GEL Appreciates Slightly Against USD, EUR

GEL Appreciates Slightly Against USD, EUR

GEL Appreciates Slightly Against USD, EUR

The FINANCIAL -- Georgian national currency, Lari (GEL), appreciated to 2.9579 against EUR on September 7, a day after falling to its all-time low of 2.9662.

GEL appreciated against U.S. Dollar as well, reaching 2.4802. The Dollar-Lari exchange rate stood at 2.4926 a day earlier, according to Civil.Ge.

GEL started depreciating in November, 2014, falling to its record low of 2.7846 against U.S. Dollar on December 22, 2016. It continued to fall throughout most of January this year and started recovering from February.

GEL was relatively stable for about five months before September, hovering around 2.39-2.44 per U.S. Dollar, about 40% weaker compared to November, 2014, when GEL first started depreciating. But from early September it started falling again.