Georgia’s Minister of Economics Dimitri Kumsishvili says that after long time devaluation, from November 2014, the national currency has started regaining its value.
Minister announces national currency stabilisation
By Tatia Megeneishvili
Wednesday, March 16
The Minister said the lari (GEL) stabilization process will positively impact trade and business development.
According to Kumsishvili, to support trade turnover, more free trade agreements are necessary.
He also noted that Georgia's trade turnover with the European Union (EU) is very active.
“Last year, trade turnover with nearly all our partners decreased. However, the EU direction was the only field in which we had a positive trend,” stated Kumsishvili.
According to him, in the first two months of the year, total trade turnover has continued to decrease.
“However, the main reason for that was that the GEL continued its devaluation. For the upcoming months we are waiting for positive changes in both the export and import fields. The GEL's stabilization will positively effect this process,” stressed Kumsishvili.
The Minister also said several steps were planned with the state Partnership Fund to encourage more investments in Georgia, as the Fund is focused on partially finance large-scaled projects.
The opposition continue criticizing the Government, saying the national currency and economic downfall was because of the Government’s ineffective economic policy.
According to the National Agency of Statistics, with the preliminary data of 2016 January -February, Georgia's foreign trade turnover (besides unorganized trade) amounted to 1, 413 million US dollars, which is 2% less than the figure for the same period of last year. Exports stood at 281 million USD (13% less), and imports at 1, 133 million USD (more with 1%).