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.

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.