Lari Depreciation

Georgian Lari Depreciates Against USD and EUR

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Photo: ტაბულა

The Georgian Lari (GEL) depreciated on October 30, 2017 compared to the US Dollar and the Euro.

At the new rate, one Euro reached 3.01 GEL. The Euro had reached a record high exchange rate in Georgia a few days prior on October 27, 2017, with the cost of 1 Euro equaling 3.0111 GEL.

The rate of the US Dollar to the GEL is 2.5873, which is 0.261 GEL more than yesterday’s exchange rate indexes.

In an interview with interpressnews, President of the National Bank of Georgia Koba Gvenetadze stated that he can’t make any comments regarding the hike in the exchange rate.

“In a long term perspective, our currency faces no threat. In a short term perspective of course there are expectations [for depreciation], which sometimes may be substantiated and sometimes not.”

Gvenetadze added that the country has seen ‘worse depreciation.’

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