The FINANCIAL — According to Civil Georgia, the Georgian Lari (GEL) fell 13.4% in a week reaching 1.65 against U.S. dollar on November 10.
Davit Amaglobeli, the acting president of the Georgian National Bank, said there was no threat of GEL’s further weakening.
“Today the GEL exchange rate reached a new equilibrium and there is no need for an adjustment of this new rate,” Amaglobeli said. “The National Bank will guarantee the exchange rate stability. The National Bank has enough reserves for that. There is no threat of the GEL’s devaluation in a long-term perspective.”
“These recent adjustment of the currency rate will have negative consequences on the inflation,” he added.
According to the central bank the annual inflation rate by end-October slowed to 7%, down from 10.6% in September.