TBILISI, DFWatch–The exchange rate of Georgian lari (GEL) continues to fall and is now valued at 1.7466 against the US dollar.
According to the National Bank of Georgia, the lari this year fell by 5.1 percent. The last time it was as low as 1.74 against the dollar was in February 2011.
The exchange rate of lari has been falling for several months. In December 2013, one US dollar was equivalent to 1.7052 lari.
It has fallen against the euro as well. One month ago, one euro was 2.3127 lari; today it is 2.3721. In spring 2013, one euro was 2.10 lari, while one USD was 1.64 lari.
One of the things Georgians notice most with the falling lari rate is an increase in petrol prices. During the last month, prices for petrol have increased by 5-7 tetris on average.
According to its website, the Georgian National Bank’s monetary policy is to maintain inflation at 6 percent for the years 2012-2014.