Dollar Hits GEL 2.9683

The National Bank of Georgia has set a new exchange rate. The price of one USD now stands at GEL 2.9683. The previous rate was GEL 2.9614. The euro exchange rate is GEL 3.2464, down from GEL 3.2481.

Head of the National Bank of Georgia Koba Gvenetadze said on July 30 that external factors and fewer tourists have made an impact on the exchange rate of the national currency.

"We have received fewer tourists than we expected this year, which, of course, had an influence on the rate of the national currency,” Gvenetadze said.

On August 1, The National Bank of Georgia (NBG) announced it had sold USD 32,800.000 at the Foreign Exchange Auction due to the devaluation of the national currency, Lari. 

"If necessary, the National Bank of Georgia will continue intervention in the following days. If the exchange rate pressures have persevering effects on inflation, the National Bank will also toughen the monetary policy,” said the statement released by NBG.

Related Story: Georgian Lari Continues to Depreciate: Dollar Price Hits 3 Gel

By Ana Dumbadze