In 2016, GEL went down by 10,4% against USD. In the 2018 draft budget it is noted that the depreciation has been preconditioned by strengthening of USD on the one hand and economic crisis in Russia and countries with economies closely connected to the Russian economy on the other hand. Within the above period, GEL has depreciated by 6,9% against euro.
The GEL nominal effective exchange rate, which represents GEL average rate, has depreciated by 3,7% against the rates of trade partners. Within 8 months of 2017, GEL exchange rate to USD strengthened by 8,2% and made 2,43 GEL for 1 USD and GEL depreciated against euro by 3,1%. GEL nominal effective exchange rate, representing GEL average rate to the rates of the trade partners has strengthened by 2,7%.
