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National currency depreciates further

The Georgian national currency Lari has further depreciated. The price of 1 USD at commercial exchange booths is 2.68 GEL. GEL has also lost value against Euro. The cost of 1 EUR already exceeds 2.80 GEL.

It will become known tomorrow whether or not interest rate is expected to increase to those citizens, whose loans are attached to the refinancing rate. The National Bank of Georgia (NBG) will make the decision. 

Giorgi Gakharia, Minister of Economy and Sustainable Development explains the devaluation with foreign factors. The opposition and economists criticize the government and put full responsibility on economic team. 

“Today we have drowned exchange rate rather than floating,” Leader of the parliamentary minority Davit Bakradze said when meeting with ministers representing the government’s economic bloc. According to him, each time when the economic team members appear in the parliament, the result is further depreciation of GEL. 

“Current discussions should create hopeful mood but we face an absolutely different situation… We see the economic situation and the country itself is heading to a deep crisis,’ Bakradze thus addressed Finance Minister Dimitri Kumsishvili. 



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