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Georgian Central Bank Expects Local Currency’s Strengthening

Georgian central bank’s head, Giorgi Kadagidze considers the rejection to spend state reserves against the backdrop of falling national currency as a right move, RIA Novosti reported Sept. 27.

Kadagidze also expects the strengthening of Georgian national currency – the lari.

The lari’s rate has for several years remained at around 1.7 per $1. But in November 2014, the lari started to depreciate sharply reaching the level of about 2.4 per $1.

Georgian government lowered the 2015 economic growth forecast to two percent from five percent, and issued an anti-crisis plan to bring foreign investments.

The plan was criticized by Georgian opposition.