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1. Tabula: “KUMSISHVILI: I DID NOT EXPLAIN LARI DEVALUATION WITH BREXIT”
   (Economic Press Monitor: June 30, 2016)

   Dimitri Kumsishvili, Minister of Economy and Sustainable Development, declares: “I did not explain [lari devaluation] with Brexit, I just explained that Brexit had affected strengthening of dollar and weakening of euro”. “External, as well as internal factors are really act on the market”, he pointed.

2. Rezonansi: “MISTAKES THAT CAUSED CURRENCY COLLAPSE”
   (Economic Press Monitor: June 28, 2016)

   Banking expert Vakhtang Khomizurashvili points that nobody expected such devaluation of lari in recent period. Fluctuation of 10% is quite a significant change, he says, noting that National Bank of Georgia (NBG) had to avoid such a drastic change.

3. Tabula: “GOTSIRIDZE TO KUMSISHVHILI: DID PROPHETIC LARI KNOW 10 DAYS AGO CHOICE OF BRITAIN?”
   (Economic Press Monitor: June 27, 2016)

   Roman Gotsiridze, ex-president of National Bank of Georgia and #3 in United National Movement’s voting list, responded to statement of the First Vice Premier and Economy Minister Dimitri Kumsishvhili, who associated lari devaluation with results of referendum in Great Britain, the magazine reports.

   “I think he is joking.

4. Kviris Palitra: “LARI RATE “JUMPS LIKE A SQUIRREL” AND MAKES “FINANCIAL CHIN-UPS””
   (Economic Press Monitor: June 27, 2016)

   Over the past week, national currency has devalued against the US dollar by 16 points, the newspaper says.

   In this connection, the article brings comments of experts David Aslanishvili and Nodar Kapanadze, as well as analyst of Young Financiers and Businessmen’s Association Zurab Kukuladze.

5. Bankebi da Finansebi: “LARI WILL BE STRENGTHENED!”
   (Economic Press Monitor: June 24, 2016)

   “Lari will be definitely strengthened”, economist Mikheil Dundua forecasts. As he posted on own Facebook page, “Devaluation of lari for the past 10 days is connected to foreign debt repayment by companies”, all the rest important factors “are absolutely positive”.

6. Rezonansi: “LARI IS DEVALUED DELIBERATELY AGAIN!”
   (Economic Press Monitor: June 21, 2016)

   After monetary policy rate was decreased to 7%, national currency has devaluated at once from 2.13 GEL/USD to 2.17 GEL/USD. Before softening of monetary policy, National Bank of Georgia (NBG) has withdrawn $258.35 million from currency market, the newspaper says.

7. : “ANALYSIS OF THE EXTERNAL FACTORS AFFECTING ON GEL EXCHANGE RATE”
   (Special Report: June 15, 2016)

   On 15 June 2016, the value of 1 USD is 2.132 GEL, which is 17.2% lower compared to the highest indicator of 2016 (On 28 January – 2.498 GEL) so far.

   This issue reviews the dynamics of the key indicators, which maintain the inflow and outflow of foreign currencies in Georgia, which have a major role in the calculation of the exchange rate.

8. ISET: BCI AND CCI ARE GROWING STABLY IN Q2
   (Daily News: June 15, 2016)

   Policy Institute of International School of Economics at Tbilisi State University (ISET) declared that both Business Confidence Index (BCI) and Consumer Confidence Index (CCI) have continued stable improvement in the 2^nd quarter.

   If compared the 1^st quarter (14 points on a -100/100 scale), BCI has gained 10 points, while Georgian business expectations improved from 38 to 46 points.

9. Forbes Georgia: “CURRENCY RESERVES INCREASED IN MAY BY 115M DOLLARS”
   (Economic Press Monitor: June 8, 2016)

   In May of the current year, foreign currency reserves of National Bank of Georgia (NBG) grew by $115 million (by 5.1%). As of May 31, reserves amounted to $2.37 billion.

10. Bankebi da Finansebi: “WHAT IS THE SIMILARITY BETWEEN FLUCTUATIONS OF NATIONAL CURRENCY IN 1999 AND IN 2015-2016”
    (Economic Press Monitor: June 3, 2016)

    The newspaper reviews lari fluctuations in 1998-1999 and 2015-2016 and compares them to each other. This issue is discussed in the article by experts Gocha Tutberidze and Vakhtang Khomizurashvili.

11. Bankebi da Finansebi: “WHAT IS THE SIMILARITY BETWEEN FLUCTUATIONS OF NATIONAL CURRENCY IN 1999 AND IN 2015-2016”
    (Economic Press Monitor: June 3, 2016)

    The newspaper reviews lari fluctuations in 1998-1999 and 2015-2016 and compares them to each other. This issue is discussed in the article by experts Gocha Tutberidze and Vakhtang Khomizurashvili.

12. NBG: BANKS’ AVERAGE ROA AND ROE HAVE CHANGED INSIGNIFICANTLY IN 2015
    (Daily News: June 2, 2016)

    National Bank of Georgia (NBG) reported that banks’ average return on assets (ROA) and average return on equity (ROE) made up in 2015 respective 2.3% and 15.4%. These showings do not considerably differ from ones of 2014, NBG noted.

13. Forbes Georgia: “SALARY TURBULENCE”
    (Economic Press Monitor: June 2, 2016)

    Ernst&Young Georgia conducted salary study, covering period from July 2014 through June 2015. In this period, lari had devaluated by 27% against the US dollar.

14. Tabula: “WHAT IS NOT SHOWED IN STATISTICS OF “SAKSTAT” – THE REASON, WHY LARI DID NOT DEVALUATED IN APRIL”
    (Economic Press Monitor: May 27, 2016)

    According to Sakstat’s report on foreign trade, in April import has jumped by 78%, if compared with the previous year, and amounted to $978 million.

    Such growth of import would cause sharp devaluation of lari, but lari, on the contrary, was tended to revaluation in April, the magazine points.

15. Rezonansi: “LARI TO STRENGTHEN TO 1.9 UNTIL END OF THE YEAR”
    (Economic Press Monitor: May 25, 2016)

    After sharp devaluation of national currency in 2015, lari has strengthened already by 14% this year. Lari is in process of new balance search and the government expects that national currency will strengthen even more, the newspaper says.

16. EPRC: NBG’S INTERVENTIONS ON CURRENCY EXCHANGE MARKET ARE IMPORTANT IN TERMS TO AVOID EXCESSIVE REVALUATION OF LARI, AS WELL AS TO SOFTEN LARI RATE DYNAMICS
    (Daily News: May 19, 2016)

    Economic Policy Research Center (EPRC) said that despite growth of currency inflows, expected in the 2^nd and the 3^rd quarters of this year, economy policy makers should take into account possible risks of devaluation by end of the year and take actions in advance in order to protect from exogenous shocks.

    Thus, interventions of National Bank of Georgia (NBG) on currency exchange markets (namely, purchase of the US dollars in April and May) are important in terms to avoid excessive revaluation of lari, as well as to soften lari rate dynamics, EPRC pointed.

17. EPRC: GEORGIA LOST INFLOWS OF ABOUT $1B IN 2014-2015
    (Daily News: May 19, 2016)

    Economic Policy Research Center (EPRC) declared that Georgia lost in 2014-2015 inflows of $1 billion in total, which resulted in significant pressure on lari rate. National currency has dropped as low as 40% in the mentioned period, while by the late 2015, this devaluation made up 35-36%.

18. Bankebi da Finansebi: “WHAT WILL BE RESULTS OF SOFTENED MONETARY POLICY”
    (Economic Press Monitor: May 11, 2016)

    National Bank of Georgia (NBG) decreased refinancing rate from 8% to 7.5%, while reserve requirement (in lari) for commercial banks – from 10% to 7%.

    Expert Levan Kalandadze approves NBG’s decision, saying that risk of national currency devaluation and inflation in the country is minimal until end of the year.

19. Rezonansi: “OVERCOMING DEVALUATION SHOCK WILL TAKE 1.5 YEARS”
    (Economic Press Monitor: May 10, 2016)

    After devaluation by 43%, national currency is strengthening already for several weeks, but the country’s economic does not feel results of this strengthening so far, the newspaper states.

    However, experts estimate that the process has been already launched and the shock will be fully overcome in 1-1.5 years.

20. NBG: 2015 WAS IMPORTANT CHALLENGE FOR LARIZATION PROCESS
    (Daily News: May 6, 2016)

    2015 year was important challenge for larization process, annual report of National Bank of Georgia (NBG) states.

    Devaluation of lari towards the US dollar substantially hampered growth of larization rate, observed in the past years, especially in case of deposits, NBG points.

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