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President of NBG Made a Comment on GEL Devaluation

President of NBG Made a Comment on GEL Devaluation

President of National Bank of Georgia made a comment on sharp drop of GEL with media on Thursday.

Koba Gvenetadze declares that it is difficult to make a comment on short-term fluctuations during the floating exchange rate. It should be noted, that various deals and expectations have impact on currency rate. Devaluations, as well as strengthening, should be made envisaging those factors. However, GEL will have a strengthening trend for mid-term and long-term period.

The chief banker of the county explained, that NBG makes interventions when fundamental factors do not have impact on the exchanged rate and there are definite expectations, which coincides to the bank’s strategy. He noted that more transactions were made in the previous years. Gvenetadze did not exclude currency supply for the market in the future, if there would be the need. To remind, GEL has devaluated by more than 2 tetri against USD and 1 USD has amounted to 2.4773 GEL.