Economy Minister: depreciation of Georgian lari mainly caused by “emotional factors”
The high official also noted there were no “objective” grounds for the depreciation of the national currency, saying ongoing political processes in the country and “agitation created around the national currency” were contributing to the devaluation. Photo: Nino Alavidze/Agenda.ge
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Macroeconomic parameters in Georgia are “very healthy and stable” and depreciation of the Georgian lari exchange rate is mainly caused by “emotional factors,” Georgian Economy Minister Levan Davitashvili said on Tuesday.
In an interview with Imedi TV channel, the high official also noted there were no “objective” grounds for the depreciation of the national currency, saying ongoing political processes in the country and “agitation created around the national currency” were contributing to the devaluation.
Davitashvili called on the Georgian public not to panic regarding the exchange rate, assuring citizens the macroeconomic parameters in the country’s economy were solid.
He also pointed out the economic growth in Georgia, which amounted to 18 percent in January, calling it an “unprecedented” figure and adding the foreign currency inflow in January had increased as well, totalling $168 million.
No matter how much [some] talk about trade failure today, of course, it could not be reflected as instantly in specific economic numbers and parameters,” Davitashvili said, adding “these are mainly emotional factors which require a correct, coordinated and unified policy.”
Davitashvili also called the economy a “very sensitive area” requiring a stable environment which eventually would be reflected in the state of the national currency.