The Georgian Lari drops in value against US Dollar

The suddenly decreasing value of the Georgian Lari is the lowest it has been against the US Dollar since 2010.

As of November 25, $1 USD was valued at 1.8217 GEL.

Since November 18, the value of the Georgian currency against the US Dollar has decreased by 3.2 percent.

On November 19, one day after the value of the Georgian currency started to decline, vice president of the National Bank of Georgia Archil Mestvirishvili said Georgia had a flotation money exchange rate, which meant that the currency was set by the foreign-exchange market through supply and demand, in relation to other currencies.

"Thus Georgia has a flotation money exchange rate [and] the value of the Lari exchange rate depends on the development of the country’s economy,” Mestvirishvili told local media.

Similarly, the value of the Georgian Lari steadily decreased in the same period of last year. At the time the Government said the slow increase of the economy and budget spend were the reasons behind the Lari fluctuation.