Georgian Lari Drops in Value again

Published in Economics
Monday, 21 December 2015 17:46

Georgian Lari dropped in value against US Dollar. According to the new exchange rate set by National Bank of Georgia, National Currency devaluated by 0.0005 GEL. 1 US Dollar equals 2.3983 GEL.

Georgian National Currency devaluated against Euro too. According to the new exchange rate, 1 EUR equals 2.6055 GEL, while previous rate was 2.5944 GEL. Lari has devaluated by 0.0111 against Euro.

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    The European Bank for Reconstruction and Development (EBRD) is providing a loan to Georgia to improve the cross-border bridge connecting Georgia with Armenia. The project is part of the EU’s Integrated Border Management regional initiative. It represents another step forward in the implementation of Georgia’s plans to modernise and upgrade its infrastructure to EU standards.
    The Sadakhlo-Bagratashen bridge checkpoint is the main crossing between Georgia and Armenia. An upgrade of the existing infrastructure will improve the transit of people and goods across the border. The Northern Corridor Modernisation Project has a budget of EUR 10.3 million and is essential for supporting regional trade and cooperation between the two countries.
    Dimitry Kumsishvili, First Deputy Prime Minister and Minister of Finance of Georgia, commented: “I hope that our successful partnership will continue and that significant projects will be implemented for the advancement of water supply and sewage systems, energy, transport, agriculture and tourism.”
  • Georgian Lari should be priority for us-Nodar Khaduri

    I absolutely agree with the President of the National Bank Georgian GEL should be priority for the currency for US- the Minister of Finance Nodar Khaduri said after commenting of the statement of the National Bank of Georgia, Koba Gventadze.
    According to Gvenetadze, residents have to get used to live without the US dollar and the national currency should be a priority for Georgians. The main challenge is to restore confidence of Georgian Gel. 

  • Prime Minister discusses Georgian lari

    "The Government of Georgia is doing everything in its capacity, including thorough coordination with the National Bank to minimize the effects of these events," - declared Prime Minister while commenting the depreciation of Georgian lari. Pursuant to Giorgi Kvirikashvili, respective developments are caused by the fall of the oil prices and are not caused by internal factors.
    "Devaluation that we currently observe is a direct result of the devaluation occurring in our neighboring countries due to the fall of the oil prices. There is a direct linkage between these events and internal factors did not provoke this. We are integrated on that market and it is impossible to avoid its influences on the exchange rate of our currency. Nevertheless, we have in mind specific steps that will alleviate results of respective external effect. We are fully conscious of its painful effects on large part of our society, though I emphasize once again that Government is doing everything in its capacity," - Giorgi Kvirikashvili declared.

  • Lari exchange rate reached an alarming level

    The economic situation in Georgia is too difficult. According to Zurab Melikishvili, the exchange rate of lari has reached an alarming level.
    The National Movement speaks about the government"s inaction and call on the goverment to take active steps to save the national currency.
    As Melikishvili noted,  In the last 13 months, 407 million dollars were spent from the reserve fund so that the National Bank has no possibility to buy back even one dollar.


  • The Official Exchange rate of Dollar has not Changed

    The official Exchange rate of US Dollar has nor changed since yesterday. National Bank of Georgia set the official exchange rate yesterday according which 1 USD equals 2.4023 GEL. 

    According to the Georgian National Bank, the national currency has dropped in value against Euro. The exchange rate of 1 Euro equals 2.6365 GEL, which is more by 0.0029 GEL then yesterday. 

    On December 24, 2015, the National Bank of Georgia sold USD 20 000 000 during its Foreign Exchange Auction. The average weighted bid rate was 2.4012.

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