GEL Depreciates Further Against USD

Georgian national currency Lari (GEL) fell to 3.4118 against U.S. Dollar (USD) on March 30, closely approaching its record low of 3.4842 reported March 27 last year. 

GEL was previously determined at 3.3846 yesterday, while it was traded at 3.3232 per USD two weeks ago. 

The Georgian currency has mostly remained depreciated above 3.0 per USD beginning March 17, 2020, despite times of relative stability during the summer amid loosened COVID-19 restrictions.

Meanwhile, the National Bank of Georgia has regularly intervened in the foreign exchange market, holding 26 auctions in 2020 and four already in 2021, with USD 873.2 million and USD 160 million sold, respectively.

Still, Georgia maintained its foreign currency reserves at USD 3.9 billion at the end of February, according to the central bank data.

GEL also slightly depreciated against the Euro today, to 4.0044, but has varied between 3.9-4.1 throughout 2021.

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