NBG: "The events of recent days, a sharp reduction in the flow of tourists from Russia, economic sanctions have affected the lari"

access_time2019-07-11 14:27:35

Vice-President of the National Bank of Georgia (NBG) Archil Mestvirishvili comments on the situation in the foreign exchange market.

“The public knows  about a floating exchange rate of the national currency in Georgia that is an automatic stabilizer, which absorb 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.

According 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.

The 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.



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