Georgian currency sinks below 3 GEL to USD in commercial banks
The National Bank of Georgia has a lower rate - with the US dollar amounting to 2.9614 GEL and 1 EUR to 3.2481 GEL, according to today’s official exchange rate. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
The Georgian lari has sunk below 3 GEL to the US dollar in commercial banks.
The National Bank of Georgia has a lower rate - with the US dollar amounting to 2.9614 GEL and 1 EUR to 3.2481 GEL, according to today’s official exchange rate.
Head of the National Bank of Georgia Koba Gvenetadze said on July 30 that external factors and fewer tourists have made an impact on the exchange rate of the national currency.
“Despite the positive internal and external macroeconomic dynamics today’s exchange rate has reached a level “that might pose a risk to price stability” amid “the tourism-related shocks and negative expectations”, announced the NBG in a statement released on July 31.
The lari reached an all-time high of 2.97 lari to the USD on August 1. Photo: Nino Alavidze/Agenda.ge.
We have received less tourists than we expected this year, which, of course, had an influence on the rate of the national currency,” Gvenetadze said.
The lari reached an all-time high of 2.97 lari to the USD on August 1. It was at its record low in December 1995, at 1.23.
On August 1, The National Bank of Georgia (NBG) sold $32.8 million on exchange auction as the response of Georgian lari depreciation.
The National Bank of Georgia will announce tomorrow's official exchange rate tonight.
The NBG has established a limit of 5,000 GEL ($1697/€1537) for transactions at currency exchange booths eligible for cancellation and refund within a 30-minute period.
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.
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 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) has increased the refinancing rate by 0.5 percentage points to 7 per cent.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 7.5 per cent.