"The strengthening of the GEL against the USD in the previous week was also in line with our expectations. At the same time, we still maintain the assessment that if the dollar does not weaken in the international markets, although net foreign exchange inflows will remain strong, but additional significant strengthening of the GEL seems unlikely, and the reserves of the National Bank will be replenished with excess inflows. According to our estimation, an average exchange rate of the GEL against other currencies will be maintained and inflation is expected to decrease. It is true that, in contrast to the previous months, the dynamics of the producer price index in June shows the opposite, however, this one indicator alone is not convincing enough to materially change our assessment regarding the normalization of inflation", - TBC Bank notes.