Georgian Lari depreciates by almost 7 tetri against US dollar

10 Aug 2018 - 18:46:00

comments powered by Disqus,10 Aug 2018 - 18:46, Tbilisi,Georgia

The Georgian national currency, the lari, has depreciated in value by 6.5 tetri against the US dollar and by 4.3 tetri against the Euro in just one day.

The official exchange rate set by National Bank of Georgia (NBG) has also been changed and shows that from today 1 USD will cost 2.5339 GEL. The previous rate was 2.4687 GEL.

Similarly, from today 1 EUR will cost 2.9061 GEL while the previous rate was 2.8622 GEL.

However, the exchange rate is higher at exchange booths around the country and at local banks.

Georgian experts said that the Georgian national currency Lari is depreciating against the background of the devaluation of the Turkish Lira and Russian Ruble.

The Financial Times reported today that the Turkish currency has weakened throughout this year - so far, it has lost more than 35 percent against the dollar in 2018, including a 12 percent fall on Friday when it hit a new all-time low of TL 6.30.

Georgian experts suppose the lari exchange rate will be stabilised in the nearest future.

Deputy Economic Minister Ekaterine Mikabadze also says that the situation in Georgia’s neighbouring countries influenced the lari’s devaluation.

"This is a short-term effect on the Georgian currency … all macro-economic factors are in order”, she said.

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