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Municipal elections weakened lari2010-06-08 11:20
Municipal elections of May 30th in Georgia lead to slackness of lari, Georgia's national currency - the Kommersant. Since June 1st the GEL/USD and GEL/EUR index has been decreasing: 1.78 lari per 1 dollar to 1.84 lari per 1 dollar; and 2.19 lari per 1 euro to 2.24 lari per 1 euro.gt-en-newsitem-inside
The dropping of GEL/USD index is especially rapid: from June 1st to 5th it fell by 3.3 per cent.
Sources, close to the government, and opposition representatives stick to the same point of view: the exchange rate was affected by municipal elections, or, to be precise - the expenditures fo the ruling party on organizing them.
The government mentions the expenditures on political agitation increased inflationary expectations and monetary aggregates. Opposition believes the President wants to pay debts ‘for elections" at the lower rate.
"I'm sure the landslide of lari is the result of the political decision made by the government. Looks like the authorities made a decision to lighten the lari to dollar a bit, as the trade balance deficit is getting menacing and to decrease it export but not import should be encouraged," said Georgi Khukhashvili, the independent expert, to the Kommersant.