Tbilisi (GBC) - Acting President of the NBG, Natia Turnava, states that the regulator has all the levers at its disposal to stabilize the exchange rate if necessary.
“If we see excessive exchange rate fluctuations and the impact of non-economic factors on the GEL, we have all the levers at our disposal to intervene if necessary,” Natia Turnava stated at the session of the Finance and Budget Committee of the Parliament.
According to her, against the backdrop of political tension, there are some agitated fluctuations in the market, but as soon as the situation stabilizes, the pressure on the GEL exchange rate will be removed.
“Today, we have all the prerequisites for maintaining equilibrium naturally. We are already seeing the first signs of stabilization in the foreign exchange market. "There are no other economic factors that would cause fundamental changes and the depreciation of the lari at this stage," said Natia Turnava.
According to her statement, unlike this period, during the pre-election period, due to deteriorating expectations, there was a very strong demand for the dollar and the supply practically stopped. Today, the market is balanced and dynamic. There are both buyers and sellers of foreign currency, and the market is slowly stabilizing.
"Naturally, non-economic factors exist, but we do not think that our intervention is necessary at the moment. At the same time, of course, the lever of intervention is in our hands and, if necessary, we will again use the right granted by the mandate and help the market," said the acting president of the NBG.
The "Main Directions of Monetary and Foreign Exchange Policy" are developed annually by the Monetary Policy Committee of the National Bank of Georgia for the next three years and are submitted to the Parliament of Georgia for approval. The "Main Directions of Monetary Policy" provide the inflation target and the main monetary policy instruments that the National Bank uses in conducting monetary and foreign exchange policy.
