GEL exchange rate will be stabilized in the nearest future - National Bank President

GEL exchange rate will be stabilized in the nearest future - National Bank President According to Giorgi Kadagidze, President of the National Bank of Georgia, the GEL exchange rate will be stabilized in the nearest future.

"The GEL depreciation is largely associated with the negative expectations of market participants regarding the ongoing processes in the neighboring countries. Unlike 2015, today depreciation is not affected by tax balance. To put it simply, the country's incoming and outgoing foreign currency flows are balanced.

The second factor is the aggregate of money – we have maximally restricted it. The growth of money aggregate is close to zero. Consequently, it does not affect the depreciation. That’s why we carry out point interventions. Given all this, we expect the GEL rate to be stabilized in the near future”, said Kadagidze.

GEL rate reaches its historical minimum

GEL rate reaches its historical minimum The GEL rate has reached its historical minimum. The national currency has started depreciation in December 1998.
On 23 February 1999 it reached the price 2.45 GEL for 1 USD, though it later decreased in two days to 2.38, while on 27 February the exchange rate was fixed at 1.93.

According to the National Bank of Georgia, today the price of 1 dollar has equaled 2.4694.

PM says there is nothing alarming in the depreciation of GEL

PM says there is nothing alarming in the depreciation of GEL We have all reasons for optimism, Prime Minister Giorgi Kvirikashvili said when commenting on the GEL exchange rate.

According to him, there is nothing alarming in the depreciation of GEL.

“It is just a correction of GEL in accordance with the devaluation that has taken place in our neighboring countries in the recent days. There is nothing alarming in it. We have all reasons for optimism. Georgia will have quite good economic growth this year and we cannot see anything negative in the long run”, said the PM.

Price of 1 dollar hits 2.49 GEL in commercial banks

The price of 1 dollar has reached 2.49 GEL in some commercial banks.

The banks have published information about the exchange rate on their websites, though it is rapidly changing.
According to the National Bank of Georgia, official price of 1 dollar equals 2.4445 GEL.

The previous rate was 2.4317 GEL. The GEL has also lost value against the euro. 1 EUR costs 2.6635 GEL while the previous rate was 2.6583 GEL.

Dollar price equals 2.4445 GEL

Dollar price equals 2.4445 GEL Official price of 1 USD has become 2.4445 GEL. The National Bank of Georgia has set a new exchange rate according to which the national currency has slightly depreciated against the dollar.

Starting with January 22, 1 USD will cost 2.4445 GEL. The previous rate was 2.4317 GEL.

According to the National Bank of Georgia the GEL has also lost value against the euro. Starting with January 22, 1 EUR will cost 2.6635 GEL while the previous rate was 2.6583 GEL.

Price of 1 USD equals 2.4254 GEL

Price of 1 USD equals 2.4254 GEL The National Bank of Georgia has set a new exchange rate, according to which the GEL has slightly lost value against the dollar.

Starting with January 15, 1 USD will cost 2.4254 GEL. The previous exchange rate was 2.4158 GEL.

According to the new exchange rate, the Lari has lost value against the euro too. From January 15, 1 EUR will cost 2.6478 GEL, while the previous rate was 2.6124 GEL.

Dollar price equals 2.4155 GEL

Official price of the dollar has become 2.4155 GEL. The National Bank of Georgia has set a new exchange rate, according to which the GEL has slightly gained value against the dollar.

Starting with January 13, 1 USD will cost 2.4155 GEL. The previous rate was 2.4198 GEL.

According to the National Bank of Georgia the national currency has also slightly gained value against the dollar. Starting with January 13m 1 EUR will cost 2.6194 GEL while the previous rate was 2.6359 GEL.

GEL Equals 1.6680 against USD

USD 1 equaled GEL GEL1.6680 after trading at the Tbilisi inter-bank currency exchange today, January 9.
As the National Bank of Georgia reported GeorgiaNews, the National Bank of Georgia as seller and seven commercial banks as purchasers took part in the trading session of the Tbilisi Interbank Currency Exchange (TICEX), where seven new stock deals were concluded. The total trade turnover amounted to USD 12 300 000.
The opening exchange rate was 1 USD – 1.6680USD.
The initial demand of commercial banks on the currency was USD 12 300 00; while –no supply.
The official exchange rate from January 10 is 1 USD - GEL1.6680.

GEL Equals 1.4390 against USD

USD 1 equaled GEL1.4390after trading at the Tbilisi inter-bank currency exchange today, November 5.
As the National Bank of Georgia reported GeorgiaNews, the National Bank of Georgia as seller and seven commercial banks as purchasers took part in the trading session of the Tbilisi Interbank Currency Exchange (TICEX), where three new stock deals were concluded. The total trade turnover amounted to USD 22 800 000.
The opening exchange rate was 1 USD – 1.4330USD. The initial demand of commercial banks on the currency was USD 22.800.000.
The official exchange rate from November 6 is 1 USD - GEL1.4390.