In 2022 – 2023 basic reserve currencies decreased in
comparison to the Georgian Lari respectively: EUR-21%, GBP-25%,
CHF-17% and USD-19%. The chart shows the dynamics of these
currencies over the previous 15 months in Georgia:
Apparently, GEL has been resistant over the past 15 months.
Basic effect on GEL strengthening caused the political situation
that resulted in significant flow of refugees and tourists and
their savings from the neighboring countries. Notably this same
reason produced a strong push for an increase in prices, that led
in higher inflation.
According to GeoStat average customer prices spiked in 2022 by
11.9% (compared to 9.8% in 2021). This coefficient is calculated
based on prices of 12 commodity groups monitored in 6 big cities of
Georgia.
