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restrictions being imposed worldwide and particularly in Europe, the winter season seems lost for tourism-dependent Georgia. This means the central bank looks set to pump more FX into the economy to offset lost tourism revenues.
Georgian Finance Minister Vano Machavariani claimed that the sharp depreciation of the GEL in recent days was attributable to the post-election protests launched by the opposition.
"We declare with full responsibility that the depreciation of the GEL stems from the radicalism that is taking place in the country," the minister said.
According to him, there was no other objective reason for the GEL's depreciation of recent days.
"What we see concerning the exchange rate has been caused by the country's political tensions. At the same time, these tensions contribute to the spread of the virus. We all must be as responsible as possible in this regard. Observing the rules and reducing mobility will help both the GEL and reduce the spread of the virus," Machavariani said.
31 GEORGIA Country Report December 2020 www.intellinews.com
