George Kvirikashvili, Minister of Economy and Sustainable Development and Vice Premier of the country, says it is no surprise that the GEL exchange rate did has not returned to its the previous position yet, because local currencies of all our trade partners are experiencing devaluation.
George Kvirikashvili made this comment for reporters in response to as to why the GEL rate did not decrease despite the tourist season opening in many countries. “The dollar is gaining strength throughout the world. The situation in our region is no different than the rest of the world. Oil prices remain low and this leads to a sustained low investment appetite compared to previous years,” he said.
According to the Minister, Georgia’s main investor countries are oil countries, so investments in Georgia are largely dependent on those countries’ investment appetite.
Negative processes took place in Greece too, which affected monetary transfers to our country. I hope the process is already in the past, since the factors which I listed before, apart from oil prices, have already been eliminated. I hope the situation will improve in Greece and I hope we will have a stable GEL exchange rate in the near future; though I repeat we live in a dynamic region and we must be ready for challenges,” Kvirikashvilu stated.