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1. Kviris Palitra: “THERE ARE SUSPICIONS THAT FLUCTUATION OF LARI RATE IS RESULT OF CONSPIRACY”
   (Economic Press Monitor: August 5, 2019)

   Georgian national currency, lari, started depreciation against the US dollar in 2015, passed mark of 2 GEL/USD and continued falling in the next years, the newspaper says.

   While commenting on recent devaluation of lari, former council member at National Bank of Georgia (NBG) Elguja Mekvabishvili declares in his interview to the newspaper that NBG was late with interventions.

2. PRIME MINISTER: WE HAVE EXPECTATIONS THAT THE LARI WILL RETURN TO ITS NATURAL AND STEADY MARK
   (Daily News: August 2, 2019)

   Georgia’s Prime Minister Mamuka Bakhtadze declared that “current events in economy are healthy, steady, sustained and lari was excessively depreciated”.

   “It was promoted, unfortunately, by negative background of the last several weeks and negative expectations, caused by this background”, he explained.

3. Tabula: “MACHAVARIANI: WE CAN SAY WITH CONFIDENCE THAT LARI WILL GO DOWN IN THE NEXT FEW DAYS”
   (Economic Press Monitor: August 1, 2019)

   “We can say with confidence that lari will go down and this will happen in the next few days”, Georgia’s Finance Minister Ivane Machavariani assures.

   As the Minister points, “today, lari is depreciated against [currencies] of the trade partner countries by 10%, and this trend will surely change”.

4. NBG FORECAST: INFLATION IN SHORT-TERM PERIOD WILL BE ABOVE 3%
   (Daily News: July 31, 2019)

   National Bank of Georgia (NBG) forecasts that inflation in the short-term period will be above 3% (the target indicator), wile will go down in the next year and will be below the target. However, in the medium-term period, inflation will return to 3% mark again, declares NBG in the monetary policy report, published today.

5. Tabula: “NATIONAL BANK PRESIDENT ON LARI DEVALUATION: THIS IS VERY PAINFUL PROCESS”
   (Economic Press Monitor: July 31, 2019)

   “Today, Georgia passes through external shock”, president of National Bank of Georgia Koba Gvenetadze declares, while commenting on devaluation of lari. “In Georgia, expected tourists’ inflow decreased”, and “certainly, this impacts exchange rate”, he explains.

6. FISCAL COMMITTEE CHAIRMAN: SHARP REDUCTION OF TOURISTS’ FLOW FROM RUSSIA NEGATIVELY AFFECTED ECONOMY OF GEORGIA
   (Daily News: July 30, 2019)

   Irakli Kovzanadze, chairman of Georgian Parliament’s Fiscal Committee, stated that “imposition of aviation embargo and sharp reduction of tourists’ flow from Russia negatively affected economy of Georgia”. “Moreover, as I know, the number of tourists decreased not only from Russia, but also from other CIS countries”, he declared.

7. Bankebi da Finansebi: “WHEN YOU DO NOT GENERATE ELECTRIC POWER, WHEN IMPORT GROWS QUICKLY, THAT CAN CAUSE GROWTH OF TARIFF”
   (Economic Press Monitor: July 24, 2019)

   Roman Kakulia, member of majority in Georgian Parliament and chairman of Committee on Branch Economy and Economic Policy, declares that growth of electricity tariff “is not excluded in future”.

   As Kakulia explains, when in the country “electricity consumption grows with very high pace, when you cannot generate electric power, when import grows very quickly and you become dependent on it, it can cause growth” of the tariff.

8. Tabula: “ALONG WITH DEVALUATION OF LARI, COST OF SUM, MOBILIZED IN THE PENSION AGENCY, ALSO DECREASES”
   (Economic Press Monitor: July 24, 2019)

   Levan Surguladze, director of Georgian Pension Agency, declared that the Agency has mobilized 285 million lari.

   Tabula notes that by today’s exchange rate (2.88 GEL/USD), this sum is equivalent to $98.96 million, while by the rate of January 1 (2.67 GEL/USD), it would be equivalent to $106.74 million.

9. Forbes Georgia: ““RENCAP” FORECASTS STRENGTHENING OF LARI ON THE MARK OF 2.75”
   (Economic Press Monitor: July 23, 2019)

   In a review of Georgian economic, Russian investment group Renaissance Capital (Rencap) forecasts strengthening of lari on the mark of 2.75 GEL/USD until end of the current year, the reports magazine.

   “Sharp devaluation of lari is connected, on the one hand, with filling of reserves by National Bank, while on the other hand, with unstable political situation”, the company declares and adds: “We consider that these factors are already exhausted”.

10. Bankebi da Finansebi: “POLITICAL PRESSURE UPON LARI RATE – WHY LARI ESTABLISHED A RECORD OF DEPRECIATION”
    (Economic Press Monitor: July 12, 2019)

    For the last 2 months, Georgian national currency, lari, established two anti-records of depreciation and exchange rate exceeded 2.86 GEL/USD for the first time, points author of the article, vice-president of Young Businessmen and Financiers Association Paata Bairakhtari.

    As Bairakhtari explains, lari started depreciation in May that was connected with 2 major factors– growth of money supply (by almost 2 billion lari year-on-year) and devaluation of Turkish lira and its related psychological factors.

11. Forbes Georgia: “FROM $1=1.75 TO $1=2.88 – WHAT MEMBERS OF THE GOVERNMENT HAD SAY AND HOW THEY EXPLAINED DEVALUATION OF LARI”
    (Economic Press Monitor: July 9, 2019)

    Sharp devaluation of lari was started in 2014 and since that, cost of $1 increased by 1 lari and about 15-20 tetri, the magazine reminds. The article brings statements, made by members of Georgian government in connection with devaluation of lari.

12. Kviris Palitra: “DOUBLE HIT TO LARI”
    (Economic Press Monitor: July 1, 2019)

    Within a week, Georgian national currency, lari, has depreciated by 10 tetri, the newspaper reports. The article brings estimation of experts, “lari got double hit recently” (the matter concerns Russian sanctions and protest actions in Tbilisi).

13. Forbes Georgia: ““G&T” EXPECTS STRENGTHENING OF LARI EXCHANGE RATE TO THE MARK OF 2.6 FROM 2020”
    (Economic Press Monitor: June 26, 2019)

    Georgian investment bank Galt&Taggart (G&T) does not expect sharp devaluation of lari against the background of Russian sanctions, the magazine reports. However, G&T notes that there will be a certain instability.

14. Rezonansi: “NATIONAL BANK AND THE GOVERNMENT CONTINUE TO DESTROY LARI”
    (Economic Press Monitor: June 19, 2019)

    David Tsikaridze, director of Admiral Markets, indicates that there are no fundamental factors inside the country for devaluation of lari. In summer, demand for lari grows and the rate has to be the most stable, he specifies.

15. Kviris Palitra: “WHAT WILL RISE IN PRICE BECAUSE OF FLUCTUATION OF LARI”
    (Economic Press Monitor: May 27, 2019)

    Official exchange rate exceeded 2.78 GEL/USD, the newspaper points, noting that more than this lari was depreciated in December 2016.

    National Bank of Georgia (NBG) explains that conclusion, allegedly devaluation of lari will cause inflation, is wrong, the newspaper says, indicating that Georgia is very dependent on import and in these circulstances, “only prayer could save production from a rise in price”.

16. Bankebi da Finansebi: “REASON OF LARI DEVALUATION IS PROBABLY EXPECTATIONS, WHICH MARKET PLAYERS HAVE”
    (Economic Press Monitor: May 23, 2019)

    “There is no fundamental macroeconomic ground for devaluation of lari”, Georgia’s Deputy Finance Minister Giorgi Kakauridze assures.

    According to Kakauridze, “reason of lari devaluation is probably expectations, which market players have”.

17. “S&P”: HIGH DOLLARIZATION RATE IN GEORGIA, DESPITE NOTABLE DECREASE AFTER 2017, HAMPERS EFFICIENCY OF MONETARY POLICY
    (Daily News: April 16, 2019)

    Independence of National Bank of Georgia (NBG) and floating exchange rate “increase flexibility of monetary policy, but high rate of dollarization still remains a challenge”, declares Standard&Poor’s (S&P).

    The rating agency indicates that “high rate of dollarization, despite notable decrease after 2017, hampers efficiency of monetary policy”.

18. “S&P” IMPROVED OUTLOOK FOR GEORGIA’S SOVEREIGN RATING
    (Daily News: April 15, 2019)

    On April 13, Standard&Poor’s (S&P) improved outlook for sovereign rating of Georgia from “stable” to “positive”, Georgian government reported. The rating itself is “BB-”.

19. “SILKNET”: THERE WAS NO DEAL OR AGREEMENT WITH OTHER COMPANY IN CONNECTION WITH RENEWED PACKING
    (Daily News: January 23, 2019)

    In connection with the renewed tariff packing, “no deal or agreement of any sort took place with other company”, Georgian communication company SilkNet said in the statement.

    The statement indicates investments of the company and notes that “procurements, related to development, are fully conducted in foreign currency, while income is in local currency”.

20. Bankebi da Finansebi: “FOR LARGE BUSINESS, THE YEAR APPEARED POSITIVE – BUSINESS SECTOR ESTIMATES 2018”
    (Economic Press Monitor: January 16, 2019)

    In spite of certain problems, created by devaluation of lari, 2018 appeared quite attractive and active for representatives of business sector, the newspaper says.

    The article brings comments of some representatives of large companies, including executive director of Georgian Business Association Irakli Aslanishvili, founder of development company Redix Lasha Papashvili and corporate director of brewing company Natakhtari Nikoloz Khundzakishvili.

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