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The entire world expects the dollar to gain value further – Deputy Finance Minister

Monday, September 14
“All factors that may influence the GEL exchange rate are better this year than they were last year,” told Deputy Finance Minister Giorgi Kakauridze to InterPressNews.

According to Kakauridze, the GEL depreciated due to the ongoing global tendencies. He says the exchange rate is higher than it should be, according to economic parameters.

“Data about investments in the second quarter of 2015 has already been released. Based on all existing parameters, the export-import statistics have been significantly improved compared to the previous year. There were many investments, and tourist influx was also higher. All factors that may negatively influence the GEL exchange rate are weaker than they were last year,” he said.

According to Kakauridze, the situation is much better this year and the GEL should not fluctuate due to internal factors. “If we take a look at what’s going on in the world, we shall see that currencies all around us have depreciated. It is caused by expectations existing in financial institutions. The situation is difficult on both Asian and European markets,” he added.

As Kakuridze has stated, the U.S. Federal Reserve Bank is expected to increase the interest rate. “Therefore, the world in its entirety expects the dollar to gain value further,” he remarked.