04.Feb .2022 14:00

GEL continues strengthening on Bloomberg Trading Platform

GEL continues strengthening on Bloomberg Trading Platform
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The Georgian National currency GEL continues to strengthen on the Bloomberg trading platform.

In the morning of February 4, trade in dollars opened at 2.9949 GEL, and at this time, the value of 1 USD is 2.9800 GEL. If the mentioned rate will be maintained at the end of the day, then lari will record its strongest position against the US dollar since the summer of 2020. National bank of Georgia (NBG) will update an official exchange rate at 17:00.

Tightening of monetary policy, which the National Bank's Monetary Policy Committee kept at 10.5% again on February 2, has been named as one of the reasons for the strengthening of the lari, by economist Akaki Tsomaia.

In his interview with BMG, Tsomaia also named export and tourism, the growth of which is reflected in the GEL exchange rate. In 2021, exports increased by 27% year-on-year to $ 4.2 billion, while revenues from tourism totaled about $ 1.2 billion, or 38% of the 2019 figure.