BAKU, Azerbaijan, October 6
By Tamilla Mammadova – Trend:
By the end of the year, the lari exchange rate is forecasted to stand at 3.15 per 1 USD, said chief economist of TBC Bank Otar Nadaraia, Trend reports via Georgian media.
The National Bank of Georgia (NBG) has carried out foreign exchange interventions for more than $450 million since the pandemic began, another $200 million are expected to be spent by the end of the year.
But the spent hundreds of millions could not keep the national currency, which depreciated by 7 percent in September.
According to t Nadaraia, both the government and the central bank recognize that the lari has too devalued. The devaluation was caused by negative expectations, including those related to the elections.
“Other very important factors such as the Turkish lira’s collapse also affect the lari’s exchange rate. By the end of the year, the lari exchange rate is forecasted to stand at 3.15 per 1 USD. But the National Bank should fulfill its promises to carry out currency interventions,” Nadaraya stresses.
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