Roman Gotsiridze, an opposition MP, wrote about this on social media.
According to Gotsiridze the volume of reserves was 4,71 billion dollars in September, and it decreased to 4,08 billion dollars at the end of the month.
Gotsiridze relates this to the election campaign for “Georgian Dream“, and claims that the “two-month criminal campaign” of the ruling party “caused more damage” than the pandemic, in terms of currency reserves.
According to Gotsiridze it will take many, many years to restore the building.
“Our assumption was correct.” Official statistics have now been published. The National Bank lost 630 million dollars of foreign currency reserves in October alone. In September, the reserves were 4.71 billion dollars and by the end of October, they had dropped to 4.08 billion.
Our prediction that the National Bank would sell an unprecedented amount in dollars between September and October was also correct. We know for certain that the amount is 740 millions dollars. The National Bank will only officially announce this on November 25, 2018.
The two-month criminal campaign of “Georgian Dream”, which was a criminal election campaign, did more damage to the foreign exchange reserves than pandemic. It will take years to restore the reserves.
In August 2023, the foreign currency reserves were 5,44 billion dollars. Today, as we’ve seen, they are 4,08 billion dollars. That is, the reserves have decreased by 1,36 billion dollars in less than a year and have fallen below the critical level. No country with a BB credit rating has this much in reserves compared to the volume of payments made abroad. Soon, the issue of revising the rating will be discussed”, wrote Gotsiridze in a Facebook post.
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