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1. Rezonansi: “IF LARI DROPS FURTHER, THE PRODUCT WILL WENT UP IN PRICE”
   (Economic Press Monitor: November 26, 2014)

   While commenting recent devaluation of national currency, expert Soso Archvadze says that sharp fluctuation of the rate and drop of national currency have a negative impact on the market and create basis for inflation’s provocation.

   “If big part of population regards that the rate will drop tomorrow and the situation gets more severe, their actions make a serious correction in the inflation level”, Archvadze explains.

2. Rezonansi: “LARI RATE ON THE BRINK OF PANIC!”
   (Economic Press Monitor: November 25, 2014)

   During a week, national currency has devaluated against the US dollar by 3.2% and exchange rate exceeded 1.82 GEL/USD, says the newspaper.

   The newspaper recalls devaluation in the end of 2013 and notes that National Bank of Georgia (NBG) then stopped the process at the mark of 1.79 GEL/USD.

3. Rezonansi: “LARI WILL HAVE NEW TEST UNTIL END OF THE YEAR”
   (Economic Press Monitor: November 18, 2014)

   Until end of the year, further devaluation of lari is expected, the newspaper says. The article reminds that last year, sharp devaluation started exactly in November, so that the rate reached 1.79 GEL/USD by mid-January, while it was about 1.66 GEL/USD during the whole year.

4. Tabula: “GEORGIA’S ECONOMIC GROWTH APPROACHES PLANNED RATE OF 5%”
   (Economic Press Monitor: September 24, 2014)

   In the 1^st quarter, economy growth rate was 7.1%, while it slowed down to 5.4% in the 2^nd quarter, the magazine says. The state budget for 2014 assumes that growth will make up 5%.

5. Bankebi da Finansebi: “WHY LARI BECAME STRONG”
   (Economic Press Monitor: August 15, 2014)

   In the interview with the newspaper, chairman of Georgian Economic Development Center Roman Gotsiridze says: “During first 7 months of the year, there was very fragile balance on the currency exchange, as National Bank did not implement interventions”. During past 10 years, it was the first time, when National Bank of Georgia (NBG) could not manage to increase foreign reserves, he adds.

6. Tabula: “ECONOMIC GROWTH FORECAST”
   (Economic Press Monitor: July 16, 2014)

   The article considers so-called affected economic growth. The author insists that growth of 7.4% in the 1^st quarter was result of growth of money supply.

7. Bankebi da Finansebi: “INTERNATIONAL RESERVES: GUARANTY OF THE COUNTRY’S FINANCIAL STABILITY”
   (Economic Press Monitor: July 14, 2014)

   Chairman of Georgian Economic Development Center Roman Gotsiridze says that various estimations show that Georgia’s international reserves are enough for securing foreign stability. He points however that their ration to broad money (M2) has decreased in 2013, making up 80% against of 117%, adding that this indicates risk of lari devaluation.

8. “NATIONAL MOVEMENT”: REAL REASON OF PRICE GROWTH ON FUEL, DRUGS AND FOOD IS LARI DEVALUATION
   (Daily News: July 8, 2014)

   Zurab Japaridze, MP from oppositional National Movement, declared that real reason of price growth on fuel, drugs and food is “devaluation of lari, which is intentionally implemented by the government in order to secure fulfillment of budgetary revenue plan”.

   Japaridze pointed that in April 2012, when then oppositional Georgian Dream spoke about monopolies and artificially increased prices on fuel market, these prices ranged within 2.05-2.10 lari, while they make up 2.14-2.32 lari now.

9. Tabula: “SERGEENKO: THE MINISTRY DOES NOT PARTICIPATE IN DRUGS’ PRICING”
   (Economic Press Monitor: May 22, 2014)

   Labor, Healthcare and Social Protection Minister David Sergeenko assures that no significant growth of price is noticed on Georgian drugs market.

   As the Minister points, “Healthcare Ministry does not participate in drugs’ pricing”.

10. NBG: EXTERNAL FACTORS SIGNIFICANTLY INFLUENCED INFLATION
    (Daily News: May 19, 2014)

    National Bank of Georgia (NBG) declared that significant influence on inflation in the 1^st quarter had external factors.

    Devaluation of lari toward the US dollar has reflected in nominal effective exchange rate, which contributed increase of imported inflation, NBG pointed in recently published quarterly review.

11. Rezonansi: “THE GOVERNMENT DELIBERATELY DEVALUATES LARI?”
    (Economic Press Monitor: May 1, 2014)

    The article reports that lari rate was varying within 1.73-1.74 GEL/USD in March, while new wave of devaluation has launched in mid-April. Since then, national currency has been falling daily in respect of both major currencies, the US dollar and euro, the newspaper notes.

12. NBG: INFLATION RATE TO REACH TARGET LEVEL IN THE 2^ND HALF OF 2014
    (Daily News: March 24, 2014)

    In parallel with economic activity, inflation rate was also increased in the 4^th quarter of 2013 (as of December, annual inflation made up 2.4%), which is caused mainly by elimination of supply’s deflationary pressure, recently published quarterly report of National Bank of Georgia (NBG) pointed.

    NBG forecasted that inflation level “continues moderate growth” and will reach target level (6%) in the second half of 2014.

13. Rezonansi: “ENDLESS VOLATILITY OF LARI RATE TO FRIGHTEN INVESTORS”
    (Economic Press Monitor: February 28, 2014)

    The article points that during the last one year, lari devaluated by about 8%, while within the short period of this year, lari rate fell to 1.79 GEL/USD at once, while strengthened then to 1.72 GEL/USD and now makes up 1.75 GEL/USD.

    President of National Bank of Georgia Giorgi Kadagidze declares that “purely economic factors, which influence devaluation of lari, are exhausted or are very close to exhaustion”.

14. Bankebi da Finansebi: “THE BEST THAT THE CURRENT GOVERNMENT HAS MADE IS ITS PROMISES’ NONFULFILLMENT”
    (Economic Press Monitor: February 19, 2014)

    The newspaper publishes interview with former president of National Bank of Georgia (NBG) Roman Gotsiridze, who established recently a non-governmental organization, Georgian Economic Development Center.

    Gotsiridze considers that there are serious gaps in budgeting policy.

15. Tabula: “PRICE OF POLICY ON IMPORT REPLACEMENT WITH LOCAL PRODUCTION”
    (Economic Press Monitor: February 14, 2014)

    The author of the article points that even structure of net export indicates Georgia’s low economic level. “However, it does not mean automatically that in case of net export structure’s change, level of economic development will improve”, he declares.

16. Bankebi da Finansebi: “TIGHTENING OF MONETARY POLICY AIMS TO NEUTRALIZE INFLATION RISKS”
    (Economic Press Monitor: February 12, 2014)

    Merab Kakulia, director of Center for Financial Stability and Competitiveness Research, reviews lari fluctuation again.

    Among factors of lari devaluation, the expert names in the first instance rapid growth of money supply by the end of last year.

17. Rezonansi: “METHODS OF ARTIFICIAL MANAGEMENT OF LARI RATE”
    (Economic Press Monitor: February 11, 2014)

    There are sharp fluctuations of lari rate in recent period: the rate has changed from 1.66 GEL/USD in October 2013 to 1.7824 GEL/USD one week ago, while now it has decreased to 1.7486 GEL/USD. However, experts rule out strengthening of national currency to the old mark (1.66 GEL/USD), the article says.

18. GEORGIAN YOUNG ECONOMISTS’ ASSOCIATION: REFINANCING RATE AFFECTS LARI EXCHANGE RATE CHANGES
    (Daily News: February 10, 2014)

    Georgian Young Economists’ Association considers that recent sharp change of lari rate is linked neither with business activity’s growth nor with seasonality.

    “The main factor, which has affected lari exchange rate to the US dollar (and not only), is refinancing rate and, respectively, volume of loans, issued to private banks”, the Association said in the statement, released today.

19. FINANCE MINISTER: DECLINE OF LARI RATE SHOULD NOT LEAD TO PROPORTIONAL INCREASE OF PETROL PRICE
    (Daily News: January 29, 2014)

    Finance Minister Nodar Khaduri declared that all currencies are weakened against the US dollar, and Georgian lari declined by nearly 8%, while drop in other countries makes up 20%, 40% and 50%. “As it seems, our situation is quite normal and we should not expect a serious change”, he said.

20. Bankebi da Finansebi: “LARI CURRENCY DEFLATION IS SHORT TERM EFFECT”
    (Economic Press Monitor: January 29, 2014)

    A representative of National Bank of Georgia (NBG) Giorgi Bakradze declares that those factors causing lari devaluation were all short-term. In the long-term period, we will inevitably have a trend of lari strengthening, he forecasts.

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