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Depreciation of GEL against USD Exceeds Historical Minimum

The official exchange rate of the Georgian Lari (GEL) against the United States Dollar (USD) exceeded the historical minimum when it reached 2.4694, rising above the previous day’s fixed rate by 0.0249.

The National Bank of Georgia sold USD 20 million at the National Bank’s foreign exchange auction on January 22nd.

The official exchange rate of GEL against USD reached a maximum on February 23rd, 1999 when 1 USD equalled 2.45 GEL. However, this figure dropped to 2.39 in two days, to 2.35 on February 27th, and had stabilized at 1.93 by the end of the year.

Ana Akhalaia

25 January 2016 21:36