Whenever we are faced with non-fundamental, one-time, non-economic factors and reasons, we are obliged to stabilize the currency market with all the levers at our disposal, to avoid the immediate devaluation of the GEL, - said Natia Turnava, Acting President of SEB, after the event dedicated to the Banker's Professional Day.

According to her, the net purchases of reserves last year amounted to 1.3 billion. USD was about three times more than what was sold this year.

"This year there was a need to sell reserves, and therefore, it is wrong to say that our country's reserves have suffered. Due to the pre-election hype, the demand for the dollar increased, and at such a time, the National Bank is obliged to extinguish this temporary excitement in the market. Whenever we are faced with non-fundamental, one-time, non-economic factors and reasons, we are obliged to stabilize the currency market with all the levers at our disposal, to avoid the immediate devaluation of the GEL, which could happen in this case", Natia Turnava said.

According to her, by the end of the year, the negative balance will decrease and the reserves will be restored.

"As of November 8, since the beginning of the year, we have net sales of 540 million dollars. I do not rule it out and I am sure that since the agitation has passed and the pressure on the market has been removed, we will reduce this deficit by the end of the year and we will be able to restore reserves. Of course, we will not be able to completely eliminate it by the end of the year, but the situation allows us to start purchases", said Natia Turnava.