News Column

FISCAL COMMITTEE CHAIRMAN: LARI RATE TO BE WITHIN 1.7-1.8 GEL/USD

January 29, 2014

Sarke Daily News

Chairman of the Parliament's Fiscal Committee David Onoprishvili supposes that lari rate will be within 1.7-1.8 GEL/USD this year. In 2014, those causing lari rate change factors will be excluded New Year days are ended, while infrastructural projects will be financed from the budget according to months, Onoprishvili told "Sarke". The committee chairman explained that in 2013, implementation of infrastructural projects started in the second half of the year and there was pressure on lari, while in December, there were high expenses due to New Year preparation and extra demand appeared on imported production that increased disproportion between lari and the US dollar. "Another factor was that in 2013, those business companies have left Georgia , which considered that continuation of activities in the country was not safe", Onoprishvili noted and added: "This has caused certain disproportion between dollar and lari, so pressure has appeared on the rate." "Nobody tries to fix the rate today, because this process should be regulated by the market", Onoprishvili declared. If inflation increases, causing growth of prices, than National Bank of Georgia will interfere and apply pressure on inflation, he said.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Sarke Daily News (Georgia)


Story Tools