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Premier Forecasts Georgian Lari to Stabilize by Summer

According to Georgia’s Prime Minister, the lari  will further strengthen in the summer. The forecast was made by the Prime Minister at the press conference.

Irakli Garibashvili says that in  experts’ and analysts’ opinion,  a period of crisis has been  overcome and the national currency will not depreciate  even more. However, the Prime Minister says that it will  take several months, and he does not have a specific recipe of how to stabilize the situation today or tomorrow.

Prime Minister reiterated that the lari’s depreciation had not been caused  by the government’s failed policies but by  external shocks. According to him, the government did  everything the devaluation of the national currency to  be less painful, but has  failed due to a lack  of  resources.

The Government is doing everything  for the lari’s stabilization. The National Bank’s policy was the subject for discussion. IMF mission arrived in the country. We had consultations, the government was involved in the process.  I want to tell people that this situation will change as soon as possible,” – Prime  Minister notes.

In his words, the lari has fallen by  about 30% in recent months. In Garibashvili’s opinion, unfortunately, the Georgian economy is not strong enough to withstand such fluctuations.