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GEL Continues to Slide

The Georgian currency, lari (GEL), fell on Tuesday to its weakest against the U.S. dollar in 16 years and five months, slipping from 2.364 to 2.4161, according to central bank’s official exchange rate set for Wednesday.

The official rate is now near to GEL’s all-time low of 2.451 recorded in February, 1999 and 40% weaker than last August.

Exchange kiosks in Tbilisi were selling dollar for about GEL 2.43-2.44 as of late Tuesday afternoon, up from 2.4 a day earlier.

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