Levan Davitashvili, Minister of Economy and Sustainable Development explains that the GEL exchange rate is unstable because of the pressure and misunderstanding before the elections.
He told reporters that the National Bank‘s decision to sell reserves in order to maintain the exchange rates is correct, as he said after the government session.
“I fully support the policies and approaches of the National Bank. These decisions [reserve sale] were necessary to maintain economic stability during a time of greatest need. There was pressure, ambiguity, or uncertainty before the decision was made, but after the decision was made, this pressure and ambiguity was removed. There will be no confusion and only positive trends.
The reserves of the National Bank can be used to maintain stability in times of shocks and challenges. This can be due either to political or economic factors. No matter what the reason is, it’s exactly for this purpose that reserves should be used to maintain a stable economy on the long-term. In the coming period, we’ll see a release in pressure. The course will maintain the benchmark of our course. Our economy will continue to grow faster because all other parameters in our economy are healthy. Levan Davitashvili said that the last quarter of the current year will be a good one.
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