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1. Rezonansi: “PROGRAM OF MORTGAGE LOANS’ SUBSIDIZING WILL NOT BE CONTINUED, THE BUDGET IS ALMOST EXHAUSTED”
   (Economic Press Monitor: November 20, 2020)

   Alexander Dzneladze, head of Georgian Banks Association, said that within the state program of mortgage loans’ subsidizing, “activity, according to plan, presented in advance, is higher, than it was expected”. However, resource is not exhausted, and the program will proceed until end of the year, he assured.

2. Rezonansi: “NO LIMIT OF LARI DEVALUATION EXISTS ANY MORE”
   (Economic Press Monitor: November 9, 2020)

   Georgian government is unable to take any measures for strengthening of national currency, lari, except blaming the opposition, the newspaper says.

   In connection with situation with lari, the article brings comments of professor Gocha Tutberidze, expert Mikheil Tokmazishvili and senior economist of TBC Capital Otar Nadaraia.

3. FINANCE MINISTER: ONGOING POLITICAL PROCESS CANNOT BUT AFFECT LARI EXCHANGE RATE
   (Daily News: November 6, 2020)

   “That political process, which is underway today and which is characterized by extreme radicalism, cannot but affect lari exchange rate”, Georgia’s Finance Minister Ivane Machavariani declared.

   At that, the Minister stressed: “At this stage, no objective condition exists for such fluctuation of lari rate, which we see”.

4. GEORGIAN BUSINESS ASSOCIATION: SITUATION ON FOREX MARKET IS ALARMING AND DEMANDS TIMELY INTERVENTION
   (Daily News: November 6, 2020)

   “We think that situation on the forex market is alarming and demands timely intervention”, Business Association of Georgia pointed in the released statement. As the Association noted, “each subsequent devaluation of lari puts business and economy, both real and financial sectors, in extremely difficult situation”.

5. Kviris Palitra: “ELECTIONS EVERY TIME PROVIDED OWN SHARE OF NEGATIVE IMPACT ON STABILITY OF LARI”
   (Economic Press Monitor: November 2, 2020)

   Georgian government assures that signs of economic improvement are already visible. However, the newspaper says that part of economic experts think that the most difficult stage will be in winter and spring.

6. Bankebi da Finansebi: “THEY KILLED GEORGIA – OR GEORGIAN ECONOMY SACRIFICED TO CORONAHYSTERIA”
   (Economic Press Monitor: October 15, 2020)

   Paata Bayrakhtari, vice president of Georgian Young Financiers and Businessmen Association, considers that tough restrictions, introduced in Georgia because of COVID-19 in March, were “hasty and wrong actions”.

   Bayrakhtari points at current indicators of the virus spread in Georgia and those countries, where similar restrictions were not introduced.

7. Rezonansi: “BORROWERS FOUND THEMSELVES IN TROUBLE SINCE SEPTEMBER – DEVALUATION OF LARI CREATED BIG PROBLEM FOR THEM”
   (Economic Press Monitor: October 5, 2020)

   Giorgi Kepuladze, founder of non-governmental organization Society and Banks, indicates that Georgian borrowers suffered loss because of national currency devaluation. He sees the way out in dialogue with banks and individual settlement of problems.

8. Bankebi da Finansebi: “MAMUKA KHAZARADZE – OUR ECONOMY WITHIN THE LAST 6 MONTHS SUFFERED LOSSES FOR 1 BILLION DOLLARS”
   (Economic Press Monitor: September 30, 2020)

   Leader of oppositional political association Lelo for Georgia and founder of Georgia’s largest TBC Bank Mamuka Khazaradze declares that Georgian economy “is in very serious crisis, and this situation worsens day by day”. “Devaluation of lari brought our citizens, our population in very grave situation”, he points.

9. Tabula: ““WE WILL UNDERTAKE EXTRAORDINARY REFORMS IN ECONOMY AND EDUCATION” – AGREEMENT OF OPPOSITION”
   (Economic Press Monitor: September 29, 2020)

   Opposition parties agreed to undertake “extraordinary reforms” in spheres of economy and education, Tabula reports. Participants of the agreement are Girchi, European Georgia, National Movement, Strategy Agmashenebeli and United Georgia.

10. Kviris Palitra: “WHAT COULD SUSPEND FALL OF LARI?! – 9 REASONS, WHICH CAUSE FLUCTUATIONS OF NATIONAL CURRENCY”
    (Economic Press Monitor: September 28, 2020)

    For the last month, Georgian lari depreciated against the US dollar by 26 tetri and now, official rate makes up 3.3332 GEL/USD. The depreciation will be followed in the next few days by mass increase in prices, the newspaper says.

11. Rezonansi: “THE GOVERNMENT AND NATIONAL BANK SURRENDERED – LARI WILL NOT STABILIZED ANY MORE”
    (Economic Press Monitor: September 24, 2020)

    “After overcoming the uncertainty, related to [COVID-19] pandemic and pass of traditional pre-election agiotage, the rate will return to its balance mark”, president of National Bank of Georgia (NBG) Koba Gvenetadze assures. Impact of COVID-19 pandemic on Georgian economy is reflected mainly in almost zeroing of income from tourism, he notes.

12. “TI GEORGIA”: AS OF JUNE 30, DEBT OF THE GOVERNMENT MADE UP ABOUT 49% OF GDP FOR THE LAST YEAR
    (Daily News: September 21, 2020)

    TI Georgia, Georgian branch of Transparency International, prepared review of 6-month results of execution of Georgia’s state budget-2020, which indicates that debt of the government as of June 30 made up 24.1 billion lari, or 49% of GDP for the last year.

    As of December 31, 2019, debt of the government made up 20.6 billion lari, or 41.3% of last year’s GDP.

13. Tabula: ““IPSOS”: 64% OF RESPONDENTS SAY THAT THE MAIN ISSUE, WHICH AUTHORITY HAS TO SETTLE, IS EMPLOYMENT”
    (Economic Press Monitor: September 21, 2020)

    Survey, conducted by French research center Ipsos, show that 64% of Georgians consider the most important issue, which authority of the country has to settle, is employment. Besides, 50% named economy, while 47.5% – poverty.

14. Rezonansi: “THE GOVERNMENT DIRECTLY SAID THAT IT WILL NOT ALLOW DEVALUATION OF LARI IN AUTUMN”
    (Economic Press Monitor: August 7, 2020)

    Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared: “We succeed and there are no sharp fluctuations in connection with lari exchange rate any more”.

    “There is a chance that lari was stable in autumn”, the Minister said.

15. Bankebi da Finansebi: “IN 2015-2020, SIX LARGE STATE COMPANIES SUFFERED LOSSES TOTALED TO 1.8B LARI BECAUSE OF LARI DEVALUATION”
    (Economic Press Monitor: July 30, 2020)

    Review, published by the IMF, indicates those large state-owned Georgian companies, which suffered the most substantial losses because of lari rate fluctuations within the last 5 years.

    Referring to the document, the newspaper reports that in 2015-2020, 6 large state enterprises suffered losses totaled to 1.8 billion lari.

16. Rezonansi: “LARI FOUND NEW MARK AND WILL REMAIN THERE UNTIL NOVEMBER”
    (Economic Press Monitor: July 14, 2020)

    Nika Shengelia, vice-president of Forecasting and Research Center, expects that until end of the current month lari will fluctuate within 3.0-3.1 GEL/USD.

    In August, we expect slight strengthening, however it will not change the picture essentially, Shengelia declares.

17. Bankebi da Finansebi: “ECONOMIC EXPERTS ESTIMATE NATIONAL BANK’S ACTIVITY AS INEFFICIENT”
    (Economic Press Monitor: June 16, 2020)

    One can consider with confidence that the current year is one of the most difficult periods for national currency, the newspaper says.

    As the article indicates, experts unanimously agree that lari is depreciated more, than it is caused by macroeconomic factors.

18. Forbes Georgia: “THE DISPROPORTIONATE FORCE”
    (Economic Press Monitor: June 11, 2020)

    The article reviews process of de-dollarization and actions of National Bank of Georgia (NBG) in this direction. As author of the article (Giorgi Isakadze, editor-in-chief of Forbes Georgia) considers, “the disproportionate force” was used in this regard against the market players.

19. Forbes Georgia: “NONRESIDENT PERSONS OF GEORGIA SOLD STATE SECURITIES – IMF”
    (Economic Press Monitor: June 3, 2020)

    Referring to bm.ge, the magazine reports that according to updated estimation of the IMF, foreign residents sold securities, issued by Georgian government, against the background of devaluation of lari. The matter concerns treasury bills and treasury bonds.

20. IN Q1, LARI EXCHANGE RATE HAS STRENGTHENED Q-O-Q, BUT WEAKENED Y-O-Y
    (Daily News: May 25, 2020)

    Monetary policy report, released by National Bank of Georgia (NBG), indicates that in the 1^st quarter, nominal exchange rate of lari has strengthened quarter-on-quarter against the US dollar by 0.7%, while against euro – by 1.1%.

    In turn, nominal effective exchange rate of lari has strengthened during the reporting period by 2.7% quarter-on-quarter, but weakened by 6.1% year-on-year.

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