Georgian lari among ten “strongest currencies” in world

Georgian national currency, the lari, is among the ten “strongest currencies” in the world, with its exchange rate strengthening by approximately seven percent against the US dollar, with the rate marking a +19.5 percent increase in one year, local media outlet bm.ge reported on Friday.

According to the article by Bloomberg, the Georgian lari takes ninth place, with only eight currencies having better results. The strengthening of the national currency has been determined by several economic, political and social factors, including “one of the most important” foreign exchange inflows, the bm.ge said.

Last year’s 25 percent increase in exports had a “positive effect” on the exchange rate of the lari, while trade turnover, including foreign direct investments, also had “considerable influence”, with the highest figure” of $2 billion.

The bm.ge noted Georgia’s economic growth influenced the strengthening of the national currency, with this March’s real gross domestic product increasing by 7.3 percent and the country’s growth rate reaching 7.2 percent in the first quarter of 2023. 

Tourist flow, increased by 182 percent compared to the previous year, as well as keeping the refinancing rate at a high level with the exchange rate of the lari, was also highlighted as “positive”.