lari currency crisis 2015

Government deal to soften impact of currency drop on mortgage lenders

By | November 30th, 2016|Categories: Economy|Tags: , |

(Interpressnews.) TBILISI, DFWatch–The Georgian government offers a temporary aid package to people who have their mortgage loans in US dollars, to ease the disastrous consequences of the lari’s continued race to record low depths. The decision was made at a […]

Georgian government to raise excise tax due to tanking lari

By | November 29th, 2016|Categories: News|Tags: , |

TBILISI, DFWatch–Amid growing discontent with the economic situation in the country, and a national currency which plunges to new depths every day, the government announces a hike in excise the tax rate for fuel, tobacco, imported autos and gambling. “As you know, […]

Georgian lari hits all-time low

By | November 27th, 2016|Categories: News|Tags: |

(Interpressnews.) TBILISI, DFWatch–Georgian lari on Friday hit an all-time low at 2.5026 against the US dollar. The previous record was in January this year, when it was valued at 2.49 laris per USD. Georgia’s National Bank has sold USD 180 million of its reserves since August, but has not […]

Georgian lari tanking, on course for second record low this year

By | November 14th, 2016|Categories: Economy|Tags: , |

(Interpressnews.) TBILISI, DFWatch–The Georgian lari is on course for a new historic low, after setting a record earlier this year at 2.4921 laris per US dollar. Today it is valued at 2.4899. Prime Minister Giorgi Kvirikashvili explained the new drop in the value of the lari is as a result of growing imports. […]

Georgian lari reaches historic low of 2.49 against USD

By | January 26th, 2016|Categories: Economy|Tags: , |

(Interpressnews.) TBILISI, DFWatch–The Georgian national currency on Monday reached a new historic low of 2.4923 lari for one US dollar. The price of dollars in exchange booths and banks was more than 2.53 laris. On January 23, one US dollar was 2.4694. Since the lari was introduced […]

Georgia’s National Bank intervenes for sixth time since start of lari crisis

By | September 23rd, 2015|Categories: Economy|Tags: |

Giorgi Kadagidze, head of Georgia’s National Bank. (Interpressnews.) TBILISI, DFWatch–Georgia’s National Bank intervened to bolster the flagging currency lari on Tuesday, causing its value to rise four tetris against the US dollar. The Bank put USD 40 million up for auction, out of which USD 27 million has been sold so far. The lari currently […]

Georgian PM says lari has bottomed out as it near historic low

By | September 22nd, 2015|Categories: News|Tags: |

Irakli Garibashvili. (Interpressnews.) TBILISI, DFWatch–Georgia’s national currency is four cents away from reaching its lowest point ever against the US dollar. When the lari began to drop rapidly in November, 2014, one USD was about 1.75 laris. Today, the Georgian National Bank’s official exchange […]

PM urges calm as Georgian lari reaches lowest level since 1999

By | August 26th, 2015|Categories: Economy|Tags: |

Prime Minister Irakli Garibashvili. (Interpressnews.) TBILISI, DFWatch–Georgia’s currency lari has reached its lowest level since 1999, but the government is optimistic and blames media and analysts of being incompetent and engaging in speculating. The lari is now at 2.416 against the US dollar, near the all-time low […]

Georgia’s PM blames private business for causing lari’s instability

By | August 20th, 2015|Categories: News|Tags: |

Irakli Garibashvili. (Interpressnews.) TBILISI, DFWatch–Georgia’s prime minister blames business leaders for causing the instability of the national currency lari by keeping their money in US dollars. Irakli Garibashvili explained Wednesday during a visit to Batumi, a city on Black Sea coast, […]

Ivanishvili considered arresting the head of the National Bank

By | June 5th, 2015|Categories: News|Tags: , , |

Bidzina Ivanishvili. (Interpressnews.) TBILISI, DFWatch–Former Prime Minister Bidzina Ivanishvili says he once planned to arrest Kadagidze due to ‘personal’ business, but changed his mind by request of representatives of the International Monetary Fund (IMF). The revelation comes after weeks of criticism […]

Georgia govt backtracks on budget cuts

By | May 22nd, 2015|Categories: Economy, News|Tags: |

TBILISI, DFWatch–After a period of depreciation, Georgia’s national currency, lari, has started to stablize. The government has cancelled plans to drastically cut the budget. According to data from the National Bank, one USD is today worth 2.3234 laris. Due to the […]

Georgian government preparing almost USD 300 million budget cuts

By | May 18th, 2015|Categories: Economy|Tags: , , |

Economy Minister Giorgi Kvirikashvili. (Interpressnews.) TBILISI, DFWatch–The government in Georgia is preparing to drastically cut the state budget to deal with a 30 percent reduction in value of the national currency. Presenting the plans Monday, members of the ruling coalition said the budget will be cut by 500 […]

Kaladze: ‘National Bank could have monitored large bank transactions’

By | May 15th, 2015|Categories: News|Tags: , |

Kakhi Kaladze. (Interpressnews) TBILISI, DFWatch–Georgia’s vice prime minister claims the National Bank could have helped stabilize the lari by monitoring large bank transactions in and out of the country. Energy Minister Kakhi Kaladze said this during an appearance on the talk show 2030 […]

Georgians disappointed with the govt, but don’t trust the opposition

By | May 14th, 2015|Categories: News|Tags: , |

If the government can’t acknowledge that their popularity is dropping then we are dealing with an even worse situation, says Tornike Sharashenidze, Professor at GIPA. (Interpressnews.) TBILISI, DFWatch–Georgians are disappointed with the government, lack confidence in the opposition and are worried about the situation in the country – these are the main findings of a recent poll published by the National Democratic Institute (NDI). Judging […]

Head of Georgia’s National Bank gets backing from EBRD president

By | May 13th, 2015|Categories: News|Tags: , , |

Suma Chakrabarti. (Interpressnews.) TBILISI, DFWatch–The head of the European Bank for Reconstruction and Development (EBRD) commends the head of the National Bank for conducting an exemplary monetary policy. The Georgian lari has tanked in recent months. The lari has gone down […]

Economy minister admits life has gotten tougher for Georgians

By | May 8th, 2015|Categories: News|Tags: , |

Giorgi Kvirikashvili. (Interpressnews.) TBILISI, DFWatch–The economy minister in Georgia has finally admitted that people’s conditions have worsened in recent weeks and months. But Prime Minister Irakli Garibashvili follows his predecessor and godfather of this government in blaming the devaluation […]

Georgian National Bank raises interest rates to deal with falling lari

By | May 7th, 2015|Categories: News|Tags: , , , |

(Interpressnews.) TBILISI, DFWatch–For the second time this year, the National Bank has increased the refinancing rate by half a percentage point. The rate now stands at 5 percent. About 8,000 people will have higher interest rate on their loans because of the change. Economic […]

Georgia’s economy minister says lari will soon recover

By | May 5th, 2015|Categories: In brief|Tags: |

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 […]

Ivanishvili again blames National Bank for Georgia’s currency woes

By | April 30th, 2015|Categories: News|Tags: , |

(Interpressnews.) TBILISI, DFWatch–Businessman and retired politician Bidzina Ivanishvili has again blamed the National Bank for not helping to prevent a drop in the Georgian lari. “I suspect that the National Bank is still acting inadequately,” he told journalists on Thursday. […]

Georgian parliament to discuss low lari rate again

By | April 27th, 2015|Categories: Politics|Tags: , |

Zurab Tkemaladze. (Interpressnews.) TBILISI, DFWatch–Parliament in Georgia is calling on the group of economy ministers to explain themselves again about the falling currency rate, but the finance minister claims the drop in the lari’s value is only temporary. The value of the Georgian lari started […]

Georgian parliament again fails to hold crisis session

By | March 13th, 2015|Categories: Politics|Tags: |

(Interpressnews.) TBILISI, DFWatch–The Georgian parliament again failed to hold an extraordinary session about how to tackle a drastic drop in the value of the national currency, the lari. Again, the reason for cancelling the plenary session was that parliament members from the governing […]

Six detained in clashes outside parliament in Tbilisi

By | March 12th, 2015|Categories: Youth|Tags: , , |

Lado Sadghobelashvili from Free Generation. (Interpressnews.) TBILISI, DFWatch–Six people were detained during clashes at a rally against the government’s economic policy outside the old parliament building in Tbilisi on Thursday. Free Zone, an activists group which supports the National Movement, demonstrated […]

Parliament meets Friday for crisis session

By | March 11th, 2015|Categories: Politics|Tags: |

President Margvelashvili. (Interpressnews.) TBILISI, DFWatch–The Georgian president on Tuesday called a special parliamentary session dedicated to the monetary crisis in the country on March 13 at 12:00. The president’s administration published a decree signed by Giorgi Margvelashvili, which specifies […]

Crisis session in parliament this week

By | March 10th, 2015|Categories: News|Tags: |

(Interpressnews.) TBILISI, DFWatch–The Georgian president on Monday decided to call a special session of parliament to let the government face its critics after the national currency dropped thirty percent. Free Democrats MP Irakli Chikovani announced the decision after a meeting […]

Saakashvili’s party again demands answers from government

By | March 9th, 2015|Categories: Politics|Tags: |

(Interpressnews.) TBILISI, DFWatch–The National Movement party warns of an economic crisis in Georgia and demands measures from the government. The government claims the situation is under control and the ruling coalition sees no need for scheduling the special session. […]

Margvelashvili considering parliament session about currency crisis

By | March 7th, 2015|Categories: News|Tags: |

Finance Minister Nodar Khaduri. (Interpressnews.) TBILISI, DFWatch–President Margvelashvili is reconsidering the idea of having a special parliament session to discuss the crisis sparked by an over 30% drop in the value of the national currency, the lari. At the height of panic a few weeks ago, the president […]

Georgia’s govt fails to present crisis plan by March 5 deadline

By | March 6th, 2015|Categories: Politics|Tags: , |

Nodar Khaduri. (Interpressnews.) TBILISI, DFWatch–The government in Georgia says it has not yet prepared an action plan for tackling the currency crisis after a drastic drop in the value of the national currency lari over the last few months. An action plan was expected on March 5, after […]

Saakashvili’s party planning rallies to unseat the government

By | March 2nd, 2015|Categories: Politics|Tags: |

Zurab Japaridze from the National Movement. (Interpressnews.) TBILISI, DFWatch–Georgia’s former ruling party, the National Movement, is preparing to take to the streets this spring in a change of roles since a few years back. The call comes after the government refused to show up in parliament on Saturday to debate […]

Head of Georgia’s National Bank may be impeached for ‘inaction’

By | February 28th, 2015|Categories: Politics|Tags: , |

(Interpressnews.) TBILISI, DFWatch–The president of Georgia’s National Bank may be impeached after former Prime Minister Bidzina Ivanishvili on Thursday accused him of inaction in the face of a sudden thirty percent drop in the lari. The National Bank is an independent body whose […]

Georgia’s National Bank will not spend reserves on stabilizing lari

By | February 27th, 2015|Categories: News|Tags: , |

Giorgi Kadagidze. (Interpressnews.) TBILISI, DFWatch–Georgia’s National Bank will not spend its reserves of foreign currencies to stabilize the lari despite a dramatic 30 percent drop earlier in the week. The bank’s president Giorgi Kadagidze explained at a briefing at noon on Friday that […]

Opposition groups blame government for lari’s fall

By | February 27th, 2015|Categories: In brief|Tags: |

Free Georgia, Reformers and Christian Democrats activists demonstrating outside the Finance Ministry building on Thursday. (Interpressnews.) TBILISI, DFWatch–There were several anti-government demonstrations in Tbilisi on Thursday in reaction to the thirty percent drop in the value of the national currency, the lari. Smaller groups that are not represented in parliament made up the brunt […]

Georgian parliament to meet on Saturday to discuss crisis

By | February 27th, 2015|Categories: In brief|Tags: |

(Interpressnews.) TBILISI, DFWatch–As the Georgian government is waiting to hear what ideas experts from the IMF have to deal with the weakened national currency, the lari, the former ruling party will be demanding answers at a special session of parliament on Saturday. […]

Ivanishvili blames the head of the National Bank for currency crisis

By | February 26th, 2015|Categories: News|Tags: , |

Bidzina Ivanishvili. (Interpressnews.) TBILISI, DFWatch–Former Georgian Prime Minister Bidzina Ivanishvili weighs in on the question of who is to blame for the more than 30% depreciation of the national currency in recent days. The businessman blames the National Bank and its head, who he assumes […]

Georgian lari stabilizes at record low level

By | February 26th, 2015|Categories: Economy|Tags: |

(DF Watch.) TBILISI, DFWatch–The lari, Georgia’s embattled national currency, showed signs of recovery on Thursday after both the National Bank and the government announced that they are taking measures to stop it from further depreciation. In recent days, the national […]

Georgia to sell off state properties to deal with currency crisis

By | February 25th, 2015|Categories: News|Tags: , |

(DF Watch.) TBILISI, DFWatch–The government in Georgia has presented a list of state properties to be sold off to bring in new money, as a means to deal with an unexpected 30% drop in the value of the national currency, the lari. Among the properties to be sold are the […]