Plan to stage revolution amid falling lari exchange rate fails
    Georgian prime minister

    REGION  29 May 2024 - 15:09

    A plan to stage a revolution within two days in Georgia against the backdrop of falling lari exchange rate has failed.

    As Caliber.Az reports with reference to Georgian media, Georgian Prime Minister Irakli Kobakhidze told a press conference.

    The Georgian opposition has recently been actively declaring the coming crisis for the Georgian economy against the background of the adoption of the law “On Transparency of Foreign Influence”, against which protests have been held in the country since April 15. The reason for the negative forecasts was the depreciation of the Georgian lari, as well as a sharp drop in the value of shares of the two largest banks of Georgia - TBC, and Bank of Georgia on the London Stock Exchange for a day by 15 and 20% respectively.

    “Such a process was observed, there were two days when the exchange rate of the lari was supposed to fall, European deputies, foreign ministers were supposed to arrive, and a revolution was supposed to take place within two days, such a weak calculation. In the end, this plan failed. Sometimes these calculations are so weak that they are doomed to failure,” Kobakhidze said.

    The currency stabilized a few days after the adoption of the law, but on May 28, the day of overcoming the president's veto, the lari depreciated to 2.76 GEL/$1, while on May 15 it was 2.68 GEL/$1.

    According to the PM, the logical conclusion was reached, it was an artificial pressure on the lari.

    “On the same day, European MPs were brought to the stage, then foreign ministers were brought to the stage. We think that those, who planned this, were thinking about the success of these processes, that is, the success of the revolution, how weak the plan was, as weakly it ended,” the prime minister said.

    During his visit to Georgia, the foreign ministers of Lithuania, Estonia, and Iceland spoke at a rally against the draft law “On Transparency of Foreign Influence” in the center of Tbilisi on May 15. Before that, at all meetings, the ministers criticized the bill, while the government representatives, except for President Salome Zurabishvili, assured them of the necessity to adopt such a law in Georgia.

    According to Kobakhidze, the change in the exchange rate of the lari occurred with the intervention of one particular entity, but he refused to reveal details, noting that he was prohibited by law from doing so.

    “There were possible signs of sabotage, I cannot name them, I am forbidden by law to talk about it. The National Bank is also forbidden by law to talk about it, but there were direct signs of artificial interference,” he said.

    During his speech, the prime minister assured that by the end of the year, Georgia will achieve higher growth than the IMF predicted. According to the prime minister, judging by preliminary data for 4 months, the average economic growth is more than 8%.

    “As for the preliminary data for four months: January, February, March, April - we have an average growth of more than 8%, much more than the IMF predicted. We don't have data for May yet, although preliminary data, including on taxes and so on, is available. We have a fairly high indicator here as well. Ultimately, by the end of the year, we will reach a higher growth than the IMF predicted,” he said.


    Subscribe to our Telegram channel

Read also

Russian deputy foreign minister admits collapse of Iran nuclear deal

22 June 2024 - 10:26

Turkish disinformation center refutes claims of 2.5 million refugees in Istanbul

21 June 2024 - 20:54

EU intends to suspend high-level visits to Georgia

21 June 2024 - 19:56

Türkiye’s Baykar unveils amount spent on unmanned combat aerial vehicles

21 June 2024 - 17:14

Another incident occurs in Armenian separatist representative office VIDEO

21 June 2024 - 16:38

Türkiye kills four PKK terrorists in northern Iraq VIDEO

21 June 2024 - 15:50
Latest news

    Japan's imperial couple leaves for Britain as state guests

    22 June 2024 - 12:48

    Azerbaijan's green energy share reaches 14% in electricity generation

    22 June 2024 - 12:33

    US assumes world gendarme role

    Policing global dynamics

    22 June 2024 - 12:18

    US policy allows Ukraine limited strikes on Russian targets

    Amidst restrictions

    22 June 2024 - 12:03

    Azerbaijani police seize cache of weapons in Khankandi

    Furthering security measures

    22 June 2024 - 11:48

    Boeing's Starliner return to Earth postponed

    NASA says no new date set

    22 June 2024 - 11:33

    USS Theodore Roosevelt arrives in Busan in show of force

    22 June 2024 - 11:19

    Poland scrambles jets as Russia strikes Ukraine

    22 June 2024 - 11:05

    Azerbaijani President announces Green World Solidarity Year at Baku Energy Week

    Interview with Euronews/PHOTO/VIDEO

    22 June 2024 - 10:51

    US notifies Russia of visa center closures in Washington, New York

    22 June 2024 - 10:39

    Russian deputy foreign minister admits collapse of Iran nuclear deal

    22 June 2024 - 10:26

    Armenia shells Azerbaijani army positions in Kalbajar

    Retaliatory measures taken

    22 June 2024 - 10:18

    S&P upgrades AzerEnergy's standalone credit profile

    22 June 2024 - 10:13

    Ukraine forced to impose entry restrictions on Israeli citizens

    Ambassador says

    22 June 2024 - 10:00

    Germany, Norway collaborate on hypersonic missiles for German navy frigates

    22 June 2024 - 09:47

    St. Maarten activist condemns French colonial control

    Appeals to Azerbaijan for support

    22 June 2024 - 09:35

    Azerbaijan secures additional Olympic qualifications for Paris 2024

    22 June 2024 - 09:23

    Pakistan moves to join North-South transport corridor

    22 June 2024 - 09:11

    Iran's water crisis leads to alarming ground collapse

    22 June 2024 - 09:09

    Five challenges for NATO’s next chief Mark Rutte

    22 June 2024 - 07:04

    French president’s project of reform at risk

    22 June 2024 - 05:04

    Germany’s Rheinmetall gets record $9.1 billion ammo order

    22 June 2024 - 03:05

    Reuters: US, China hold first informal nuclear talks in five years, eyeing Taiwan

    22 June 2024 - 01:03

    Toyota just beat hydrogen forever

    New technology America doesn’t know about

    21 June 2024 - 23:04

    Belarus Foreign Ministry hands note of protest to Armenia

    21 June 2024 - 20:59

    Turkish disinformation center refutes claims of 2.5 million refugees in Istanbul

    21 June 2024 - 20:54

    Hungary opts out of NATO military mission in Ukraine, says PM Orban

    21 June 2024 - 20:46

    Norway pledges to bolster safety of Ukrainian NPP

    21 June 2024 - 20:31

    Brazilian president congratulates Azerbaijani opposite number on Independence Day

    21 June 2024 - 20:25

    Israel warns Armenia

    21 June 2024 - 20:12

    EU intends to suspend high-level visits to Georgia

    21 June 2024 - 19:56

    Azerbaijani foreign minister meets outgoing Kyrgyz ambassador

    21 June 2024 - 19:39

    Ombudsperson warns: Mines impede Karabakh, Zangezur recovery efforts

    21 June 2024 - 19:29

    Russia, China develop payment workarounds amid expanding US sanctions

    21 June 2024 - 19:14

    Germany arrests three on suspicion of spying

    21 June 2024 - 19:02

    South Korea summons Russian ambassador to protest Moscow-Pyongyang pact

    21 June 2024 - 18:50

    London to host second IEA-COP29 High-Level Dialogue

    21 June 2024 - 18:38

    US redirects air defence missile deliveries to Ukraine to counter Russian attacks

    21 June 2024 - 18:26

    Insurance market of Azerbaijan: Premiums rise amid persistent risks

    Review by Caliber.Az

    21 June 2024 - 18:14

    Azerbaijan, Iran, and Russia discuss North-South transport corridor development

    21 June 2024 - 18:02

All news