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Nodar Khaduri

Finance Minister: We Expect GEL Exchange Rate to See Serious Upturn

We expect the Georgian national currency will see serious upturn in the midterm period, Georgian Finance Minister Nodar Khaduri noted in his interview with the Rezonansi newspaper.

The situation is getting stabilized in the neighboring countries and this factor will foster the GEL exchange rate enhancement, Khaduri said.

„I would like to note that we do not expect extreme change in the exchange rate in the direction of devaluation. Our neighboring countries are demonstrating stabilization signs and we hope the exchange rate will be stabilized and in the midterm period we expect serious strengthening. These are not useless words. I assure you this will really happen and the GEL will strengthen definitely”, Khaduri said.

The Georgian Finance Minister reiterated that the state budget does not stage pressure on the exchange rate  and external factors drive the exchange rate volatility, in practice.

“There is complicated economic situation around us. Even the strong economies have failed to withstand the exchange rate volatility tendencies”, the Georgian Finance Minister said.