GEL Depreciates Further Against USD, EUR

Georgian national currency, Lari (GEL) fell to 3.3332 against U.S. Dollar and to 3.8812 against Euro early on September 26, despite recent interventions by the Georgian Central Bank.

GEL was trading at 3.2897 against U.S Dollar, and 3.8292 against Euro a day earlier. Some two weeks earlier, on September 11, Lari stood at 3.0989 against U.S. Dollar and at 3.6679 against Euro.

GEL started significant depreciation in mid-March amid COVID-19 related regulatory measures, economic shutdown, and travel restrictions. On March 7, GEL was trading at 2.7748 against U.S Dollar, and at 3.1386 against Euro. On March 24, Lari dipped to a historic low, trading at 3.54 per Dollar.

Lari was relatively stable for about three months before September as it started to regain ground in late May when Government gradually lifted most of the COVID-related restrictions. On June 7, Lari stood at 2.9562 per U.S. dollar.

Since March 13, 2020, the National Bank of Georgia has sold USD 449,650,000 in foreign exchange auctions.

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