Ivane Matchavariani on GEL Exchange Rate

“I do not only feel responsibility. This issue is certainly very painful, as I know exactly the cost of such level of instability,” stated Ivane Matchavariani, Minister of Finance at the briefing held after the government sitting.

He noted that the present situation on the currency market is the reflection of the recent developments and negative expectations that have been taking place across the country for the past few days.

“I am well-aware of the cost of each Lari, obtained from tourism industry, as well as exports. I am really sorry that we may face a number of serious problems due to such actions. In case of what we do, we do follow the development of economic circumstances. Today, of course there is nothing materialized yet, neither embargo, nor the plummeting of the tourist inflow. However, the expectations are certainly heavy. I hope, these expectations will not come true in the full scale. What happens to GEL today, is unambiguously the reflection of the given expectations,” said Finance Minister, noting that he agrees with the steps made by the National Bank.

“The National Bank is functioning in the absolutely right way with regards to the currency rate. Therefore, I hope radicalism and this hysteria will decrease soon. Moreover, there are grounds for them currently. The initiative for the proportional elections, as well as the engagement of our international partners in these processes are the guarantees, ensuring the better access to the elections for the political forces. I believe that the previous elections were also fair, but this is the positive incentive in this case. Therefore, there are no grounds for such level destabilization in the country,” stated Matchavariani.

Translated by Ketevan Kvaratskheliya