Giorgi Shagidze, Financial Director of TBC Bank, explains the recent fluctuations of GEL towards depreciation by depreciation of the currencies of trade partner countries.
Shagadze stated this while commenting on the reasons of currency depreciation.
“Based on the fact that lari is a hard currency, certainly it is influenced by what happens to the currencies of our trade partner countries. You saw that last week Turkish currency significantly depreciated,” – stated Shagadze and added that “the currencies of all our trade partners influence lari differently”.
To the question of a journalist – to what other factors could GEL depreciation be connected to, Shagadze answered:
“We don’t think that we are dealing with any type of fundamental factors,” – noted the Financial Director of TBC Bank.
