The national currency of Georgia, the GEL appreciated by 0.5% m/m in August vs U.S. dollar, amid
robust FX inflows, according to the Monthly Economic Review of Galt & Taggart published on Friday.
Year-to-date GEL has strengthened by 2.7%, the report says.
The NBG remains a net buyer of US$ 1.34bn in 7M23, of which US$ 278.5mn purchased in Jul-23. Authors of the publication expect average GEL rate at 2.62 vs dollar in 2023, revised slightly from the previous forecast of 2.6.
