Governor of central bank at parliament: ‘our policy aims at long-term stability of lari’
Gvenetadze said that it is important for the central bank to have sufficient reserves to avoid potential risks and to keep the lari stable. Photo: IPN.
Tweet 
Share
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.
Gvenetadze said that the year 2018 was important in terms of foreign sector activity and in particular in terms of export revenue, tourism revenue and increase in remittances.
Opposition MP’s raised the issue of the lari at the meeting and asked Gvenetadze why the NBG filled the reserves during the lari fluctuation. To note, last week the NBG filled currency reserves with $30 million.
Gvenetadze explained that it is important for the central bank to have sufficient reserves to avoid potential risks and to keep the lari stable.
Our main policy is the lari to be stable in long-term period. In the short-term period there might be fluctuations but in this case the NBG should find the balance in order to keep lari stable in long-term period. At the same time the country should have enough reserves in order to handle potential risks”, Gvenetadze said.
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 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.
“This is a short-term effect and will be regulated soon”
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.
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 National Bank of Georgia (NBG) and the Finance Ministry of Georgia are joining forces to create new legislation for commercial banks in Georgia, aiming to identify early financial difficulties of commercial banks and eliminate the problem in the initial stages.
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.