Archvadze spoke about the reasons for the fall in the lari rate in Georgia
Expert on economic issues, Professor Iosif Archvadze believes that the situation with the coronavirus and the collapse of world oil prices are expected to cause the devaluation of the lari
The national Bank of Georgia set the gel exchange rate against the US dollar as of March 12 at 2.8791 GEL/$1. Compared to the value on Monday, March 10, the lari fell by almost 3%.
"Now not only the Georgian economy, but the entire world economy is in a state of force majeure. One of the reasons for the fall of lari is uncertainty. When not only business people, but also ordinary people see uncertainty, they try to transfer their assets to more or less secure funds. That is, in those funds that can be stored for a relatively long time without fear of their depreciation, " Archvadze said in an interview with Sputnik Georgia .
According to the expert, the scenario of further events is completely unpredictable.
"The wave-like change in the situation, not just by months, but by hours, especially with oil prices, reflects the unpredictability of events in the coming days, not to mention weeks," the expert added.
Oil prices fell more than 30% on Monday after the OPEC + countries failed to agree on March 6 to change the parameters of the deal or to extend it, which means that the deal ends on March 31.
Sputnik-georgia.ru
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Archvadze spoke about the reasons for the fall in the lari rate in Georgia
Expert on economic issues, Professor Iosif Archvadze believes that the situation with the coronavirus and the collapse of world oil prices are expected to cause the devaluation of the lari
The national Bank of Georgia set the gel exchange rate against the US dollar as of March 12 at 2.8791 GEL/$1. Compared to the value on Monday, March 10, the lari fell by almost 3%.
"Now not only the Georgian economy, but the entire world economy is in a state of force majeure. One of the reasons for the fall of lari is uncertainty. When not only business people, but also ordinary people see uncertainty, they try to transfer their assets to more or less secure funds. That is, in those funds that can be stored for a relatively long time without fear of their depreciation, " Archvadze said in an interview with Sputnik Georgia .
According to the expert, the scenario of further events is completely unpredictable.
"The wave-like change in the situation, not just by months, but by hours, especially with oil prices, reflects the unpredictability of events in the coming days, not to mention weeks," the expert added.
Oil prices fell more than 30% on Monday after the OPEC + countries failed to agree on March 6 to change the parameters of the deal or to extend it, which means that the deal ends on March 31.
Sputnik-georgia.ru
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