National Currency Continues to Depreciate, NBG Sells $40 million

Against the backdrop of the coronavirus outbreak and the global economic crisis, the Georgian national currency, the Lari, continues to significantly depreciate against the USD and the EUR.

The National Bank of Georgia has set a new exchange rate, based on which the dollar price has become GEL 3.2641.

From tomorrow, 1 USD will cost GEL 3.2641, while the previous rate was GEL 3.2537.

1 EUR will cost GEL 3.8226, while the previous rate was GEL 3.8267.

The National Bank of Georgia again sold $40 mln at foreign exchange auction today amid the depreciation of the Georgian lari. 

In addition, the President of the NBG issued a statement on the current situation. Koba Gvenetadze suggests that after the pandemic and the elections, the GEL exchange rate will return to the "equilibrium mark."

By Ana Dumbadze 

23 September 2020 17:10