Here is the rephrased version:
The foreign exchange inflows in December showed improvement, mainly due to an increase in traditional tourism. However, there was a slight decrease in migration effects. In January, the deposit dynamics indicated a change in expectations regarding the depreciation of GEL. Despite seasonal factors, GEL deposits grew more than currency deposits, reflecting evolving expectations. Considering the foreign exchange inflows and sentiments, two additional components of TBC Capital’s Lari exchange rate framework need to be taken into consideration: low inflation and recent lari strength may pose a challenge to competitiveness in certain industries.
Although the data for SEB’s currency interventions in December and January is still pending, TBC Capital predicts more USD purchases following a $169.4 million sale in September-November, rather than a significant strengthening of the lari. The exchange rate dynamics of the euro and regional currencies, such as the weakening of the Turkish lira and the strengthening of the Russian ruble, have an impact on the lari’s average exchange rate stability with its main trade partners.
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