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TBC Bank’s Financial Director Explains GEL Depreciation Reasons

TBC Bank’s financial director Giorgi Shagidze says that the recent volatility of GEL is related to deprecation of RUB and TUR in neighboring countries.

“GEL is a free currency and naturally, developments in our trade partner countries influence it. We saw that last week Turkish Lira considerably depreciated” Shagidze said and added that currency of any trade partner makes certain influence on GEL.

In response to the question, what other factors could influence GEL exchange rate, Shagidze said:
“We do not think any fundamental factors have caused this depreciation”