The Minister of Economy and Sustainable Development, Levan Davitashvili explains the instability of the GEL exchange rate by the pressure and misunderstanding before the elections.

As he told reporters after the government session, the National Bank's move to sell reserves to maintain the exchange rate is correct.

"I want to fully support the approaches and policies of the National Bank. These decisions [reserve sales] were necessary for us to maintain economic stability at a time when it was most needed. Before the choice was made there was pressure, ambiguity or uncertainty, and after the choice was made such ambiguity and pressure was removed. On the contrary, there will be clarity and there will be absolutely positive trends.

The reserves that the National Bank has have such a function, they can play such a role to maintain stability during those shocks, during such challenges that we had. It can be due to political factors, economic factors. Regardless of the reason, this is precisely what reserves should be used for in order to ultimately maintain a stable development of the economy in the long term. In the next period, we will see a release of pressure. The course will definitely maintain the steady benchmark that our course has. Because all other parameters are healthy in our economy and our economy will continue to grow at a better pace. The last quarter of the year will be one of the good ones", said Levan Davitashvili.