Georgia's Economy Minister: "Lari is stabilising"

Rosneft now owns 49 percent shares of Georgia's Poti Port., 26 Jan 2015 - 13:08, Tbilisi,Georgia

Georgia's Economy Minister Giorgi Kvirikashvili believes the country's national currency is stabilising after the Lari dropped to the lowest it has been against the US Dollar since April 2004.

Government representatives set future directions and plans regarding the stabilisation of the Lari (GEL) at a meeting with head of National Bank of Georgia yesterday.

"The Georgian Government has complex plans about how to encourage export and tourism in the future. Also, we plan to take significant steps in terms of attracting more foreign direct investments (FDI) in our country. I believe these actions will have very positive results," Kvirikashvili said.

In recent weeks the Lari experienced a sharp depreciation against the US Dollar. Currently the official rate is 1.99 GEL to 1 USD however at exchange booths the value exceeds 2.00 GEL.

This is the lowest the Lari has fallen to since April 2004.