Lari Depreciation

Georgian Lari Keeps Depreciating and Hits Historic Low Against Euro

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Photo: Reuters

The Georgian Lari (GEL) depreciated on November 15, 2017 compared to the US Dollar and the Euro.

At the new rate, one Euro reached 3.192 GEL. The Euro reached a record high exchange rate in Georgia previously on October 27, 2017, with the cost of 1 Euro equaling 3.0111 GEL.

The rate of the US Dollar to the GEL is 2.695, which is 0.261 GEL more than yesterday’s exchange rate indexes. This is 1.2 GEL more compared to the exchange rate before.

The National Statistics Office of Georgia (Geostat) published data on foreign trade in October 2017. According to the information provided by Geostat, exports amounted to 262.8 million USD in October 2017, which is 72.8 million USD more (38%) compared to the same period of last year.

Imports also rose in October 2017 by 10%, amounting to 730.8 million USD, which is the highest indicator of imports throughout the year of 2017.

Moreover, the negative balance of trade (trade deficit) has risen to -468 million USD, which is the maximum indicator in 2017.

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