The currency of Georgia record fell

Валюта Грузии рекордно подешевела

Gel was put into circulation on October 2, 1995, with a rate of 1.3 lari/$1

The Georgian authorities see no reason to panic. They argue that this is a temporary drop gel.

The official rate of the Georgian lari against the U.S. dollar, the record has fallen, reports Interfax-Ukraine on Friday, 24 may.

Since the beginning of 2019, the lari depreciated by 4%, including from the beginning of may – by 2.8%, and over the past day, fell another 0.2%, and on may 24, fixed by the National Bank of the country to another historic low – 2,7799 lari/$1.

To date, the lowest rate of the national currency to the us dollar was recorded on 23 December 2016 at the level 2,7710 gel, and in the next two years it does not fall below 2,7674 2,7656 gel and gel, respectively.

The dollar against the lari has already exceeded the milestone included in the state budget of Georgia in 2019 at the level of 2.66 lari/$1.

While the commercial banks and the currency exchange rate for the sale of the dollar in Thursday reaches 2,79 – 2,81 lari/$1, which is reflected in the rise in consumer prices, especially on imported to Georgia products.

Meanwhile, the authorities see no reason to panic. As stated to journalists by the Minister of Finance of Georgia Ivane Machavariani, there is only a temporary drop gel, which is normal for the current the country has a floating exchange rate.

“Nothing alarming there. These are short-term fluctuations, the answer to which is a long-term economic policy”, – said the Minister.

According to him, periods of short-term fluctuations existed and always will exist, particularly in developing countries with small economies.

“Cure is the de-dollarization, the right macroeconomic and fiscal policy, which we hold, and so we will continue,” – said the Minister of Finance.

Georgian national currency was put into circulation on October 2, 1995, with a rate of 1.3 lari/$1.

Recall, for the past two days, the hryvnia fell by 23 kopecks – to 26.30 UAH/$1. While the Bank believes that the decision of President Vladimir Zelensky to dissolve the Parliament is not displayed on the currency market of Ukraine.

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