Finance Minister: We are not dealing with an economic crisis
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"We are dealing with a currency crisis not an economic crisis” says Georgia Minister of Finance Nodar Khaduri.
Today the Georgian official said despite the economic challenges currently facing the country in terms of the depreciation of the national currency against the US dollar, Khaduri said Georgia was experiencing some economic growth.
"Economic growth is continuing despite a positively lower pace. So we are not dealing with an economic crisis,” he said.
”As for the currency crisis, I hope that future developments will show that it will be balanced soon,” he said.
The country’s Finance Minister made this announcement today after the Georgian national currency continued to fall.
The Lari began falling in value against the green back in November 2014. Since then the value of the local currency has deprecated by 30 percent.
In November $1 USD was 1.75 Lari and today, the official NBG exchange rate saw $1 US dollar at 2.2619 GEL.
The Georgian Government is offering short-term, mid-term and long term plans as possible ways to stop the national currency depreciating any further against the greenback.
The Government of Georgia is pledging to do everything it can to avoid price increases on the cost of goods and services due to the ongoing depreciation of the national currency.
Georgia’s Government will have to "tighten its belts” as the country’s national currency, the Lari, continues to fall, Prime Minister says.
Georgia’s national currency, the Lari (GEL), is continuing to depreciate despite lifting slightly after a massive slump - but the Government has taken action to combat the falling currency.
The Georgian Government has approached the International Monetary Fund (IMF) for additional financial aid in a bid to stabilise the country’s falling currency "as soon as possible”.
The National Bank of Georgia is preparing tighten the country's monetary policy in a bid to control the economy in light of the decreasing value of the national currency.