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1. Rezonansi: “COMPUTERS FALL IN PRICE EVERYWHERE, EXCEPT GEORGIA”
   (Economic Press Monitor: December 2, 2008)

   Prices for computer equipment are falling on the world market, while they have increasing in Georgia. Companies explain the mentioned with recent lari devaluation.

2. Rezonansi: “THE WAR HAD NOT HARMED PRODUCTION AND BUSINESS OF BUTTER”
   (Economic Press Monitor: November 25, 2008)

   Majority of local companies, engaged in dairy production, do not produce butter now nor plan it for future, the article says.

   For example, company Sando explains such approach with lack of necessary equipment.

3. EBRD EXPERTS OFFER TO SUPPORT GEORGIA’S FINANCIAL SYSTEM WITH LIQUID RESOURCES AND STRENGTHEN BANKS’ SUPERVISION
   (Daily News: November 27, 2008)

   According to the recommendations of EBRD experts, in order to eliminate vulnerability of Georgian financial sector, it should be supported by liquid resources, while supervision over the banks should be strengthened and portfolios and liquidity management system should be adjusted.

   EBRD said the mentioned in the Transition Report, published these days (the assessment is based on the state of the end of October 2008).

4. CENTER FOR STRATEGIC STUDIES AND DEVELOPMENT POINTS AT FALLOUT FROM LARI DEVALUATION
   (Daily News: November 24, 2008)

   According to the assessments of Georgian Center for Strategic Studies and Development, recent lari drop resulted in “a catastrophic reduction of confidence” towards the national currency.

   As a result, prices on most products are set again in dollar (in lari equivalent), while the tendency of selling the goods for the US dollar by distributors is fixed in the retail shops, the Center notes.

5. Rezonansi: “BOTH BUSINESS AND BUDGET TO GAIN FROM TAX REDUCTION”
   (Economic Press Monitor: November 17, 2008)

   The government forecasts economic growth at 2-4% and inflation at 7-8% in 2009. Draft budget-2009 envisages reduction of income tax, as well as increase of pensions and teachers’ salaries.

6. LADO PAPAVA: KEEPING OF LARI RATE ON 1.65 LEVEL IS IMPOSSIBLE
   (Daily News: November 17, 2008)

   Former MP, ex-minister of economic Lado Papava sees impossible to keep exchange rate on the level of 1.65 GEL/USD. Papava proves his forecast by the fact that neither investments’ inflow nor remittances from Georgians, working abroad, could reach their pre-war level in the near future.

7. 24 Saati: “GROWTH OF PRICES IS UNAVOIDABLE”
   (Economic Press Monitor: November 14, 2008)

   Prices are growing in Georgia every time when local currency fall, but never are decreased after strengthening of lari, the article says.

   Expert Lado Papava points at 80%, occupied by imported goods on local consumer market, noting that importers manage to adapt to gradual devaluation of lari.

8. Rezonansi: ““FALLEN” DOLLAR TO SUSPEND FUEL CHEAPENING”
   (Economic Press Monitor: November 11, 2008)

   Head of Oil-Products’ Consumers, Producers and Importers Union Vano Mtvralashvili says that, taking into account situation on international markets, price increase for imported fuel is not expected in Georgia. At the same time, he suggests that lari devaluation may suspend price reduction on oil-products on the local market.

9. Rezonansi: “GOVERNMENT USES LARI RATE AS A WEAPON”
   (Economic Press Monitor: November 11, 2008)

   The newspaper speaks about panic, which raised in the public due to lari devaluation. However, experts believe that lari had been strengthened artificially and its devaluation was to be expected.

10. 24 Saati: “RISK OF IMPOVERISHMENT INCREASES”
    (Economic Press Monitor: November 10, 2008)

    Trades were failed in fact at Tbilisi Interbank Currency Exchange on November 7, when the rate jumped from 1.44 GEL/USD up to 1.49 GEL/USD. The rate was even 1.5-1.6 GEL/USD in currency exchange outlets on Saturday-Sunday.

11. Rezonansi: “LARI IS NOT RUN THE DANGER”
    (Economic Press Monitor: November 10, 2008)

    The newspaper states that recent considerable devaluation of lari has already caused some panic.

    As the expert Merab Kakulia (former NBG vice-president) says, the situation may be called expected, as demand for foreign currency has been growing permanently, while the offer is carried out by NBG only.

12. NBG: LARI RATE REACHED NEW BALANCE POINT
    (Daily News: November 10, 2008)

    As a result of trades on Tbilisi Interbank Currency Exchange, lari rate dropped down to 1.6500 GEL/USD today, i.e. more than by 10% since the previous trades (November 7). As David Amaglobeli, acting president of National Bank of Georgia (NBG), announced on special press briefing today, NBG conducted correction of lari rate.

13. 24 Saati: “THERE IS NO DANGER OF INFLATION AND SHARP DEVALUATION OF LARI”
    (Economic Press Monitor: October 1, 2008)

    Acting president of National Bank of Georgia (NBG) David Amaglobeli assures that there is no danger of inflation and sharp devaluation of lari. If foreign aid will exceed negative budget balance, the lari rate will change toward strengthening, not weakening, he says.

14. 24 Saati: “BUILDING COMPANIES SOLD AREAS UNDER CONSTRUCTION FOR EURO”
    (Economic Press Monitor: March 27, 2008)

    Because of the US dollar devaluation, Georgian building companies have started accounts in euro.

    Price for real estate has risen by 40-60% from February of this year.

15. Rezonansi: “STRONG LARI AND WEAK ECONOMICS”
    (Economic Press Monitor: March 21, 2008)

    The government considers strengthening of national currency as progress in economic. However, experts are concerned seriously for strengthened lari.

16. Rezonansi: “LARI STRENGTHENS SHOCKINGLY”
    (Economic Press Monitor: February 20, 2008)

    Georgian experts negatively assess lari strengthening (1.5510 GEL/USD) and think that National Bank of Georgia (NBG) should apply to measures due. It is impossible to get NBG’s explanation on lari strengthening reasons, however.

17. Rezonansi: “LARI IS ARTIFICIALLY STRENGTHENED”
    (Economic Press Monitor: December 13, 2007)

    Lari is strengthening as before, inflation rises, economic and social situation became complicated and problems with export occurred, the newspaper writes.

    The US dollar devaluation and lari strengthening are mainly caused by external factors, however National Bank of Georgia (NBG) must to strengthen the national currency artificially in order to lower inflation.

18. 24 Saati: “ON DEVALUATION OF IMF REPUTATION”
    (Economic Press Monitor: September 18, 2006)

    Lado Papava, ex minister of economics, now MP and a member of the Georgian Fund of Strategic and International Researches (GFSIS), claims the IMF reputation has been “devaluating” in the country. The IMF is basically performing “auditor’s activities” instead of making reforms, correcting government errors and preventing crises, he says.

19. 24 Saati: “WHAT THE NEW CUSTOMS CODE PROMOTES?”
    (Economic Press Monitor: May 10, 2006)

    The entrepreneurs suppose the new Customs Code, which the Parliament should approve in near future, been granting the significant preferences to the importers, will strike a hard blow to the local industry. They fear that significant inflow of the import will cause the devaluation of the local production.

20. DIVERSIFICATION OF NB’S INTERNATIONAL CURRENCY RESERVES PROTECTS THEM FROM DEVALUATION
    (Daily News: November 8, 2005)

    According to the National Bank of Georgia (NB), thanks to the diversification of international currency reserves, they will not face a danger of devaluation caused by recent weakening of the euro, when the exchange rate amounted to 1.1735 EUR/USD (the lowest since May 2004).

    According to the NB, the bank has 75% of international currency reserves in US dollars, while 25% in euros.

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