Acting Governor of central bank says national currency showing “historic” strengthening
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said the exchange rate of the national currency was showing a “historic” level of strengthening, adding the dynamic was “greatly contributing” to reduction of domestic inflation. Photo: NBG
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Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said the exchange rate of the national currency was showing a “historic” level of strengthening, adding the dynamic was “greatly contributing” to reduction of domestic inflation.
Speaking at the conference Global Economic Trends and Their Impact on the Region, organised by the NBG, Turnava cited the International Monetary Fund as highlighting the same development.
Lari remains strong, and we should not pay too much attention to short-term fluctuations in our market, because it can always happen - our foreign exchange market is small and one-time large transactions can cause this fluctuation”, she said.
Turnava said the market was “maintaining stability” while foreign currency inflows were “strong” via tourism income, service export and shipments, adding “destabilisation” was not expected.
Commercial banks in Georgia loaned ₾52.24 billion ($19.35bln) and received deposits of ₾50.50 billion ($18.71bln) in February, the latest data from the National Bank of Georgia shows.
Remittances to Georgia from abroad hit $272.3 million in February, of which $105.62 million came from European Union member countries, the National Bank said on Friday.
The National Bank of Georgia on Monday published an analysis of the current situation and macroeconomic parameters in the country's banking and financial sectors, reviewing inflation, deposits and loans with dollarisation share in the portfolio and foreign sector.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday said the institution was expecting stability “in all segments” of the domestic financial system, including in the foreign exchange market, following a “historic” strengthening of the national currency, the lari.