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1. Kviris Palitra: “WHY DOES LARI “RUN” – 3 MAIN REASONS”
   (Economic Press Monitor: January 27, 2014)

   The newspaper brings comment of Georgian Business & Political Insight’s director general Irakli Lekvinadze. He declares that devaluation of lari is caused by those macro-economic processes, which are underway in the country.

2. NBG’S PRESIDENT: LARI RATE FLUCTUATION NOT TO HAVE INTENSITY, ABLE TO HAMPER COUNTRY’S ECONOMIC GROWTH
   (Daily News: December 27, 2013)

   Giorgi Kadagidze, president of National Bank of Georgia (NBG), declared that “future fluctuation of lari rate will not have intensity, able to hamper growth and processes of the country’s economic development”.

   Rate fluctuation increased by the end of the year, but amplitude of lari rate change during 2013 was far less, than in countries with more developed financial markets, Kadagidze noted.

3. “PMC GROUP”: NBG SOLD $80M TO SUSPEND DEVALUATION OF LARI
   (Daily News: December 26, 2013)

   PMC Group pointed that National Bank of Georgia (NBG) sold $80 million in November in order to stop devaluation of lari.

   In the reporting period, share of foreign currency in total reserve assets made up 93%, the company noted, adding that this share is by 2.7% lower than in October, while by 6.9% higher than in November 2012.

4. Rezonansi: “THE GOVERNMENT GOES AGAINST THE LARI RATE”
   (Economic Press Monitor: December 26, 2013)

   Purchasing power of lari continues decrease, the newspaper reports. In the end of October, exchange rate was 1.67 GEL/USD, while not it has approached 1.73 GEL/USD, the article notes.

5. Versia: “DEVALUATION OF LARI WAS PLANNED BY THREE TYCOONS OF “NATIONAL MOVEMENT”?”
   (Economic Press Monitor: December 16, 2013)

   While commenting on recent change of national currency rate, expert Demur Giorkhelidze declares that “it is true, that there was no big change, but it is not clear what caused the rate to change”. Aiming stability, National Bank of Georgia (NBG) has sold $180 million, he points and asks: “where this sum is or what has been changed”.

6. Bankebi da Finansebi: “SCALE OF PRICE GROWTH DEPENDS ON DEPTH AND DURATION OF THE EXCHANGE RATE DOWNTURN”
   (Economic Press Monitor: December 12, 2013)

   Merab Kakulia, former vice-president of National Bank of Georgia and current director of Financial Stability and Competition Center, considers groundless assumptions that recent devaluation of lari is artificial. He names several factors, causing increased demand on foreign currency and lari devaluation.

7. Kviris Palitra: “LARI IS “WELL” DEVALUATED”
   (Economic Press Monitor: December 9, 2013)

   In the recent days, lari rate has been sharply devaluated towards the US dollar, reaching 1.7050 GEL/USD, the newspaper notes. The article brings comments on the subject of Georgian Banking Association president Zurab Gvasalia and expert Levan Kalandadze.

8. Versia: “SOLOMON PAVLIASHVILI BLAMES NATIONAL BANK IN ARTIFICIAL DEVALUATION OF LARI”
   (Economic Press Monitor: June 10, 2013)

   Doctor of economics Solomon Pavliashvili, rector of Tbilisi Educational University, regards that National Bank of Georgia (NBG) artificially devaluates lari, which “causes definite inflation panic in public”.

   As of June 3, lari rate to the US dollar was 1.63 GEL/USD, while it made up 1.67 GEL/USD in private banks since June 6, the expert notes.

9. “YOUNG BARRISTERS”: NBG IS PARTIALLY RESPONSIBLE FOR HYPERINFLATION OF 1990-IES
   (Daily News: April 24, 2013)

   Human rights organization Young Barristers reported that Manana Gubianuri, lawyer of National Bank of Georgia (NBG), has declared in the court that NBG partially shares responsibility because of hyperinflation of early 1990-ies.

   As Young Barristers said, “During 1992-1993, NBG had issued loans of 854 billion roubles and coupons to over 500 companies”.

10. Rezonansi: “IN TERMS OF GDP PER CAPITA, WE OUTSTRIP ONLY ARMENIA”
    (Economic Press Monitor: March 26, 2013)

    GDP per capita in Georgia has amounted to $3,519 (around 5,812 lari) in 2012.

    To compare, this rate makes up $17,687 in Russia, 12,120 lari – in Azerbaijan, 6,000 lari – in Ukraine, 5,384 lari – in Armenia.

11. LARI EXCHANGE RATE TO US DOLLAR WAS STABLE IN Q4 2012
    (Daily News: February 22, 2013)

    According to inflation review, released recently by National Bank of Georgia (NBG), exchange rate of lari to the US dollar in the 4^th quarter of 2012 was stable, while it devaluated by 4.2% to euro. Besides, lari devaluation of 4.2% was observed for the same period to Turkish lira.

12. Rezonansi: “NATIONAL BANK IS BLAMED FOR DEVALUATION OF POPULATION’S SAVINGS”
    (Economic Press Monitor: February 12, 2013)

    Young Financiers and Businessmen Association declare that policy of the National Bank of Georgia (NBG) has caused hyperinflation in 1990-ies.

    Money-and-credit policy, which the NBG had conducted in that period, had left the population without savings and devaluated money, the Association declares.

13. IN DECEMBER 2012, LARI NOMINAL AND REAL EXCHANGE RATES DECREASED COMPARED WITH DECEMBER 2011
    (Daily News: January 24, 2013)

    National Bank of Georgia reported that in December 2012, nominal effective exchange rate of national currency decreased by 0.9% compared with the same month of 2011, while respective decrease of real effective exchange rate made up 4.9%.

    In the same period, real exchange rate of lari to the US dollar decreased by 3%.

14. Rezonansi: “GEORGIA HAS REMAINED WITHOUT INVESTMENTS THROUGH OCTOBER-NOVEMBER?”
    (Economic Press Monitor: November 28, 2012)

    Fady Asly, chairman of International Chamber of Commerce – Georgia, says that no foreign investments entered Georgia through the last 2 months and this situation will not be improved within the next 3 months.

    The previous government was always ready to meet with investors, while the new authority does not show any initiative on collaboration with business, Asly declares.

15. NBG LEFT MONETARY POLICY RATE UNCHANGED
    (Daily News: October 24, 2012)

    National Bank of Georgia (NBG) reported that Monetary Policy Committee decided today to maintain refinancing rate unchanged. Respectively, the rate remained at 5.75%.

16. Rezonansi: “PEOPLE BUY DOLLAR AND EURO IN ORDER TO INSURE THEMSELVES”
    (Economic Press Monitor: September 25, 2012)

    The article reports that demand on the US dollar is increased in the last few days, as population expects devaluation of lari after the parliamentary elections.

    However, experts Lia Eliava and Gocha Tutberidze do not see danger of national currency devaluation.

17. Rezonansi: “NEGATIVE RESULTS OF 1,000-LARI VOUCHER”
    (Economic Press Monitor: August 3, 2012)

    The article brings negative comments of expert Nodar Kapanadze and David Saganelidze, representative of oppositional Georgian Dream, regarding the government’s promise on distribution of vouchers of 1,000 lari.

    According to Kapanadze, distribution process of the vouchers is a negative fact itself, which naturally raises a question about resources for its funding.

18. Rezonansi: “IF LARI RATE CONTINUES TO DROP, PRICES WILL BE INCREASED”
    (Economic Press Monitor: July 24, 2012)

    Since June, lari has slightly devaluated against the US dollar and the current rate is within 1.65-1.66 GEL/ USD.

    Experts, interviewed in the article – Soso Archvadze and Irakli Lekvinadze link this trend with the seasonal factors.

19. Kviris Palitra: “LARI’S “ADVENTURE” THROUGH THE LAST 11 YEARS”
    (Economic Press Monitor: May 14, 2012)

    Georgian Development Research Institute has conducted study of inflation and lari’s purchasing power through 2000-2011.

    According to Ioseb Archvadze, expert of the institute, the study revealed that national currency has been devaluated almost 4 times after introduction.

20. DURING 2011, NOMINAL EXCHANGE RATE STRENGTHENED BY 12.2%, WHILE REAL EXCHANGE RATE – BY 8.4%
    (Daily News: May 10, 2012)

    National Bank of Georgia (NBG) reported that nominal effective rate of lari exchange strengthened by 12.2% in 2011, while real effective rate – by 8.4%.

    In the beginning of year, significant strengthening of real exchange rate was fixed, being conditioned by high rate of inflation.

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