The National Bank of Georgia commented on the drastic depreciation of the Georgian lari. According to the statement issued on December 1, one important aspect of the devaluation was the agiotage that was created on the market by people’s expectations. The National Bank expects that the depreciation and agiotage will stop in the next few days.
The Georgian lari hit another record low today on December 1, reaching 2.56 GEL against the USD.
The statement of the National Bank of Georgia reads thus: “The drastic change wasn’t caused due to economic processes in the country. During the last month, the GEL devalued due to the strengthening of the US Dollar. The US index has reached its highest indicator since 2013.”
The value of the Georgian lari against the euro has reached 2.7491 GEL / 1 euro.
In the chart below you can see the cost of the Georgian lari against the euro and the US dollar throughout the year of 2016: