Date: 3 weeks ago   Category: Financial

The currency of Georgia record-breaking fell in price


The Georgian authorities see no reason for panic. They claim that this temporary decline of lari. The official rate of the Georgian lari in relation to US dollar record-breaking fell, Interfax Ukraine on Friday, May 24 reports. It is noted that since the beginning of 2019 of lari depreciated for 4%, including since the beginning of May – for 2.8%, and for the last day dropped by 0.2%, and for May 24 it is established by National bank of the country on the next historic low – 2.7799 lari / $1. So far the lowest rate of national currency to U.S. dollar was recorded on December 23, 2016 at the level of 2.7710 lari, and in the next two years it did not fall lower than 2.7674 lari and 2.7656 lari respectively. Dollar exchange rate in relation to lari already exceeds the boundary put in the state budget of Georgia for 2019 at the level of 2.66 lari / $1. At the same time in commercial banks and currency exchanges the course of purchase and sale of dollar on Thursday reaches 2.79 - 2.81 lari / $1 that affects growth of consumer prices, and first of all, on the products imported to Georgia. Meanwhile the authorities see no reason for panic. As the Minister of Finance of Georgia Ivane Machavariani said to journalists, only temporary decline of lari takes place that the normal phenomenon for the floating exchange rate operating in the country. "There is nothing disturbing. These are short-term fluctuations, the answer to which is the long-term economic policy", – the minister told. According to him, the periods of short-term fluctuations existed, and will always exist, especially in developing countries with small economy. "Medicine for it is dedollarization, the correct macroeconomic and fiscal policy which we carry out, and will continue so", – the Finance Minister said. The Georgian national currency was introduced into circulation on October 2, 1995 with a rate of 1.3 lari / $1. Let's remind, for the last two days hryvnia exchange rate fell by 23 kopeks – up to 26.30 UAH / $1. At the same time in the NBU consider that the decision of the president Vladimir Zelensky to dismiss parliament was not displayed in the foreign exchange market of Ukraine. News from the Correspondent.netv of Telegram. Subscribe for our https://t.me/korrespondentnet channel

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