Lari Depreciation

GEL Depreciation Reaches Historic Low: 1 USD - 2.50 GEL

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Photo: ტაბულა

The Georgian Lari has depreciated to a historic minimum. According to the National Bank, the cost of 1 US dollar is 2.502 GEL. This latest indicator is 1.7 tetri higher than the previous assessment of the Lari’s lowest worth, which was noted on January 28 of this year at 2.499 GEL. The value of the Georgian lari against the euro has reached 2.65 GEL / 1 euro.

Prime Minister of Georgia, Giorgi Kvirikashvili commented on the depreciation of Georgian currency earlier today and stated that the reasons for the devaluation are much in part due to “the artificial agiotage that was created in the country. I don’t blame opposition members for the devaluation, but I once again want to emphasise that this is an important issue and it needs more cooperation in order to be solved.”

On November 15, The Government of Georgia issued an official statement regarding the instability of the Georgian lari (GEL). The regulations aim to reduce the number of foreign loans and deposits, also known as “de-dolarization.” The government added that such an approach was unlikely to have negative effects on the economy, and that a reduction in next year’s State budget would contribute to the efficacy of the planned measures.

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