We are obliged, whenever we face non-fundamental factors, one-time reasons and non-economic ones, to stabilize the currency markets with all the levers we have at our disposal to avoid an immediate devaluation. – Natia Turnava said, acting president of SEB after the event dedicated the Banker’s Professional Day.
According to her, net purchases of reserves in the last year amounted 1.3 billion. USD was three times as much as what was sold in this year.
“This year, there was a necessity to sell reserves. It is therefore incorrect to say that our reserves have suffered. The National Bank was obliged to quell the temporary excitement on the market due to the pre-election hype. We are required to stabilize the currency markets whenever we are faced by non-economic, non-fundamental factors and reasons. This is to avoid a devaluation of GEL in the near future, as could be the case here.
According to her, the negative balance and reserves will be restored by the end the year.
“As of 8 November, since the start of the year we have net sales worth 540 million dollars. I don’t rule it out, and I’m sure that now that the agitation and pressure on the market have passed, we will be able reduce this deficit by year-end 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”, said Natia.
Read More @ www.interpressnews.ge