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1. Bankebi da Finansebi: “TO WHAT LARI IS SACRIFICED”
   (Economic Press Monitor: April 29, 2015)

   The dilemma – a target rate of inflation or stability of an exchange rate, became even more obvious today, the newspaper states.

   The article brings comments of 4 experts: ex-president of National Bank of Georgia (NBG) and head of Economic Development Center Roman Gotsiridze, chairman of New Economic School – Georgia Paata Sheshelidze, professor of Tbilisi State University Emzar Jgerenaia and Mikhail Dundua.

2. Rezonansi: “ECONOMY SINKS WITH METHOD OF NATIONAL BANK”
   (Economic Press Monitor: April 28, 2015)

   For the last 2 months, currencies of the region, which were devaluated, become stronger or stable at least, and only Georgian lari continues falling, the newspaper notes.

   President of Small and Medium Business Association Mikheil Chelidze declares that devaluation of lari put business in face of serious challenges.

3. Rezonansi: “PEOPLE AND THE GOVERNMENT IN EXPECTATION OF MUNICIPAL BLOW”
   (Economic Press Monitor: April 28, 2015)

   New wave of growth of municipal costs may begin in Georgia, the newspaper says. Devaluation of lari is named as a reason.

4. Tabula: “ONOPRISHVILI: CURRENCY CRISIS PUT THE END TO ALL PROMISES”
   (Economic Press Monitor: April 28, 2015)

   According to ex-chairman of the Parliament’s Fiscal Committee, member of Free Democrats David Onoprishvili, “currency crisis really put the end to all promises of the authority”. Because of devaluation of lari, growth of gas tariff is practically unavoidable, he considers.

5. Tabula: “GOTSIRIDZE: EXTERNAL FACTOR IS NOT THE REASON OF LARI DEVALUATION THIS TIME”
   (Economic Press Monitor: April 27, 2015)

   According to head of Economic Development Center Roman Gotsiridze (ex-president of National Bank of Georgia), “inflow of currency is not the single and only problem” in devaluation of lari.

   “Within last several weeks, money supply is presented steadily in the same volume, even decreasing in the last two days, on the contrary”, Gotsiridze declared in live show of Rustavi-2 broadcasting company.

6. ASSOCIATION OF YOUNG FINANCIERS AND BUSINESSMEN: REDUCTION OF NUMBER OF VISITORS IS RESULT NOT OF VISA REGULATIONS, BUT OF DETERIORATION OF SITUATION IN THE REGION
   (Daily News: April 22, 2015)

   Association of Young Financiers and Businessmen declared that statements, pointing at visa regulations as main reason of reduction of number of visitors to Georgia, are groundless. Recent reduction of visitors’ number in the country is caused by worsened political and economic situation in the region, the organization stressed.

7. Rezonansi: “DEVALUATION INCREASED FAMILY EXPENSES BY 70-100 LARI”
   (Economic Press Monitor: April 21, 2015)

   The newspaper points that since January, national currency has devaluated by 20% that was automatically reflected on inflation rate, though insignificantly. Trade facilities state that prices have increased on practically all production.

8. NBG’S FORECAST: INFLATION TO REACH ITS TARGET IN THE SECOND HALF OF THE YEAR
   (Daily News: April 14, 2015)

   According to forecast of National Bank of Georgia (NBG), inflation will reach its target indicator of 5% in the second half of this year.

   In the 1^st quarter, inflation will be within 2.2%, while will continue moderate growth in next quarters to a target mark, NBG specified in its inflation report.

9. Forbes Georgia: “RESULTS OF LARI DEVALUATION”
   (Economic Press Monitor: April 8, 2015)

   The magazine points that for the last 4 months, from November 2014 to March 2015, lari has depreciated toward the US dollar by 24%.

   Devaluation of lari increased rate of inflation, led to growth of cost of credit servicing for private individuals and companies, as well as servicing of an external public debt and at the same time, reduced income of the population, damaged macroeconomic stability of the country, the magazine says.

10. Rezonansi: “SILENT AGREEMENT OF THE GOVERNMENT AND NBG ON LARI DEVALUATION”
    (Economic Press Monitor: April 7, 2015)

    The population already listened that external factors and internal economic problems broke balance between dollar and lari and caused devaluation of national currency, the newspaper says.

    However, question why in conditions of such depreciated lari, National Bank of Georgia (NBG) releases additional money and promotes further depreciation of national currency, still remains unanswered, the article states.

11. ADVISER OF NBG’S PRESIDENT: WE EXPECT STABILIZATION OF LARI EXCHANGE RATE BY SUMMER
    (Daily News: April 3, 2015)

    Giorgi Bakradze, adviser of president of National Bank of Georgia (NBG), declared that current lari exchange rate is conditioned by short-term problems, so its stabilization has to be expected by summer, noting that it is still difficult to predict at what mark fluctuations will stop.

    Import has decreasing since February, which means that currency outflow also decreases, Bakradze specified at lecture-seminar, organized by International School of Economy at Tbilisi State University (ISET) on April 2.

12. “ACT”: 70% OF TBILISI RESIDENTS SAID THAT LARI DEVALUATION HAS AFFECTED THEIR FINANCIAL CONDITION
    (Daily News: April 3, 2015)

    Poll, conducted by Analysis and Consulting Team (ACT), showed that 12% of Tbilisi residents have financial liabilities (loans, mortgage, etc.), denominated in the US dollars (or is linked to currency).

    However, waste 70% said that devaluation of lari had negatively affected their financial condition.

13. Tabula: “JAPARIDZE: WITH TODAY’S STATEMENT, THE PRIME MINISTER CONGRATULATED THE POPULATION ON DECEPTION DAY”
    (Economic Press Monitor: April 2, 2015)

    Executive secretary of National Movement Zurab Japaridze says that the Prime Minister of Georgia “brought many figures and spoke on how economic situation improves” at the government meeting on April 1.

    “Apparently, the Prime Minister congratulated population of Georgia on day of lies”, the oppositional MP declares and explains: “Lie is not only to bring wrong numbers, but lie is also concealing of figures, which politically do not suit you”.

14. Bankebi da Finansebi: “KADAGIDZE RECOGNIZED IN FACT THAT LARI WAS DEVALUATED FOR ACHIEVEMENT OF TARGET INFLATION”
    (Economic Press Monitor: March 27, 2015)

    President of National Bank of Georgia Giorgi Kadagidze said at the meeting with Georgian Business Association that lari devaluation already reached a margin, which fixes new mark of payments’ balance. In line with these processes and seasonal factors, fluctuations declined and rather more stable situation is observed, he specified.

15. PRIME MINISTER: EXIT FROM EXISTING ECONOMIC SITUATION WILL REQUIRE, PERHAPS, SOME MONTHS
    (Daily News: March 26, 2015)

    The Prime Minister Irakli Garibashvili declared that he has “no concrete recipe, how to find today or tomorrow the way out of this (economic) situation”. “This may require some months, perhaps”, the Premier said at the press conference today.

16. Rezonansi: “SINCE 2016, GAS FOR POPULATION WILL RISE IN PRICE”
    (Economic Press Monitor: March 26, 2015)

    According to decree of the government, subsidizing of natural gas supply to household consumers will continue.

    In particular, Georgian Oil and Gas Corporation, within existing contracts, is ordered to supply gas in period from March 1, 2015 to March 1, 2016 for $115.5 instead of $121.2 (for 1,000 cubic m).

17. ENERGY MINISTER: NONE OF LARGE INVESTORS LEFT THE COUNTRY
    (Daily News: March 25, 2015)

    “Losses in energy sector had only those companies, for which rate of national currency was one of the main factors”, Energy Minister Kakha Kaladze declared to journalists today.

    As the Minister explained, energy companies, which were depended on imported energy carriers, suffered losses because of lari devaluation, but “none of large investors left the country”.

18. Tabula: “KVIRIKASHVILI: WE EXPECT THAT FOREIGN CURRENCY INFLOW TO GROW SINCE APRIL”
    (Economic Press Monitor: March 25, 2015)

    Minister of Economy and Sustainable Development Giorgi Kvirikashvili considers that “strengthening of lari is possible”.

    “We really expect quite big inflow of foreign currency in summer period”, the Minister notes and adds: “Inflow of foreign currency will increase since April”.

19. THE GOVERNMENT PROMISES COMPENSATION FOR TENDER-WINNER COMPANIES, AFFECTED BY DEVALUATION OF LARI
    (Daily News: March 20, 2015)

    Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that the government will render compensation for those state tender-winner companies, which face problems because of devaluation of national currency.

    As Kvirikashvili explained at the briefing today, “tender-winner companies appeared in danger that they will not be able to finish projects with previously announced prices, denominated in national currency”.

20. Tabula: “DAVITAIA: THERE ARE ALL SIGNS THAT WE GOT ECONOMIC CRISIS”
    (Economic Press Monitor: March 20, 2015)

    “Exchange crisis is obvious”, managing partner of Freeland Holding Iva Davitaia declared. “It is difficult to say, whether we have to expect further devaluation of lari or not, but it’s obvious that there is no optimistic forecast yet”, he said in live show Theorem of Tabula broadcasting company.

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