Lari Depreciation

Kvirikashvili: Positive Processes in Georgia Cause Lari Depreciation

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Photo: ტაბულა

The Prime Minister Giorgi Kvirikashvili has claimed that positive changes in the Georgian economy have caused the recent fall in value of the Georgian Lari against the dollar.

“...I hope that over the course of the next couple of months the Lari will strengthen. We also plan to take some steps, implement some regulations, to stabilize the lari. We will coordinate these steps with the national bank, but I want to once again say that these changes are caused by positive changes in our country. Consumption has risen and exports couldn’t keep up with the consumption, that’s why prices have lowered on the export markets. But the recovery process has begun and it will be irreversible.” - said Giorgi Kvirikashvili

Georgian Dream member Zaza Khutsishvili said he wasn’t exactly sure about the detail of the Prime Minister’s statement, but added that “these processes have another effect, for example foreign trade has increased by 18% compare to last year, this because for one dollar people can buy more products than they can for one Lari...this is a positive effect and I don’t know if he meant this or not. When a person gets 2400 GEL in exchange for 1000 USD, it’s more beneficial for him to buy the product here and then send it for export.”

On November 11, the value of the Georgian Lari against the Dollar reached 2.49.

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