Dollarization in Georgia

Topics:
Quantitative Analysis
Tags:
Currency & Foreign Exchange,
Finance,
Georgia,
National Bank Of Georgia
Source:
National Bank Of Georgia

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Overview: Analysis of the dollarization dynamics in Georgia reveals a continuous upward trend (except for minor seasonal reductions, related to larger withdrawals of foreign exchange deposits during summers and prior to New Year celebrations), which is particularly evident from 1997. Increase in dollarization resulted from higher growth in foreign currency deposits than in broad money and national currency deposits. Achievement of macroeconomic equilibrium would help the national currency to regain its positions as means of exchange and wealth accumulation. At present, it is necessary to develop a special government program, which would clearly define a set of urgent measures against dollarization, a sequence of their implementation and responsible government bodies.

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