Economy Minister: Rapid economic recovery to protect against GEL exchange rate fluctuations
Economy Minister: Rapid economic recovery to protect against GEL exchange rate fluctuations

The rapid recovery of the economy would be the main thing to protect Georgian national currency (GEL) against exchange rate fluctuations, the Minister of Economy and Sustainable Development, Natia Turnava, said.

According to the Economy Minister, the government has eased most of the restrictions to boost tourism recovery.

“The rapid recovery of the economy would be the main thing to protect GEL against exchange rate fluctuations. You know, we have practically lifted the main restrictions to restore tourism. Vaccination is underway, which will be a barrier to prevent the third Covid-19 wave, while tourism will bring additional foreign currency to the country. We are now discussing the opening of land borders, which will also boost our financial market. It is important to develop local energy to reduce imports and prevent the currency from flowing out of the country. Good coordination with the National Bank is another mechanism, and we are working on it,” Natia Turnava said.

Georgian national currency shows depreciation tendency against US dollar during the last ten days. Exchange rate of the Georgian Lari (GEL) fell to 3.3846 against U.S. dollar on March 29.

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