. Meanwhile in the past three days the Lari has strengthened slightly.