National Bank of Georgia: we won't spend reserves to strengthen lari

National Bank of Georgia: we won't spend reserves to strengthen lari

The National Bank of Georgia will not spend money from the reserves to strengthen the lari, the bank's president Giorgi Kadagidze said. 

 

"The devaluation of the GEL is caused by fundamental economic factors. To replace exports, tourism and transfers with the reserves is the wrong economic decision and will produce no results," he said. 

 

According to Kadagidze, Georgia’s currency reserves are the country's asset which is the main guarantee of Georgia’s financial stability. The head of the National Bank noted that a consistent policy to accumulate and manage the reserves is recognized by all international organisations, including the International Monetary Fund.

 

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