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GEL Exchange Rate Strengthens after Sharp Downturn

After the sharp devaluation the GEL exchange rate against USD rose by 6% to 1.8421 point from 1.9527 point from December 8 to December 12.

In the reporting week, the GEL exchange rate against EUR rose by 5% to 2.2938 point from 2.4118 point. The Georgian national currency stood at 3.0605 point against GBP on December 8, but the rate strengthened to 2.8858 point by December 12. GEL also strengthened against Ruble by 9% and 100 Rubles cost 3.3619 GEL instead of the reporting week’s initial 3.6768 point.

At the same time, the GEL exchange rate has depreciated by 6% against USD YTD, risen by 4% against EUR and fallen by 1% against GBP and strengthened by 37% against Ruble.

As to the same reporting week for the last 10 years, the highest GEL exchange rate against USD was fixed at 1.6575 point in 2011, the lowest rate of 1.7859 was registered on December 12, 2005. The highest GEL exchange rate against EUR stood at 2.1029 on December 12, 2005 and the lowest rate of 2.4737 was fixed in December 2009.

The highest GEL exchange rate against GBP of 2.4654 was registered on December 12, 2008 and the lowest marked 3.3790 on December 12, 2004.

The GEL exchange rate changes against various currencies YTD are as follows: