Georgia's Economy Minister: "Lari is stabilising"
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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.
Georgia’s President Giorgi Margvelashvili has met head of the country’s National Bank Giorgi Kadagidze as the Georgian currency, the Lari (GEL) continues to depreciate in value against the US Dollar.
Georgia’s national currency faces no fear in value, and on the contrary in the coming days it will become even stronger, said Georgia’s Prime Minister said today after the Lari fell to its lowest level in early December 5 since May 2004.
Chief Economist for the Europe and Central Asia region of the World Bank Hans Timmer believes the recent tumble of the value of the Georgian Lari has nothing to do with the weakness of the Georgian economy.
Georgia's Finance Minister Nodar Khaduri hopes that the country’s national currency will stabilise after the Lari (GEL) dropped to the lowest it has been against the US Dollar since April 2004.
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 is preparing to launch the country's first electronic visa (e-visa) facility - a move officials say will give "a major boost" to the country's tourism sector.
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.