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.
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.
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.
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 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.
Balance of Payment is a macroeconomic-statistical report, which reflect a record of all transactions made between one particular country and all other countries during a specified period of time. Classification and compilation of information is in accordance with international standards, Based on International Monetary Fund's Balance of Payments Manual.
From 2007, based on the agreement between the Government of Georgia and the National Bank of Georgia, the National Bank is fully responsible for drawing up the Balance of Payment. Balance of Payment of Georgia, international investment position and the external debt are worked out on a quarterly and annual bases and NBG publishes them every year.
According to the new official exchange rate set by National Bank of Georgia, 1 US Dollar equals 2.3978 GEL. While previous exchange rate was 2.3977. Georgian Lari has dropped in Value by 0.0001 GEL.
Georgian National Currency gains value against Euro. 1 EUR costs 2.5944 GEL. Official exchange rate of Lari has gained value by 0.0073 GEL against Euro.
The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met on December 16, 2015 and decided to increase the refinancing rate by 50 basis points to 8.0 percent.
The monetary policy decision is based on the macroeconomic forecast, according to which the tightening of the monetary policy by the National Bank of Georgia must have positive effect on the decrease in inflation expectations. Unless other additional shocks take place, further monetary tightening in the coming periods is not to be expected. According to the current forecast, in the beginning of 2016 the inflation will remain above its target value, will start gradual decreasing afterwards and will return to its target value of 5% in the second half of 2016.
The annual growth in consumer prices equaled 6.3% in November. The main factors causing rise in inflation are still coming from the supply side, namely the increase in the intermediate costs of production and higher prices on certain imported goods. An important impact on the inflation came from the one-time increase in the electricity tariff. The rise in inflation has been limited by the weak aggregate demand and decrease in the world prices of oil and food products.
The real GDP growth in the second quarter was consistent with the forecasts. According to preliminary forecasts the real growth in the first 10 months of the year was 2.8%. The factor hindering the growth is the external sector, which, given the dire economic situation in the region negatively affects the income from export of goods and services. The economic growth in the past period was mostly due to the domestic demand, which is however negatively affected by the decline in remittances and increase in the service burden of foreign currency denominated loans due to the changes in the GEL/USD exchange rate.
There have been some positive developments in relation to the elimination of external imbalance. Given the decrease in foreign currency inflows the change in the exchange rate has caused import to adjust. In the last three months imports have decreased by 18 percent (excluding one-offs). Accordingly we can assume that the impact of the existing external shock on the exchange rate has been exhausted. Other things equal no additional pressure can be expected on the exchange rate coming from the existing external shock.
The NBG will continue to monitor the developments in the economy and financial markets and will use all means and instruments at its disposal in order to ensure the price stability. Further changes in monetary policy will depend on the inflation forecast and factors affecting it, global and regional economic environment and general economic conditions.
Georgian National Currency gained value by 0.0005 GEL against US Dollar. According to new exchange rate set by National Bank of Georgia 1 USD equals 2.3975 GEL, while the previous exchange rate was 2.3980 GEL.
Georgian Lari recovered towards Euro too. According to new exchange rate, 1 EUR costs 2.6185 GEL, while previous exchange rate was 2.6390. Georgian national currency gained value against Euro by 0.0205 GEL.
In November 2015, the volume of money transfers from abroad constituted 85.2 million USD (204.6 million GEL), which is 18.3 percent (19.1 million USD) less than the amount in November 2014.
91.7 percent of the total money transfers from abroad came from 13 largest donor countries, with the volume of transfers from of these countries each exceeding 1 million USD in November 2015. In November 2014 the share of these 13 countries constituted 92.2 percent of the total volume of money transfers.
In November 2015, 14.7 million USD (or 35.4 million GEL) was transferred from Georgia, as compared to 15.7 million USD (or 28.0 million GEL) in November 2014.