Investment bank G&T does not expect a sharp deterioration of GEL under the impact of Russian sanctions, but notes that some instability will be observed. The Bank believes that during the year the exchange rate of GEL to US dollar will be between 2.7-2.75. GEL rate appreciation to 2.6 will start from 2020.
The last weakening of GEL is related to filling reserves by the National Bank of Georgia. As well as other factors, such as the expectations of the depreciation of the Turkish Lira.