Big News Network
Dec 6 2014
Georgian, Armenian Currencies Continue To Drop
RFE Friday 5th December, 2014
The Georgian currency, the lari, continued its decline in value to the
U.S. dollar on December 5, reaching a new low of about two lari to one
U.S. dollar.
Since December 1, the lari has lost 6.3 percent of its value to the
U.S. dollar, hitting its lowest point to the greenback in some 10
years.
The president of the Georgia National Bank, Georgi Kadagidze, said the
steep fall was due to “the frenzy of market players, which is
generally characteristic of financial markets in such times.”
He assured the National Bank had already proved its ability to cope
with the situation during times “of much greater upheavals” and added
there was no threat to Georgia’s financial and macroeconomic
stability.
The Armenian national currency, the dram, has also fallen from 435.26
to one U.S. dollar on December 1, to 447.86 on December 5.
With additional reporting by Interfax