Statement of National Bank on GEL Exchange Rate

The National Bank of Georgia has released a statement on the national currency (GEL) exchange rate, saying that the country is facing a floating exchange rate regime which is affected by a number of internal and external factors, including expectations.

The document also covers the expected outcomes of the Russian tourism sanctions on the Georgian economy.

“At this stage, it is difficult to make an appropriate forecast. However, according to the initial calculations, the decrease in the Russian tourist inflow will affect the economy of Georgia by $200-300 million,” reads the document.

The National Bank of Georgia states it is to apply all measures necessary to prevent a high inflation rate countrywide.

By Ketevan Kvaratskheliya