Rate of Lari Reaches Balance Point: National Bank of Georgia

Georgia, Tbilisi, 10 November / corr Trend N.Kirtzkhalia / "Correction of the rate of lari was dictated by economic reasons, and optimal time was chosen for this to reduce influence of negative factors, which follow changes in the exchange rate," David Amaglobeli, acting president of the National Bank of Georgia (NBG), said to a briefing.

"Today, the rate of lari reached a balance point and additional corrections are not necessary," Amaglobeli said.

Rate of national currency in relevant to dollar was fixed at 1.65 laris and sharp changes will not happen.

"Policy of NBG, which functions at present, will continue in an short-term prospect and interventions will be realized in the currency exchange and stability of rate will remain accordingly. The NBG has necessary reserves for this," the head of NBG said.

Today, Georgian currency reserves totaled $1.150bln and they will increase by $250mln in the form of assistance, which will be received by Tbilisi, in the near future, Amaglobeli said.

There are no economic grounds to depreciate lari in a plan of long-term prospects of changes in the exchange rate, the head of NBG said.

"Changes in the exchange rate will not also influence dramatically on inflation, since there are no economic pre-conditions for the increase of prices. Separate commercial facilities will try to make use of situation and to raise prices, but there are no real reasons for this," Amaglobeli said.

In accordance with present correction of rate, today's rate of lari remains unchanged in relevant to the currency basket of Georgia's key commercial partners, he said.

"Main function of NBG is to keep stability of prices and the bank possesses necessary resource and tools for this. Restoration of rate's balance promotes increase of the country's economy and increase of competitive ability," Amaglobeli said.

Amaglobeli called population not to draw attention to the changes in the exchange rate of lari and not to exchange their assets for foreign currency.

The correspondent can be contacted at [email protected]

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