In brief

Georgia’s economy minister says lari will soon recover

by | May 5, 2015
giorgi_kvirikashvili

Giorgi Kvirikashvili. (Interpressnews.)

TBILISI, DFWatch–As Georgia’s national currency lari is continues to fall in value, the economy minister assures the public that the fall will not continue and calls on journalists not to speculate.

Economy Minister Giorgi Kvirikashvili said Monday that there are visible results of the work done by the government to fight a drastic drop in the lari rate, and there can be expected an increase in tourism.

“That’s why I want to ask the media to try not to turn this issue into political speculation, because any negative reports has negative influence on the economy,” he said, adding that it also is not right to ‘use the media’ to artificially aggravate the situation.

The National Bank has intervened at least six times since November, 2014 to help correct the lari rate. The value has gone down from 1.75 and to 2.33 against the US dollar. The National Bank has sold USD 40 million six times, but it helped to sustain the rate only a while.

From April 1 to May 2 one USD has varied between 2.23 and 2.33.



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