GEL Appreciates Against USD

Georgian national currency, Lari (GEL) on May 27 appreciated against the U.S. Dollar to 3.2635, at its strongest since November 3, 2020. GEL was determined at 3.2993 previously on May 25.

The appreciation comes after the national currency hit its lowest point of 2021 on April 27, when it was determined at 3.4548 for the following day, nearing its record low of 3.4842 reported last year.

On April 28, the National Bank of Georgia increased its policy rate by 100 basis points to 9.5%, at its 13-year highest, citing inflation pressure from exchange rate depreciation and high dollarization.

Meanwhile, Georgia began to ease its COVID-19 curbs, moving the nationwide curfew from 21:00 to 23:00 on May 17, and allowing restaurants and food facilities to serve customers outdoors on weekends. Later on May 25, Georgia announced it would open its land borders and allow restaurants to serve customers indoors on weekends as well, starting June 1.

The Georgian national currency also appreciated against the Euro today, determined at 3.9824, a GEL 0.06 increase from the previous 4.042. But it remains above 3.9508, reported on March 25, its strongest of 2021.

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