Posted: 3 years ago

Minister of Finance: GEL Rate Falls to 2.80 Point, but There is no Inflation Pressure

GEL exchange rate deprecation is driven by external factors, Minister of Finance Ivane Machavariani told reporters.

“Naturally, external factors rule… I am sure the Turkish factor is one of the preconditions for the current volatility. That’s why for more than 1 year we have been talking about dedollarization to reduce dependence on USD-related factors, including there were active discussions at our parliament over introduction of due regulations and restrictions on mortgage loans. There regulations aim to make the country resistant to external shocks.

The exchange rate has dropped to 2.80 point, there is no inflation pressure behind this volatility. We are sure the growth in prices will remain within the norm determined by National Bank of Georgia”, the Minister noted.