As President of the National Bank of Georgia, Koba Gvenetadze stated, Georgia's national currency Lari depreciated due to the coronavirus negative shock, and some currencies lost value more than the Lari.
Gvenetadze says the Georgian economy was affected due to several factors.
First, suspended tourism activities stopped the dollar entry in the country, while the oil price drop is the second factor that influences the Lari.
''Thus, we expect fewer money transfers from the countries where we received the currency. Other countries' economies will decrease and led to a less number of remittances,'' Gvenetadze said.
Georgia's national currency Lari has devalued by 21,57% since January 1, 2020.
The National Bank of Georgia sold 100 million USD to help the national currency, but we cannot see any results yet.
Specialists advise the National Bank to stiffen its monetary policy and increase the refinancing rate.
Bela Gelashvili
News Author