The FINANCIAL - Opinion

The FINANCIAL -- The average cost of cooking one standard Imeretian Khachapuri in November 2014 was 3.34 GEL, which is 0.2% lower month-on-month (m/m, that is compared to the previous month), and 2.4% lower year-on-year (y/y, that is compared to the same month of last year). However, Khachapuri became even cheaper for foreign currency earners because of a sudden GEL depreciation (m/m and y/y) relative to USD and EUR during the last two weeks of November.

In the past two weeks Georgians have been waking up with a sense of déjà vu. In a matter of days, the Georgian currency lost over 8% of its value against the US dollar, and reversed the course of appreciation against the euro. Thelari winter blues are reminiscent of the last months of 2013, when,after a long period of stability, the larilost about 5% of its value against the dollar in the course of ten weeks.

Two years have passed since Georgia’s parliamentary elections brought the Georgian Dream to power at the expense of the United National Movement. As in any tight race, promises were made that would prove hard to deliver. But while GD’s principal message was restoration of justice, improving the economy was the key promise of both parties.  

The policymakers who met during the recent Annual Meetings of the International Monetary Fund faced some somber news regarding prospects for the global economy. Although global recovery continues, it remains uneven in advanced economies, and emerging economies are adjusting to rates of economic growth lower than those reached in the pre-crisis boom and post-crisis recovery.

The FINANCIAL -- The post-communist world lost one of its greatest sons last week – a freedom fighter who devoted his life to the daunting task of cleansing Eastern Europe and Eurasia from the shackles of Soviet thinking and bureaucracy. Like Che Guevara before him, Big Kakha’s legacy transcends national borders. His crusade for liberty and human dignity took him in 2004 from Russia to Georgia, and – in the last year of his life – from Georgia to Ukraine. He was eager to help revolutionaries and reformers all over the world, not sparing his time, money and effort to instill liberal ideas and incubate liberal institutions. He did so in many different ways: through education and public advocacy, advising reform-minded presidents and opposition leaders, and – when given the opportunity to do so in his native Georgia – designing and implementing one of the most ambitious reform programs in recent history.

The FINANCIAL -- In October 2014, the seasonal rally of ISET’s Khachapuri Index came to an unexpected (temporary) halt. At 3.35GEL, the Index dropped 0.1% both month-on-month (relative to September 2014) and year-on-year (relative to October 2013).

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