...

Minister: Georgia’s decreased currency not to lead to prise rises

Business Materials 11 June 2010 10:40 (UTC +04:00)
Despite the appreciation of the dollar exchange rate, no price rises are expected, Georgian Finance Minister Kakha Baindurashvili said after a meeting June 10.
Minister: Georgia’s decreased currency not to lead to prise rises

Georgia, Tbilisi, June 11 / Trend, N. Kirtskhalia /

Despite the appreciation of the dollar exchange rate, no price rises are expected, Georgian Finance Minister Kakha Baindurashvili said after a meeting June 10.

"The process is caused by a strengthening dollar on international markets," he said. "The dollar's position is relatively strong, which is related to the depreciation of the euro. In Europe, the credit crisis continues, and Greece has become its latest victim. Several other countries are also on the verge of a crisis. Thus, the euro has significantly deceased, which has led to an increase in the dollar's exchange rate."

Baindurashvili stressed that the lari, like other currencies, is simply reacting to a strengthening dollar.

"Inflation depends on excess money supplies, rather than from exchange rate differences," he said.

Latest

Latest