Economic Press Monitor
August 5, 2021
IN THIS ISSUE:
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| 1. |
KOBA GVENETADZE: THERE IS NO NEED FOR CURRENCY INTERVENTIONS AT THIS STAGE, WE WILL CONTINUE WHEN THE NEED ARISES
Macroeconomics & Budget
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“We sold $916 million last year, and we have sold about $260 million this year”, declared Koba Gvenetadze, president of National Bank of Georgia (NBG). “We will continue interventions when the need arises”, he said, although added that “there is no need at the moment”.
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| 2. |
LARI WILL STRENGTHEN A LITTLE MORE, CURRENCY FLUCTUATIONS ARE NOT EXPECTED UNTIL LATE AUTUMN
Macroeconomics & Budget
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Doctor of economics Nika Shengelia forecasts that in the next 20 days, lari exchange rate will fluctuate within the range of 3.05-3.14 GEL/USD. In any case, there will be no depreciation, he believes and points that National Bank of Georgia (NBG) has mobilized reserves of $4 billion.
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CONSTRUCTION SECTOR AND THE PANDEMIC
Construction
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In 2020, against the background of the pandemic, Georgian construction sector shrunk by 4.7%, while entire Georgia’s economy – by 6.2%. The article notes that in 2014-2017, construction was the fastest growing sector in Georgian economy, increasing by 15.5% annually on average, i.e. 4 times higher than Georgian economy in general.
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