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NBG says Reason of Sharp GEL Depriciation is Dollar’s highest Rate Since 2003

Nowadays, a significant change on currency exchange rate market is not caused by current economic situation in the country.  In the previous month, the inflation was basically caused by reinforcing of USD towards World currencies. The USD index reached the highest rate this time since 2003.

In addition, the expectations created in the population increased the demand for dollar. Currently, the exchange rate at the market exceeded the point, which is defined by fundamental conditions.

Therefore, we are expecting that the USD rate will decrease.

To sum up, the USD exchange rate on the market nowadays is overrated and we advise the population and economic agents not to make quick decisions, which will probably not be beneficial for them.