Georgia: Lari Hits All-Time Low Against Dollar
By Civil.Ge
(Civil.Ge) — Georgian national currency, lari (GEL) hit a record low against U.S. dollar on November 25 after falling to 2.5026. GEL was trading at 2.4852 against dollar a day earlier.
GEL’s previous all-time low of 2.4985 per U.S. dollar was recorded in January 2016. Georgian currency started depreciation in November 2014.
The National Bank’s October 12 intervention was the last one, when it sold USD 40 million. Since the start of this year the central bank sold total of USD 240 million and bought USD 278.35 million in 23 interventions.
Gross international reserves stood at USD 2.760 billion as of October, down from USD 2.858 billion a month earlier and up from USD 2.449 billion a year earlier.
