Georgian lari continues to depreciate: 1 USD costs 2.9096 GEL
The exchange rate is higher at exchange booths around the country and at local banks. Photo: Agenda.ge.
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The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent days, with 1 USD costing 2.9096 GEL, while 1 EUR costs 3.2599 GEL.
This is the official exchange rate set by the National Bank of Georgia (NBG), however, the exchange rate is higher at exchange booths around the country and at local banks.
Georgian experts said that the lari is depreciating against the background of the threat of economic sanctions from Russia.
The Russian State Duma adopted a statement at a plenary session today, urging the government of Russia to impose tough economic sanctions on Georgia and halt the import of wine and mineral waters from Georgia to the Russian Federation and put in place a ban on remittances from Russia.
However, Russian President Vladimir Putin said that he did not support the parliamentary call to impose tough economic sanctions on Georgia.
I wouldn’t do that out of respect for the Georgian people”, Ria Novosti cited Putin as saying.
Russia continues to be the largest sender of remittances to Georgia, given the large number of Georgians living in the country.
The latest data on money transfers show that in May 2019 Georgia received $34.80 million in remittances from Russia while in total money transfers from abroad totalled $145.8 million.
Chief economist from TBC Bank Otar Nadaraia said that the devaluation of lari started before the sanctions, however as a result of “new shocks” the dollar rate may increase to 3.00-3.05.
- You can follow official currency exchange rate on Agenda.ge at the main desktop version page, next to weather forecast under the main menu bar.
Analyst of the Transparency International Georgia Beso Namchvaidze also said that the lari devaluation is caused by possible sanctions from Russia.
“This caused panic – dollars will not flow from Russia, the lari will depreciate and it is better to buy it today. But whoever buys now at 2.95 should not be sure that in the near future won’t buy cheaper”, said Namchvaidze.
Recent developments have brought dissonance to the Georgian economy, however the macroeconomic factors are quite healthy, said Georgian Prime Minister Mamuka Bakhtadze while commenting on the devaluation of the Georgian national currency, the lari, today.
The anticipated drop of tourists from from Russia, following Russian President Vladimir Putin’s ban on flights to Georgia this summer, “is reflected on the currency market”, announces the National Bank of Georgia (NBG).
Governor of the National Bank of Georgia (NBG) Koba Gvenetadze presented the annual report for 2018 at the Parliament of Georgia today and also answered questions of MPs regarding the recent fluctuation of the Georgian national currency lari. The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent weeks, with 1 USD costing 2.7344 GEL, while 1 EUR costs 3.4782GEL today.
“This is a short-term effect and will be regulated soon”
The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent days, with 1 USD costing 2.7799 GEL, while 1 EUR costs 3.0954 GEL.
The National Bank of Georgia (NBG) sold $32.8 million on exchange auction earlier today as the Georgian lari continued to devalue. One US dollar cost 2.97 GEL as of today, while based on NBG forecast, it will cost about 2.93 tomorrow.
The National Bank of Georgia (NBG) promises to ensure the long-term stability of the exchange rate of the Georgian national currency, the lari, and to prevent high inflation.
The Georgian lari (GEL) is expected to continue to strengthen, considering its strong performance in the past few days, said Georgian Economy Minister Natia Turnava earlier today.