Georgian National Bank chief explains lari devaluation

President of the National Bank of Georgia Koba Gvenetadze commented on the alarming devaluation of the lari.

According to him, the devaluation of the national currency is caused by external shocks and reduction of tourist flow in the country.

"Georgia is going through an external shock," Georgia Today cited Gvenetadze as saying.

"Expected number of inflows has been reduced in the country. According to the statistics and number, it is clear that fewer tourists visit Georgia. This, of course, affects the exchange rate. This is a very painful process," he added.

However, as the President of the National Bank noted, if they see that the exchange rate results in inflation, the National Bank will use all the available tools to suspend the process.