GEL Recovers Slightly

After losing over 3.5% against U.S. dollar in two previous days, the Georgian currency lari (GEL) was up 1.6% on Wednesday.

Central bank’s official exchange rate was set at GEL 2.3771 per dollar late on Wednesday afternoon, from GEL 2.4161 a day earlier, which is 1.3% weaker than week earlier and 36.5% weaker compared to last year’s August.  Since the start of this year, GEL has weakened by 26.3% against the dollar.

Exchange kiosks in Tbilisi were selling dollar for about GEL 2.37-2.38 as of late Wednesday afternoon, compared to 2.43-2.44 a day earlier.