MARCH 26 (The Bulletin) — In Georgia, the Central Bank sold $140m of its currency reserves to prop up its ailing currency and also released a statement which said that its economy would recover once it has come through the fallout of the coronavirus.
All shops have been closed, other than pharmacies and food shops. As reported on page 5, Georgia’s important tourist industry is facing collapse. Estimates said that 9m people visited Georgia in 2019, double the number from 2012.
The government has not yet downgraded its GDP growth estimates for 2020 but analysts said they expected this to happen within the next few days.
— This story was first published in issue 440 of the Central Asia & South Caucasus Bulletin
— Copyright the Central Asia & South Caucasus Bulletin 2020