Baku, Azerbaijan, June 28
By Tamilla Mammadova - Trend:
Georgia's balance of payments for 1Q2019 has improved by approximately twice, compared to indicators of 1Q2018, the National Bank of Georgia said in a statement, Trend reports with reference to apsny.ge.
The statement said that since Georgia has a floating exchange rate, it is influenced by various internal and external factors.
Accordingly, information on the expected decrease in tourist flows from Russia has been reflected in the foreign exchange market recently.
“According to initial estimates, the reduction of tourist flows from Russia in the remaining period of the year will have an impact on the economy of Georgia within about $200-300 million. This external shock will affect the balance of payments," the bank said.
"Under other equal conditions, including the factor of Russia, during the year the external balance will still be slightly better than expected,” said the bank.
On June 21, Russian President Vladimir Putin, against the background of protests in Georgia, has banned air travel to the country since July 8. According to his decree, tour operators are advised to “refrain” from selling tours to Georgia.
1 USD = 2.88 GEL on June 28