PM on lari devaluation:
“This is a short-term effect and will be regulated soon”
PM Bakhtadze explained that the economies of the neighbouring countries of Georgia are influencing the lari exchange rate. Photo: PM's press office.
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The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent days, with 1 USD costing 2.7799 GEL, while 1 EUR costs 3.0954 GEL.
Georgian Prime Minister Mamuka Bakhtadze says that “it seems this is a short-term effect and this will be regulated in the nearest future”.
Bakhtadze explained that the economies of the neighbouring countries of Georgia are influencing the lari exchange rate.
We have a small economy, and naturally, neighbouring countries influence our exchange rate and macroeconomic parameters with their big economies”, he said.
Bakhtadze mentioned all positive preconditions that would help the lari to regain value.
Export index is at a record high. Tourism figures are very good. The active process of the reduction of the trade deficit is ongoing. Consequently, all the fundamental factors are very sustainable and positive. However, of course, the recent developments in the Turkish economy, are naturally influencing our country, but since the NBG's reserves are very large and solid, our macroeconomic parameters are very sustainable”, said Bakhtadze.
Bakhtadze said that in order to avoid the influence of neighbouring countries and external factors, the government launched a programme on the larisation of loans, which would also help the citizens of Georgia be less dependent on the exchange rate.
The National Bank of Georgia (NBG) has purchased 10 million dollars at foreign exchange auction to control the national currency’s changing value against the US dollar.
The National Bank of Georgia (NBG) has purchased $15 million at foreign exchange auction to control the national currency’s changing value against the US dollar.
The Georgian national currency, the lari, continues to depreciate in value against the US dollar as well as the euro. The National Bank of Georgia (NBG) explains that the presidential election period is the reason behind the depreciation.
The Georgian national currency, the lari, has depreciated in value by 6.5 tetri against the US dollar and by 4.3 tetri against the Euro in just one day.
Governor of the National Bank of Georgia (NBG) Koba Gvenetadze presented the annual report for 2018 at the Parliament of Georgia today and also answered questions of MPs regarding the recent fluctuation of the Georgian national currency lari. The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent weeks, with 1 USD costing 2.7344 GEL, while 1 EUR costs 3.4782GEL today.
The anticipated drop of tourists from from Russia, following Russian President Vladimir Putin’s ban on flights to Georgia this summer, “is reflected on the currency market”, announces the National Bank of Georgia (NBG).
Recent developments have brought dissonance to the Georgian economy, however the macroeconomic factors are quite healthy, said Georgian Prime Minister Mamuka Bakhtadze while commenting on the devaluation of the Georgian national currency, the lari, today.
The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent days, with 1 USD costing 2.9096 GEL, while 1 EUR costs 3.2599 GEL.