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How Crisis in Turkey May Effect Georgia – Koba Gvenetadze Explains

“If the situation is not deteriorated in Turkey, we do not expect essential influence on Georgian economy”, Koba Gvenetadze, president of National Bank of Georgia (NBG) noted in his interview for the Global Finance.

Turkey is Georgia’s major trade partner with 17% in imports and 8% in exports. Turkey holds significant portions in tourism sector and money transfers, Koba Gvenetdze noted.

„Economic situation in Turkey will cut foreign currency inflows to Georgia and the demand for Georgia goods and products. At the same time, we should take into account the dynamics of Turkish Lira and inflation. The growing risks in the region may also influence our risks and capital inflow. Turkish Lira has considerably depreciated against Georgian Lari”, Gvenetadze not8ed. 

We remind you that this year Turkish Lira depreciated against USD by 35%.