The National Bank lost foreign currency reserves of 630 million dollars in the month of October alone, - the opposition MP Roman Gotsiridze writes about this on the social network.
According to Gotsiridze, the volume of reserves in September was 4.71 billion dollars, and at the end of October it decreased to 4.08 billion dollars.
Gotsiridze connects this with the election campaign of "Georgian Dream" and states that the ruling party's "two-month criminal election campaign caused more damage" to the currency reserves than the pandemic.
According to Gotsiridze, it will take many years to restore it.
"Our assumption was justified. Official statistics have been published. The National Bank lost foreign currency reserves amounting to 630 million dollars in October alone. In September, the volume of reserves was 4.71 billion dollars, and at the end of October it decreased to 4.08 billion dollars.
Also, our prediction that the National Bank sold an unprecedented amount of dollars in the months of September-October turned out to be correct. We can already say for sure that its amount is 740 million dollars. The National Bank will officially announce this only on November 25.
The two-month criminal election campaign of "Georgian Dream" did more damage to foreign exchange reserves than the pandemic. It will take many years to restore it.
If in August 2023 the foreign currency reserves of the country were 5.44 billion dollars, today, as we have seen, it is 4.08 billion, that is, in a little more than a year, it decreased by 1.36 billion dollars and significantly fell below the critical limit. Compared to the volume of foreign payments, no country with a BB rating has reserves of this volume. Soon the issue of revising this rating will be on the agenda", - wrote Gotsiridze on Facebook.
