GEL Depreciates Further Against USD, EUR

Georgian national currency, Lari (GEL) fell to 3.2988 against U.S. Dollar and to 3.8586 against Euro on November 3, despite the November 2 intervention by the Georgian central bank.

Lari slightly appreciated against U.S. Dollar and Euro at the beginning of October, remaining relatively stable throughout the month, amid the central bank’s regular interventions, with USD 260 million sold since.

GEL was being traded at 3.2327 against U.S Dollar and 3.7732 against Euro a day earlier. Some two weeks earlier, on October 20, Lari stood at 3.2117 per U.S. Dollar and at 3.7763 per Euro.

GEL started significant depreciation in mid-March amid COVID-19 related measures, but in late May it regained ground since Government gradually lifted the restrictions. In September, after three months of relative stability, Lari started depreciating again. On September 26, Lari stood at 3.3332 per U.S. Dollar.

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