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Georgian central bank expects local currency’s strengthening

Tuesday, September 29
Georgian central bank’s head, Giorgi Kadagidze considers the rejection to spend state reserves against the backdrop of falling national currency as a right move, RIA Novosti reported Sept. 27.

Kadagidze also expects the strengthening of Georgian national currency – the lari.

The lari’s rate has for several years remained at around 1.7 per $1. But in November 2014, the lari started to depreciate sharply reaching the level of about 2.4 per $1.

Georgian government lowered the 2015 economic growth forecast to two percent from five percent, and issued an anti-crisis plan to bring foreign investments.

The plan was criticized by Georgian opposition.