PM Kvirikashvili: Steps taken to stabilise Georgian Lari

Georgia's PM Giorgi Kvirikashvili said his team worked to ensure the national currency stabilised over the coming months. Photo from the Prime Minister of Georgia's press office., 13 Nov 2016 - 18:59, Tbilisi,Georgia

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.