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 sitting of the Budget and Finance Committee
The Committee defined the form of selection (tender/competition), tender/competition Commission composition and tender/competition terms for the External Auditing Company of the National Bank in line with the Article 228 of the Rules of Procedure and on the basis of the Ordinance of May 11, 2016 N401/3 of the Bureau.
According to the Deputy-Chair, Nodar Ebanoidze, the Parliament calls tender once per two years to select the auditing company for audit of the financial activity of the National Bank. This year, on the basis of the written appeal by the Bank, selection started earlier in line with the IMF recommendation. The Articles of the Contest Commission shall be submitted to the Bureau. The Commission shall submit the auditing company selected through the competition no later than June 17, 2016.
Committee supported the candidacy of Zurab Melikishvili by minority to substitute the Deputy-Chair, Giorgi Vashadze.
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.
Georgian Lari Gains Value slightly against USD
Exchange rate of US Dollar won't be 2.4107 any more. Georgian National Currency slightly gained value against Dollar today. Tomorrow 1 USD will cost 2.4023 GEL, what is less by 0.0084 GEL compared to previews official exchange rate.Georgian National Currency also gained value against Euro. 1 EUR will cost 2.6342 GEL, when previews exchange rate set by National Bank of Georgia was 2.6342 GEL. Which means that Georgian Lari gained value by 0.0006 GEL against Euro
Lari Continues to Depreciate
Lari continues to depreciate. Georgian National Bank set the new exchange rate yesterday, according which 1 U.S. Dollar equals 2.3983 GEL. Georgian Lari has dropped in value against USD by 0.0005 GEL.
Georgian National Currency has also depriciated against Euro. According to the official exchange rate 1 EUR costs 2.6055 GEL today, which means that Lari has dropped in value against Euro by 0.0111 GEL.
Georgian Lari Drops in Value again
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.