Tbilisi (GBC) - Tourist inflows are decreasing, which was mainly increased by the spending of those visitors.

Some of them escaped Putin's regime, some temporarily took refuge in our country. There are also many people who are not worried about Putin's imperialist aspirations, he justifies the attack on Ukraine, but he is a coward and masks his desertion with peacefulness.

According to the NBG’s statistics, the monthly expenses of visitors from Russia are in the range of 100 million USD. The costs of persons arriving from Belarus have been reduced to less than 12 million USD, as well as Ukrainians - up to 26 million USD.

The peak of cash flows from international travel was in July-August, 477 million USD and 522 million USD. It has been declining ever since. The sharp drop is more or less restrained by the increase of visitors from Turkey. The contribution of the citizens of the EU country has been reduced by almost 2 times.

Despite the deterioration of the fundamental characteristics (increasing the flow of migrants and, accordingly, the increased flow of currency), investment bankers explain the maintenance of the trend of strengthening of the lari by inertia, by balancing GEL.

The strengthening of the exchange rate helps the imported inflation. At the same time, it increases aggregate demand, which has a negative effect on the local inflation.

According to the NBG's analysis, 6% of the double-digit inflation is due to exogenous factors (including the cost of transportation, which has a decreasing trend and will gradually be transferred to Georgia as well).

0.5% is the influence of the rent price, which is related to migration and which helps the economic growth of the country. At the same time, it increases aggregate demand, which has a negative effect on domestic inflation. In response, the ECB maintains a tightening policy and will ease it when the effects of migration subside.