The National Bank of Georgia yesterday introduced changes in the rules for determining the official exchange rate of Georgia’s national currency, the Georgian Lari (GEL). As a result of the changes the official exchange rate will be closer to the market exchange rate.
Until now, the exchange rate has been calculated based on the daily transactions when the volume of trade in the Bloomberg trading system exceeded $3 million. If the trade was less than $3 million, the official exchange rate was calculated with an average amount from the current and previous days. The National Bank has replaced this rule and reduced the trade volume amount from $3 million to $1.5 million.
"There were some cases when the official and market rates were significantly different because of the low trading activity on the particular day. The above mentioned volume will be halved, therefore the official exchange rate will be closer to the market exchange rate,” reads the statement published by the National Bank explaining the change.
For today, 1 euro equals to 3.128 GEL and 1 dollar equals to 2.596 GEL according to NBG.