of the National Bank of Georgia (NBG) Archil Mestvirishvili comments on the
situation in the foreign exchange market.
public knows about a floating exchange
rate of the national currency in Georgia that is an automatic stabilizer,
shocks. The rate is
affected by some internal and external factors, including negative
expectations. The events of recent days, a sharp reduction in the flow of
Russian tourists, the economic sanctions have affected the lari rate, which has changed
significantly in the past three weeks.
to forecast, if everything remains the same, given the reduction in revenues from
Russian tourism, foreign exchange earnings will not decrease, but on the
contrary, will slightly increase. All this
will soften the negative impact of the Russian factor on the national currency.
current situation proves that the policy
to reduce dollarization of the economy and the responsible lending program were
the right and timely decisions, ” the NB Vice President stresses.