ECONOMY

Georgia’s central bank releases statement regarding GEL’s exchange rate

07.08.19 11:00


The National Bank of Georgia has released a statement related to the GEL’s exchange rate. As the NBG said on Tuesday, a short-term dynamics of the GEL’s exchange rate is influenced by many factors and they will use all the available tools in case of necessity of interventions.

 

“While performing its functions, the National Bank is independent of political or other influence and operates within the constitutionally mandated rights. Under the inflation targeting regime, the goal of central banks is to maintain a long-term stability of the exchange rate, which is a prerequisite for the National Bank's mission – the stability of pricing and financial system. Many factors affect the GEL’s exchange rate and it’s necessary to give responses in different directions. We will act in pursuit of the long-term stability goals of the exchange rate and if necessary, we will use all available tools, including foreign exchange interventions, to prevent high inflation," the NBG statement reads.

 

 

source: IPN/ interpressnews.ge

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