PM Kvirikashvili: Steps taken to stabilise Georgian Lari
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Prime Minister of Georgia Giorgi Kvirikashvili says his Government has taken steps to stabilise the national currency and even support the Georgian Lari (GEL) to regain value following a sharp decline in June-July and again since mid-August.
Kvirikashvili expected the national currency to stabilise in the coming months as economic planners worked to restore the balance between the country's import and export values.
Earlier today Georgia's Prime Minister commented on the recent fluctuation of the GEL against the US Dollar and Euro.
As of today, 1 USD equalled 2.4899 GEL.
Consumption within the country has increased. So has our exports however due to decreased prices in our export markets, our export amount is behind imports, which is the reason for the current [changing currency] values."
We have already begun correcting the import [values] and stabilisation of the currency will definitely follow," Kvirikashvili told reporters today.
The head of Georgia's Government added his team had planned "certain steps" to help regulate and control the fluctuation of the national currency.
These initiatives will be announced by the Government alongside the National Bank of Georgia in the near future, he added.
"The national currency is expected to appreciate in the mid-term and long-term period,” says the president of the National Bank of Georgia Koba Gvenetadze.
"The national currency is expected to appreciate in the mid-term period,” says Georgia’s Finance Minister Nodar Khaduri.
The Government of Georgia is promising to take steps to stabilise the national currency and even support the Georgian Lari (GEL) to regain value following a sharp decline since mid-August.
"We expect the [Georgian] national currency to stop devaluing [against the US dollar] in the near future,” says the National Bank of Georgia (NBG).
Georgia’s Finance Minister Dimitry Kumsishvili explains the national currency’s dramatic depreciation two days ago using a term economists call "supply shock”.
The National Bank of Georgia (NBG) has sold millions of dollars at the Foreign Exchange Auction to control the changing value of the national currency against the US dollar.
Georgia’s National Bank (NBG) has released a statement in which it explained that the current devaluation of the national currency, the lari, is temporary and is caused by false expectations amongst the public that the lari would be devalued in autumn.