Natia Turnava said, “Let’s avoid devaluation and impoverishment of the GEL when the economy is strong and this shouldn’t happen.” Natia was responding to a question regarding the National Bank of Georgia spending foreign exchange reserves.
Natia Turnava noted that the pre-election hype increased the demand for dollars. At this time, the National Bank was obliged to put an end to this temporary excitement on the market.
“Pre-elections have certainly worsened the expectations, including through artificially generated agitation. The market participants have created a feeling of unpredictability, which has led to a frantic desire for the dollar. We are obligated to put an end to this excitement, especially when the demand is not based on economic reasons. We did it. We did it.
Natia Turnava is confident that the foreign exchange deficit and reserves will decrease by the end the year.
“As of 8 November, since the beginning the year, we had net sales of 540 millions dollars. I don’t rule it out, and I am certain that, since the agitation and pressure on the market have been removed, we will be able, by the end the year, to reduce this deficit and restore reserves.” We will not be able eliminate the deficit by the end the year but the current situation allows us to begin purchases.
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