Baku, Azerbaijan, July 30
By Tamilla Mammadova – Trend:
The devaluation of the national currency of Georgia is caused by external shocks and reduction of tourist flow in the country, said the President of the National Bank of Georgia, Koba Gvenetadze, Trend reports via Georgia today.
“Today Georgia is going through an external shock. According to the statistics, it is clear that fewer tourists have been visiting Georgia. This, of course, affects the exchange rate. This is a very painful process”, Gvenetadze said.
However, Gvenetadze said that if they see that the exchange rate results in inflation, the National Bank will use all the available tools to handle the situation.
The Georgian national currency, the lari (GEL) continues to depreciate.
Commercial banks are already selling one US dollar for three GEL, while at the Bloomberg Trade Terminal, the rate is still rising. Businesses are already announcing a rise in prices on food and daily consumables.