Georgian financial stability not in danger PM says
Tbilisi, Georgia, Jan.30
By Nana Kirtzkhalia - Trend:
Nothing threatens the country's financial stability due to the depreciation of GEL in the medium and long term, the Prime Minister of Georgia Irakli Garibashvili said at a government meeting Jan.30.
He said that a significant increase in prices is also not expected.
"The recent depreciation against the dollar and analysis of this trend indicate that it is caused by events occurring worldwide," said the prime minister. "Of course, this is part of a global process, so it would be wrong to consider what is happening without a marked context."
He said that Georgia has a floating exchange rate, that is "the best" mode for the Georgian economy.
"Due to the depreciation of the GEL, one should not expect a significant increase in prices, especially against the background of a significant decrease of oil prices in the world," said Garibashvili. "Medium-term price dynamics is controlled by the National Bank, which owns the appropriate tools and has the full support of the government, which allows to do everything in order to ensure prices stability."
Edited by CN