Giorgi Kepuladze, the founder of "Society and Banks" declares, that the recent devaluation of GEL is related to the adoption of the so-called "Russian law" by the parliament in the third reading and recent developments around it.
As Giorgi Kepuladze states with BMG, in the background of the unstable environment created in the country and the sanctions announced by the West, the mood of business and investors has worsened, which ultimately has a negative impact on the foreign exchange market.
According to him, it is likely that in the background of the instability in the country, the participants of the foreign exchange market started transferring funds and deposits to foreign currency, which led to the devaluation of GEL. According to him, the ruling party is responsible for the created situation.
"When the USA announces that it will revise its funding towards Georgia, it is natural to have an impact on the businesses. Large importers convert GEL into USD, some people transfer deposits from national currency to USD and this causes fluctuations. The 84 deputies who voted for the "Russian Law" and "Georgian Dream" as a whole are responsible for whatever result we got. Due to a political decision, this situation exists in the economy now, therefore, this process will continue until the political destabilization remains in the country", said Giorgi Kepuladze.
