Economy

Georgian lari reaches historic low of 2.49 against USD

by | Jan 26, 2016
georgian_lari

(Interpressnews.)

TBILISI, DFWatch–The Georgian national currency on Monday reached a new historic low of 2.4923 lari for one US dollar. The price of dollars in exchange booths and banks was more than 2.53 laris.

On January 23, one US dollar was 2.4694. Since the lari was introduced in the 1990s, a low level was reached on February 23, 1999 when one USD was 2.45 laris, but it rebounded to 2.35 after a few days.

The lari began to fall in value in November, 2014. At that time, one US dollar was equivalent to about 1.75 laris. The National Bank intervened, but the lari continued to drop during the past year.

On January 22, the National Bank sold USD 20 million at a foreign exchange auction. The average weighted bid rate for one USD was 2.4705. Ten days before, the Bank also sold USD 20 million and the average weighted bid rate then was 2.4148.



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