Georgian former PM accuses National Bank president of lari rate depreciation
Tbilisi, Georgia, Feb. 27
By Nana Kirtzkhalia - Trend:
Georgian ex-Prime Minister, billionaire Bidzina Ivanishvili accused the president of the National Bank Giorgi Kadagidze of inaction, which caused the crisis of the national currency.
"Kadagidze, appointed the National Bank president by the National Movement, caused the crisis of the national currency by his inaction and wrong actions," Ivanishvili's statement says.
He said that the direct responsibility of the Georgian National Bank was the correct handling of the situation.
The lari rate versus $1 has begun declining actively since November 20, 2014. As of the recent trading, it was set at 2.2635 lari / $ 1. Until that time, the national currency of Georgia was at the level of 1.74 - 1.76 lari / $ 1.
The opposition representatives and experts have repeatedly said that the lari rate decrease is the result of the "wrong economic policy" of the Georgian authorities.
"The National Bank of Georgia spent only up to 5 percent of official reserves ($ 120 million), which gave no results," Ivanishvili said. "The National Bank has the appropriate lever to ensure its stabilization in terms of the lari floating rate."
He said that taking into account all objective factors, the lari exchange rate must not exceed two lari per dollar.
"The president of the National Bank must take adequate actions," he said.
Ivanishvili said that taking into account the influence of external factors, the events connected with the lari have developed adequately since the autumn of 2014.
Edited by CN