Georgian lari among ten “strongest currencies” in world
The bm.ge noted Georgia’s economic growth influenced the strengthening of the national currency, with this March’s real gross domestic product increasing by 7.3 percent and the country’s growth rate reaching 7.2 percent in the first quarter of 2023. Photo: Nino Alavidze/Agenda.ge
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Georgian national currency, the lari, is among the ten “strongest currencies” in the world, with its exchange rate strengthening by approximately seven percent against the US dollar, with the rate marking a +19.5 percent increase in one year, local media outlet bm.ge reported on Friday.
According to the article by Bloomberg, the Georgian lari takes ninth place, with only eight currencies having better results. The strengthening of the national currency has been determined by several economic, political and social factors, including “one of the most important” foreign exchange inflows, the bm.ge said.
Last year’s 25 percent increase in exports had a “positive effect” on the exchange rate of the lari, while trade turnover, including foreign direct investments, also had “considerable influence”, with the highest figure” of $2 billion.
The bm.ge noted Georgia’s economic growth influenced the strengthening of the national currency, with this March’s real gross domestic product increasing by 7.3 percent and the country’s growth rate reaching 7.2 percent in the first quarter of 2023.
Tourist flow, increased by 182 percent compared to the previous year, as well as keeping the refinancing rate at a high level with the exchange rate of the lari, was also highlighted as “positive”.
The National Bank of Georgia on Wednesday said even though inflation was “still high” in the country, the trends were following a “downward trajectory”, with the numbers expected to remain below the “target level” in the second half of the year.
Georgian Prime Minister Irakli Garibashvili on Sunday told Imedi TV the "patriotic team" of the Government had brought "a lot of benefits" to Georgia “despite challenges”, in comments about its performance in the economy and infrastructure and criticism of the domestic opposition.
A latest report by the national bank of Georgia has said the country’s financial sector is maintaining stability and is lending to the economy “without interruption”.
Georgian external trade turnover amounted to $4.78 billion in January-March 2023, posting a 22.1 percent increase year-on-year, the Georgian National Statistics Office revealed on Thursday.
The National Bank of Georgia on Monday marked the 28th anniversary for lari, the country’s national currency, by noting its links from the history and its adoption in the modern state in 1995.
The National Bank of Georgia and its educational platform Finedu on Tuesday launched a campaign for enhancing financial education among children, with the move coincided with the annual World Savings Day, a date aimed to raise awareness on the significance of prudent financial planning.