De-dollarization Strategy as a Guarantee of Stability for Sustainable Development of Georgia's Financial System - Risks and Challenges

Abstract

In today's world, which is developing in an environment of constant changes and global challenges, sustainable development and financial stability are among the main priorities in the process of forming a country's economic policy. Sustainable development implies the alignment of economic, financial, and social goals, as a result of which such sustainability of the economy and financial system is achieved that ensures the continuity of the system's functioning and minimizes risks to the minimum. Georgia, which actively participates in global and regional economic processes and is distinguished by its location, constantly faces both geopolitical as well as economic and financial challenges. The country's economy has been undergoing a process of economic and financial transformation for three decades now, which is associated with the influence of many internal and external factors and challenges. One of the main challenges is the stability of the national currency, the lari. Despite the fact that the national currency is the first indicator of economic and financial risks facing the country and a measure of problems, it still remains one of the most stable instruments for the country's economy and finances, which in turn is closely linked to the country's de-dollarization strategy.

The aim of the work is to analyze the de-dollarization strategy as a guarantee of sustainable development and stability of Georgia's financial sector, the significance of sustainable de-dollarization in Georgia's financial system, and its impact on the country's economic stability.