President of the National Bank of Georgia Giorgi Kadagidze, does not expect the GEL to depreciate further in the mid-term period.
Giorgi Kadagidze made this comment after holding a meeting with the head of the Budget and Finance Committee Tamaz Mechiauri, together with Finance Minister Nodar Khaduri, Regional Development Minister Nodar Javakhishvili and business ombudsman Giorgi Gakharia.
According to Kadagidze, the GEL has gained value due to several significant factors. The most notable one is that the existing depreciation influences the tax balance. As a result, import has been corrected and the GEL exchange rate is pressured no more.
In Kadagidze’s words, additional factors are the start of tourist season and other economic circumstances. “The loss we experienced has passed and the GEL is gaining value. I do not expect a further depreciation in the mid-term period,”- Kadagidze notes.