GEL Depreciates Sharply

GEL depreciated against the U.S. dollar and was trading at 1.81 as of September 10, after constant appreciation, which started in July.

GEL was trading at 1.705 per U.S. dollar as of September 9 – the highest level of the GEL against the USD for the last five years.

President of the Georgian National bank Irakli Managadze predicted on September 9, that “the GEL rate will start to drop in the nearest days.”

“However, it should be noted that the decrease will not be very significant,” he added.