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Tag Archives: currency

Volume of Dollar-denominated Deposits Increased

In the third quarter of 2018 the volume of foreign currency  deposits amounts to 14.4 billion in the banking sector, including 83% (12 billion) denominated  in the US dollars. A volume of demand deposits (including current accounts) totals GEL 6 billion in the dollar-denominated deposits  (total 7.461 billion). The volume …

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Why Government Fails to Stabilize GEL Exchange Rate

GEL exchange rate remains the most challenging issue in Georgian society. Both ordinary citizens and experts have been actively discussing this topic. Over the past period the GEL depreciation has beaten the historical maximum. The national currency devaluation has made negative effect on both economy and social condition of our …

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PM about Government Plans for Alleviation of GEL Exchange Rate Fluctuation

Objective of Georgian Government is to achieve an efficient integration in global economy and alleviate vulnerability to external factors, Georgian Prime Minister Mamuka Bakhtadze told BM.GE regarding government plans for alleviation of GEL exchange rate volatility and attracting new investors. The Prime Minister also appraised macroeconomic situation, but has nothing …

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GEL Resource Rises in Value

lari

Interbank currency market has shrunk, as a result of contraction in GEL resource turnover. Turnover made up 7.36 billion GEL (-400 million month on month and – 4 billion year on year). Monthly turnover of foreign currency rose by 500 million GEL. According to the Monthly Report by NBG, the …

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March Records 5.5% Upturn in GEL Exchange Rate against USD

Lari

GEL exchange rate against USD has strengthened by 5.5% in March 2017. In the reporting period the national currency strengthened from 1$=2.5837 to 1$=4354. The official exchange rate strengthened by 5% in February, after 2.2% contraction in January 2017, 6.5% plunge in December 2016, 5.1% downturn in November 2016 (from …

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GEL Exchange Rate Depreciation Hits Historical Maximum in 2016

LARI

In 2016 the national currency depreciation and economic growth rate deceleration were key problems in Georgian economy. GEL exchange rate collapse has affected both state budget and financial condition of our citizens. Despite  GEL exchange rate stability is one of the key factors for ensuing macroeconomic stability of the country, …

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Turkey Offers Georgia to Trade in Local Currencies

President Erdogan repeats call for Turkey to convert mattress savings in foreign exchange into Turkish lira and gold. President Recep Tayyip Erdogan has said Sunday that Turkey has taken steps to do its foreign trade in its national currency. Speaking at an inauguration ceremony in the central province of Kayseri, …

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National Bank: Banning Taking Small Loans in USD Would Not Increase Interest Rate

Low dollarization interests everyone, including population, government, investors, commercial banks and other players of financial sector, Vice President of National Bank of Georgia, Archil Mestvirishvili said. We have worked out 10-point plan, which focuses on three main directions: First is increasing Lari lending affordability which implies long term loans, and …

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