As per data released by the National Bank of Georgia, the lari has depreciated against both the dollar and the euro.
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As a result of today's trading, the official value of one US dollar increased to 2.7794 GEL. The exchange rate in effect today was 2.7418 GEL. Accordingly, the change in the dollar's value against the national currency amounted to 3.76 tetri.
The national currency also depreciated by 4.41 tetri against the euro, with the official rate reaching 2.9348 GEL. The exchange rate in effect today was 2.8907 GEL.
The exchange rates established as a result of today's trading will come into effect tomorrow, November 30.
In recent months, the National Bank of Georgia has been selling dollar reserves to maintain the GEL exchange rate. In October alone, the bank sold $591.1 million. A significant portion of this amount, $377.7 million, was sold without an auction, as was revealed at the end of November. The National Bank explained the dollar sales as “a measure to prevent the excessive influence of non-fundamental factors and the agitation in the currency market that is traditionally characteristic of the pre-election period.”
On November 28, Georgia’s illegitimate Prime Minister, Irakli Kobakhidze, announced that, in line with the decision of the Georgian Dream party, Georgia would not place the issue of opening negotiations on European Union membership on the agenda until the end of 2028 and would also refuse budget grants from the European Union. Protests erupted in Tbilisi and other regions in response to the decision. In the capital, authorities used force to disperse demonstrators gathered in front of the parliament.
