Lari gains value: 1 USD equals 2.2140 GEL
NBG buys $20m at Foreign Exchange Auction

The National Bank of Georgia (NBG) has purchased millions of dollars at the Foreign Exchange Auction to control the national currency’s rapidly changing value against the US dollar.

Today Georgia’s central bank purchased $20 million USD at the Foreign Exchange Auction to ensure the Georgian Lari (GEL) did not strengthen too quickly and cause negative effects for local businesses.

The weighted average exchange rate was 2.2141 GEL for every 1 USD.

This was the seventh intervention this year since the Lari started depreciating in 2014.

In January the bank sold $60 million on the foreign exchange market to support the ailing Lari.

No interventions were made in February however the following month NBG purchased $5 million USD (March 17), then $10 million USD (March 21, April 14, April 20), then $20 million USD (on April 21 and again today) as the Lari firmed.

The Georgian Lari started to gain value against the US dollar after falling dramatically 18 months ago. Now the GEL was also strengthening against the Euro.

From tomorrow 1 USD will equal 2.2140 GEL. The previous rate was 2.2158 GEL.

Meanwhile 1 Euro will cost 2.5304 GEL, down from the previous rate of 2.5429GEL.