National Bank Predicts GEL Depreciation

The recent appreciation of the Georgian Lari (GEL) against the U.S. dollar was discussed at a session of the Parliamentary Committee for Finance and Budgetary Issues on September 9.

The Georgian currency started appreciation since July and was trading at 1.705 per U.S. dollar as of September 9 – the highest level of the GEL against the USD for the last five years.

President of the Georgian National bank Irakli Managadze told MPs that “the GEL rate will start to drop in the nearest days.” “However, it should be noted that the decrease will not be very significant,” he added.