05 July 2022,   13:58
Devaluation of GEL - Experts predict the raise of prices and talk about the responsibility of the government

Devaluation of GEL - National Bank intervention failed. Experts talk about the late actions of the National Bank.
Nika Shengelia, an expert in economics, thinks that interventions by the main financial institution should continue in the future to strengthen the national currency. According to him, in controversial situation price increases for different products will be inevitable.
"The intervention was too late, 32 million 800 thousand dollars were sold. We think that the intervention should continue.NBG has to intervene immediately,” - Nika Shengelia said.
According to Giorgi Kepuladze, Chairman of the Board of NGOs and Banks, in the medium term, the GEL cannot be consolidated only by the intervention. Giorgi Kepuladze also speaks about the need for the government to take responsibility for the economic crisis.
"With the intervention, the average Lari exchange rate is unimaginable. This was just to subvert expectations and panic, so now that the GEL is going to have macroeconomic factors to be in order, it is expected that we will reduce imports and by reducing imports, it will be able to get less currency out of the country," - Kepuladze said.
The intervention by the National Bank proved fruitless. The national currency devalued again. The official value of the lari was 2.89 yesterday. For now, 1 dollar is 2.92 lari.