GEL Appreciates Against USD

Georgian national currency Lari (GEL) today appreciated against the U.S. Dollar to 2.9867, coming in below 3.0 for the first time since June 2020.

GEL was previously determined at 3.0179 per USD yesterday, while it was traded at traded 3.121 two months ago.

The national currency began to relatively appreciate against the USD over the scope of winter, particularly throughout January.

The development comes as the National Bank of Georgia tightened its monetary policy rate to 10.5% in December, and held it unchanged on February 2.

In the meantime, according to the latest data, remittances to Georgia in December 2021 were up 14.9% annually at GEL 711.1 million (USD 235 million), while exports were up 28.8% at USD 419.5 million. Meanwhile, in the fourth quarter of 2021, revenues from international travelers were up by 790% year-over-year, standing at USD 379.3 million.

In 2021, GEL was at its lowest on April 28, trading at 3.4548 per USD, close to its record low of 3.4842 of March 27 amid the first wave of the COVID pandemic.

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