Georgian Lari deprecates further against both EUR and USD, Georgian government places 500 million USD Eurobonds on stock exchange, IMF assesses Georgia’s ‘economic growth’
By Veronika Malinboym
Thursday, April 15
As a result of yesterday’s trades, the Georgian lari, depreciated against both euro and the US dollar. According to the exchange rate set by the country’s National Bank today, one US dollar is now worth ?3.4235, meaning that the Georgian lari depreciated by 0.0197, or 1, 97 tetri against the USD. In turn, as per the latest National Bank’s rate, 1 euro is worth ?4.1177, meaning that the Georgian lari depreciated by 0.0468 or 4.68 tetri against the EUR. Compared to the exchange rates of the beginning of 2021, GEL depreciated by a total of 16.7 tetri against the USD and by a total of 9.4 tetri against the EUR. In an attempt to stabilize the GEL exchange rate, the country’s National Bank sold a total of $187.5 million. The most recent auction which took place on April 1 saw the selling of 27.5 million out of $40 million that was put up for the auction by the National Bank of Georgia.
Earlier this week, the Georgian Ministry of Finance has announced that it will be placing 500 million USD Eurobonds on London Stock Exchange. The official press release of the Ministry stated that together with the selected group of international and domestic banks ( P Morgan, Goldman Sachs, ICBC Standard, TBC Capital, and Galt & Taggart) and legal advisers ( Backer & McKenzie and BLC) as well as an international fiscal agent Citi it has completed the preparatory stages of the process and has already announced the placing of the $500 million USD on the London Stock Exchange at the Bloomberg trading platform. The Ministry added that online meetings with international investors will be held on April 13 and 14.
Deputy Minister of Finance of Georgia Mikheil Dundua, announced yesterday that according to the recent forecasts released by the IMF, Georgia was ranked first in Europe by the economic growth rate. According to Dundua, the IMF’s economic growth forecast predicts 34.5% growth of the Georgian economy between 2021-2026.
