Mamuka Bakhtadze: GEL experiences excessive depreciation, accordingly, we expect national currency to rebound to its natural and solid indicator
Mamuka Bakhtadze: GEL experiences excessive depreciation, accordingly, we expect national currency to rebound to its natural and solid indicator

Every institution, including commercials banks, make a common assessment that we are dealing with excessive depreciation of GEL. Thus, we have an expectation that it will rebound to its natural and solid indicator” stated Mamuka Bakhtadze, Prime Minister of Georgia at a regular press briefing held prior to the Executive Government Meeting today.

According to the Head of Government of Georgia, national currency has been trending towards appreciation during the last two days, which was expected as any analyses evidenced that GEL was excessively depreciated and economy of the country was undergoing a healthy process.

“Some two days ago National Statistics Office of Georgia released data on the economic growth of the country, which evidenced that we are witnessing healthy, solid, sustainable processes in the economy of Georgia and that GEL was excessively depreciated. Sadly, it was facilitated by the negative occurrences in the last few weeks and resulting negative expectations. Main parameters of economic growth and development – starting with the current account deficit and finished with export volumes – are rather positive and evidence solid dynamics” added the Prime Minister of Georgia.

According to the Head of Government of Georgia, proceeds have been declining in the tourism sector, however joint efforts planned by the Government will regain the same upward trend in the sector.

“Unfortunately, we have declining proceeds from the tourism sector, which are due to the well-known development of events. We used to have a very high rate of advancement in the given sector. For instance, I can say that almost 40 percent has been witnessed in June in Adjara in contrast with the respective month of the past year. Public may conclude what was the volume of revenues expected in the economy of Georgia from proceeds in tourism. Sadly, it will be hard to carry the same trend in the coming months on the background of the challenges faced, but I am confident that joint efforts planned by us together with companies operating in the sector, will help us regain the same upward trend in tourism and it will continue being the main locomotive of economic development of Georgia as will be the case in the coming years” concluded the Prime Minister of Georgia.

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