The year 2023 was not very dynamic for the currency market. In the first half of the year, the lari’s was gaining value against the dollar, since the summer the national currency began to decline and ended the year at almost the same level as started.
Last year, the lari gained most of its value in early May hitting its peak on May 8, when the national currency stood at 2.4830 against the dollar.
In 2023, the lari reached its lowest point on November 2, when 1 dollar cost 2.7152 GEL. The national currency was most devalued in November and December.
The dollar to lari exchange rate in 2023 was as follows:
On January 1, 2023, one dollar stood at 2.7020 GEL, one euro cost 2.8844 GEL, on the last day of last year, one dollar was 2.6894 GEL, one euro was 2.9753 GEL.
According to the central bank’s recent report which includes the data for October, the lari’s real effective exchange rate strengthened by 6.3%, the nominal effective exchange rate strengthened by 18.7%.
In January 2023, the average exchange rate of the lari against the US dollar strengthened from 2.6875 to 2.6763 (by 0.4%) compared to the previous month, against the euro it declined on average from 2.8428 to 2.8813 (by 1.4%)," the report reads.
According to the central bank’s basic macroeconomic scenario, in 2024, 2025 and 2026, no drastic changes are predicted in the lari’s effective nominal exchange rate against the US dollar.
