The Georgian lari (GEL) depreciated by 1.9% m/m in September vs U.S. dollar, yet it has slightly appreciated year to date (YTD), according to the Monthly Economic Review of Galt & Taggart published on Monday.
Given the robust fundamentals (FX inflows, strong growth, and healthy fiscal parameters) along with high foreign exchange (FX) liquidity in the market, the authors of the Monthly Review anticipate that the "GEL will sustain its stability at 1US$/2.7 throughout 2023."
"Notably, the National Bank of Georgia is a net buyer of US$ 1.4bn YTD by our estimates," the report concluded.
