Lari strengthens against the US dollar to 3.04 GEL in Bloomberg trading system
Over the past 30 days, the lari has strengthened more than 30 tetri against the US dollar. Photo: Nino Alavidze/Agenda.ge.
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The Georgian lari has strengthened against the US dollar today to 3.0375 GEL / $1 USD as of 11 a.m. today.
June 4 trading opened the day with the GEL/USD rate at 3.10, which further fell by almost 7.25 tetri and currently stands at 3.0375 GEL.
Image: Bloomberg.
This is not an official exchange rate yet, and the National Bank of Georgia will update the rate at 17:00. However, if the official exchange rate of one US dollar is less than 3.15 tetri, then this exchange rate will be the strongest the lari has seen in almost the entire past year.
The official exchange rate shows that as of today 1 USD costs 3.1524 GEL and 1 EUR costs 3.8425 GEL.
Over the past 30 days, the lari has strengthened more than 30 tetri against the US dollar.
Expert on banking and finance Giorgi Tsutskiridze said that the strengthening of the lari exchange rate was expected after the high economic growth in April, when the estimated real gross domestic product (GDP) growth rate equaled 44.8% year-on-year and 8.1% in January-April of 2021 year-on-year.
This is a very high growth rate. In addition, the growth of the economy was followed by the improved balance of payments and positive expectations, which is connected with the restoration of international tourism in summer", said Tsutskiridze.
In order to stabilise the lari exchange rate the NBG has already made seven interventions this year and sold $242.9 million in total.
The last intervention was made in April 2021 when the NBG sold $30 million at foreign exchange auction.
The executive board of the International Monetary Fund (IMF) has just completed the eighth review of Georgia’s economic reform programme supported by a four-year extended arrangement under the Extended Fund Facility (EFF ).
The National Bank of Georgia (NBG) offered $40 million at the foreign exchange auction today of which $27.5 million was sold, announces the NBG. The average weighted rate was 3.4401.
The estimated real gross domestic product (GDP) growth rate in April 2021 equaled 44.8% year-on-year and 8.1% in January-April of 2021 year-on-year, show preliminary data from the National Statistics Office of Georgia (Geostat).
The National Bank of Georgia (NBG) has sold $30 million at foreign exchange auction today as a result of which the national currency, the lari, has strengthened slightly against the US dollar and depreciated against the euro.
The National Bank of Georgia (NBG) sold $60 million at foreign exchange auction on September 30 to control the national currency's (lari) depreciation against the US dollar, however lari still depreciated today by 1.56 tetri. The average weighted bid rate was 3.1186, while today 1 USD costs 3.1345 GEL.