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1. Rezonansi: “DEVALUATION OF CURRENCIES IN THE WORLD, FALL OF STOCK INDICES AND CRISIS ARE INEVITABLE”
   (Economic Press Monitor: April 11, 2024)

   For the first time in history, National Bank of Georgia (NBG) added gold to its international reserves and acquired 7 t of monetary gold worth $500 million, which corresponds to 11% of Georgia’s currency reserves.

   NBG decided to create a gold reserve in the conditions of a high price for precious metal, the article says.

2. Rezonansi: “NATIONAL BANK RETURNS TO BUYING DOLLARS AND PUSHES LARI TO DEVALUATION”
   (Economic Press Monitor: March 26, 2024)

   For 2 weeks, passed since National Bank of Georgia (NBG) has sharply softened monetary policy, lari is depreciating, the newspaper notes.

   At that, information about NBG interventions on BMatch platform has been closed for a rather long period (it is disclosed with a lag).

3. Rezonansi: “NBG’S DECISION HAD A VERY BAD EFFECT ON LARI – IN 1 DAY, THE RATE DROPPED BY 5 TETRI”
   (Economic Press Monitor: March 15, 2024)

   On March 13, National Bank of Georgia (NBG) decreased the refinancing rate by 0.75 percentage points to 8.25%, while on March 14, lari exchange rate on Bloomberg platform made up 2.7 GEL/USD (against of 2.65 GEL/USD in the previous day).

   Experts cannot find an explanation for sudden devaluation of lari, but the reason is most likely a sharp decrease in the refinancing rate, the article says.

4. Rezonansi: “LARI DROPPED SHARPLY, BUT IT IS TEMPORAL AND IT WILL REGAIN POSITIONS IN 2-3 DAYS”
   (Economic Press Monitor: September 21, 2023)

   After stability over the past year and a half, on September 20, Georgian national currency, lari, depreciated significantly, the newspaper says. On that day, National Bank of Georgia (NBG) sold $20 million at a currency auction, “clearly showing thus that it would not allow devaluation of lari”, the article notes.

5. Rezonansi: “PROCESS OF LARI DEVALUATION CONTINUES GROUNDLESSLY”
   (Economic Press Monitor: August 1, 2023)

   After notable strengthening, lari unexpectedly began to depreciate in May, and the next depreciation was recorded a few days ago, the newspaper points.

   Nika Shengelia, vice president of the International Studies and Forecasting Center, says that there were no reasons for devaluation of lari, as currency reserves are at their maximum and influx of currency is ample.

6. Rezonansi: ““NOW, THERE IS A CERTAIN GAME, THEY TRY TO FOIST OFF DOLLARS, BOUGHT FOR CHEAP, ON THE POPULATION AND BUSINESS FOR HIGH PRICE””
   (Economic Press Monitor: June 6, 2023)

   Galt&Taggart estimates that in 2023, weighted average rate of lari against the US dollar will make up 2.55 GEL/USD.

   We attribute recent devaluation of lari to a one-time factor, as currency influx remains strong and tourism revenues grow sharply, declares the company.

7. Rezonansi: “BECAUSE OF UNEXPECTED AND ILLOGICAL DEVALUATION, LARI LOST TRUST AT ONCE”
   (Economic Press Monitor: June 5, 2023)

   Until recent, lari was strengthened to 2.47 GEL/USD, but unexpectedly the rate dropped to 2.64 GEL/USD, the newspaper says.

   Alexander Dzneladze, head of Georgian Banking Association, says: “We expected depreciation, but more likely, after summer”.

8. “GEORGIAN RAILWAY” FINISHED BOTH 2021 AND Q1 OF THIS YEAR WITH PROFIT
   (Daily News: May 30, 2022)

   JSC Georgian Railway reported profit of 52.7 million lari for 2021. At the end of 2020, the state-owned company had loss of 164.64 million lari.

9. Rezonansi: “LARI RODE OUT ANOTHER STORM AND STARTS STRENGTHENING – IT BECOMES KNOWN TO WHAT EXTENT THE EXCHANGE RATE “WILL DECREASE””
   (Economic Press Monitor: March 11, 2022)

   Because of negative expectations, lari significantly depreciated against the US dollar last week, TBC Capital notes and does not exclude that depreciation has already reached its peak. Referring to existing macroeconomic forecast, the company indicates that further depreciation of the lari is less likely.

10. Netgazeti.Ge: “WHY MEDICINES RISE IN PRICE”
    (Economic Press Monitor: November 25, 2021)

    The article says that price of medicines has been steadily increasing in Georgian pharmacy chains for years.

    The World Health Organization (WHO) indicates that average share of out-of-pocket payments in Georgian healthcare makes up 48%, which is 18% higher than the European countries’ average.

11. Forbes Georgia: “FINANCIAL SUPPORTER OF HEALTHCARE SECTOR”
    (Economic Press Monitor: November 17, 2021)

    In the current year, healthcare became a separate direction in the corporate banking service of Sakartvelos Banki (Bank of Georgia). This direction was headed by Mikhail Nakashidze, who previously led the bank’s corporate banking services in Ajara, the magazine reports.

12. Rezonansi: “MAIN REASON FOR PRICE GROWTH ON MEDICINES IS DEPRECIATION OF LARI – NIKOLOZ GAMKRELIDZE”
    (Economic Press Monitor: July 26, 2021)

    Quoting survey, conducted by Georgian office of World Health Organization (WHO), the newspaper indicates that “weak regulation of prices for healthcare services and provider’s ability to charge a patient with excess amount contribute to high out-of-pocket payments and impoverishment of families” in the country.

    Nikoloz Gamkrelidze, director of Georgian Healthcare Group (GHG), states in his turn that “profit margin of pharmaceutical companies is not the main reason for growth of drug prices, the main reason is depreciation of lari”.

13. Rezonansi: “WHAT UNDERMINES ECONOMY THE MOST – PANDEMIC, DEVALUATION, OR POLITICAL CRISIS?”
    (Economic Press Monitor: April 20, 2021)

    The COVID-19 pandemic is considered the greatest problem of resent period for business and economy, although such factors as lari exchange rate and political instability in the country are also important, the newspaper points.

    As the article specifies, due to lari exchange rate, importers are facing difficulties the most, while political instability hinders investors.

14. Rezonansi: “WHAT UNDERMINES ECONOMY THE MOST – PANDEMIC, DEVALUATION, OR POLITICAL CRISIS?”
    (Economic Press Monitor: April 20, 2021)

    The COVID-19 pandemic is considered the greatest problem of resent period for business and economy, although such factors as lari exchange rate and political instability in the country are also important, the newspaper points.

    As the article specifies, due to lari exchange rate, importers are facing difficulties the most, while political instability hinders investors.

15. MONETARY POLICY RATE REMAINS INTACT
    (Daily News: February 3, 2021)

    National Bank of Georgia (NBG) declared that its Monetary Policy Committee decided today to keep the refinancing rate unchanged. Accordingly, the monetary policy rate still makes up 8%.

16. Rezonansi: “WILL IT STRENGTHEN OR DEPRECIATE? – HOW OPENING OF ECONOMY WILL AFFECT LARI EXCHANGE RATE”
    (Economic Press Monitor: February 2, 2021)

    While commenting on lari devaluation in recent period, doctor of economics Nika Shengelia forecasts that “the rate will continue depreciation”. As soon as restrictions, imposed because of COVID-19, are cancelled and the economy will start working, “demand for import will surely grow” (and, respectively, for dollars), he explains.

17. Forbes Georgia: “TEMPTATION OF INVESTING PUBLIC FINANCES IN PRIVATE PROJECTS IN GEORGIA”
    (Economic Press Monitor: January 13, 2021)

    The article indicates that in Georgia, aim of potential investments of public funds should not be wholesale and retail trade, primary agriculture and agricultural industry, tourism, railroad and motor transportation, warehousing and other fields, which, according to data of 2019, accounted for more than 50% of Georgia’s GDP.

    The above-mentioned sectors in Georgia create small added value, have less high-tech potential and demand (highly)-skilled staff in small proportion, the article says.

18. Forbes Georgia: “STATE IN THE FACE OF DEFAULT”
    (Economic Press Monitor: December 8, 2020)

    Foreign debt, 79% of which is denominated in foreign currency, is the most real and serious danger to today’s Georgia, the article points.

    The article notes that every devaluation of lari by 5%, for example, from 3.2 GEL/USD to 3.36 GEL/USD, means growth of foreign state debt by 900 million lari.

19. Bankebi da Finansebi: “NATURAL GAS TARIFF FOR CITIZENS WILL NOT BE RAISED – DAVID NARMANIA”
    (Economic Press Monitor: December 4, 2020)

    David Narmania, chairman of Georgian National Energy and Water Supply Regulating Commission, declares that “We established natural gas tariff for household consumers a year ago for 3-year term that means that in 2021 and 2022 natural gas tariff will not be raised for to citizens”.

    Whereas, “Proceeding from acting legislation, gas price in commercial sector is deregulated and does not require coordination with the Commission”, Narmania notes.

20. Forbes Georgia: “PRICE OF CHANGES IN POWER INDUSTRY”
    (Economic Press Monitor: November 26, 2020)

    By 2021, process of separation of operators’ activity in Georgian energy distribution system will be completed. Besides, consumers will choose electricity provider themselves for the first time, the magazine points.

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