Monday, January 18, 2010

ARTICLE: GEL Rate Down but Experts Are Optimistic (

Written by Madona Gasanova
18/01/2010 13:30 (02:09 minutes ago)
The FINANCIAL -- The Georgian Lari (GEL) dropped by 1% last week, reaching an exchange rate of 1.7064 against the USD. Demand for USD during the Foreign Exchange Auction was three times higher than usual.

On January 15, 2010, the National Bank of Georgia sold 10,000,000 USD. This is the highest demand since August 7, 2009, when 10 million USD was sold at a rate of 1.6759 GEL for 1 USD. NBG said that further changes of the GEL against the USD will not be fixed in short term perspectives. Such high demand for the USD makes depositors cautious about keeping money in GEL.

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