Young financiers: Lari's depreciation is in interest of Georgian government
Georgia, Tbilisi, June 8 / Trend, N. Kirtskhalia /
The Association of Young Financiers and Businessmen said the depreciation of the lari is in the interests of the Georgian government.
The depreciation of the lari over recent days was done purposefully by the government, association President Merab Janiashvili said at a press conference. According to Janiashvili, the goal is to pump as much money as possible from businesses to the budget.
"A decreased exchange rate increases the incomes of exporting companies, thus they will contribute more to the budget. At the same time, the depreciation of the lari causes price rises in imports and, hence, increases circulation, and they also have to contribute to the budget," Janiashvili said.
The association also said the depreciation of the lari is related to the local elections May 30. According to the association, in order to win the election, the ruling party pumped a lot of money from big businesses and is now playing on the exchange rate of the lari to compensate for the losses.
Last month, the lari fell by roughly 12 percent.