Georgian Lari strengthens after NBG takes action

Georgia’s national currency, the Lari, is gaining value against the US dollar after the National Bank of Georgia (NBG) sold almost $27 million USD at today’s Foreign Exchange Auction.

NBG offered the Auction $40 million USD, of which $26,960,000 was sold.

The average weighted rate was 2.4083 GEL for every 1 USD.

Subsequently the Lari started to appreciate and the NBG set a new exchange rate accordingly.

From tomorrow, September 23, 1 USD will cost 2.4086 GEL. The previous exchange rate was 2.4499 GEL.

Furthermore, the Lari also slightly gained value against the Euro. From tomorrow 1 EUR will cost 2.6880 GEL, while the previous rate was 2.7632 GEL.

Earlier today Georgia’s Prime Minister Irakli Garibashvili said the crisis period was over and the Lari would appreciate in the mid-term period.

NBG president Giorgi Kadagidze added: "The Lari exchange rate has reached its peak and we are not expecting any pressure on it. However, we are ready to implement more aggressive monetary policy, including the foreign exchange interventions.”

"On the other hand the Government is ready to adjust the budget. All these efforts encourage us to expect the Lari to stabilise in the nearest future,” he said.