Georgian PM hails Lari stability, ‘record’ currency reserves

Prime Minister Irakli Kobakhidze has praised the stability of Georgia’s national currency, the lari, and the “record growth” of the country’s foreign exchange reserves.

Speaking at a Business Association conference on Friday, Kobakhidze said predictions earlier this year that the lari would weaken to more than 3.10 against the US dollar had not materialised. Instead, he noted, the currency had strengthened by 15 tetri since January.

He added that between January and August, the National Bank of Georgia boosted its reserves by $1.5 billion - the highest figure in the country’s history.

“The stability of the lari is of great importance. Despite negative forecasts late last year, today we see a different picture. The National Bank, under the leadership of President Natia Turnava, has played a key role in this achievement. Its effective work is vital for sustainable economic development,” the prime minister said.