Why the Dollar is Falling: National Bank of Georgia Education Program

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Why the Dollar is Falling: National Bank of Georgia Education Program

Why the Dollar is Falling: National Bank of Georgia Education Program

Due to the tightening of monetary policy, foreigners’ interest in lari securities is increasing, estimates the head of the National Bank 09.02.2022, Sputnik Georgia

2022-02-09T07:01+0400

2022-02-09T07:01+0400

2022-02-09T07:01+0400

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TBILISI, February 9 – Sputnik. The reason for the strengthening of the exchange rate of the national currency – the lari against the dollar – was external factors, including an increase in exports, remittances and the recovery of tourism, said the president of the National Bank of Georgia Koba Gvenetadze. The price of the lari started to strengthen from the beginning of February. Already on February 4, the National Bank of Georgia fixed the exchange rate of the lari against the US dollar at a level below the psychological mark of 3 GEL/1 $. The exchange rate as of February 9 is 2.92 GEL / $1 According to him, the recent strengthening of the national currency is mainly due to the improvement of the external sector, which means the export of products, the strong growth of transfers from abroad and the partial decline in the recovery of income from international tourism At the same time, the head of the regulator noted that due to the tightening of monetary policy, foreigners’ interest in lari securities is growing, because due to the good experience of the economic team in macroeconomic management, the demand for lari deposits has increased. > “Simply put, when the main economic factors deteriorated, the lari depreciated and when the fundamentals improved, the lari reflected it,” Gvenetadze said. the lari has strengthened, this can only affect prices,” Gvenetadze said. Subscribe to video and Georgia news on our YouTube channel

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TBILISI, February 9 – Sputnik. The reason for the strengthening of the exchange rate of the national currency – the lari against the dollar – was external factors, including an increase in exports, remittances and the recovery of tourism, said the president of the National Bank of Georgia Koba Gvenetadze.

The lari exchange rate started to strengthen from early February. Already on February 4, the National Bank of Georgia fixed the exchange rate of the lari against the US dollar at a level below the psychological mark of 3 GEL/1 $. The exchange rate on February 9 is 2.92 GEL/$1

“As you know, we have a floating exchange rate regime. The exchange rate is set according to supply and demand in the market. This is due to the outflow – the influx of currency and expectations,” Gvenetadze said on Fortuna radio station.

According to him, the recent strengthening of the national currency is mainly due to the improvement of the external sector, that is to say the export of products, the strong growth of transfers from abroad and the partial recovery of income from the international tourism.

At the same time, the head of the regulator noted that due to the tightening of monetary policy, foreigners’ interest in lari securities is increasing, because due to the economic team’s good experience in managing macroeconomic, the demand for lari lari deposits has increased.

Georgian Business Association: Stronger GEL Could Drive Down Prices >>

“Simply put, when the main economic factors deteriorated, the lari depreciated and when the fundamentals improved, the lari reflected it,” Gvenetadze said.

At the same time, he noted that it is worth waiting for a drop in prices due to the strengthening of the lari.

“Since the lari exchange rate has strengthened, this can only affect prices,” Gvenetadze said.

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