USD Value Increases Against GEL in 2013: Is It Worth the Panic?

If you're keeping an eye on the exchange rates, you might have noticed that the US dollar has been steadily gaining strength and by December 2013, it reached its peak. The exchange rate for 1 Georgian Lari on December 23, 2013 was set to 1.7168 according to the National Bank of Georgia, and in Tbilisi's money exchange points, the value went even higher to 1.7300 (SELL) and 1.7200 (BUY).

I've created a handy chart that shows the exchange rates for GEL from January 1, 2013 to December 23, 2013, so you can see the changes for yourself.

Now, some people might think that these fluctuations are artificially made, but who knows for sure, right? I'm just a regular person, not a millionaire, so I don't really feel the effects of these changes on a daily basis.

If you're curious, though, on January 1, $1000 was worth 1656.2 GEL, but on December 23, $1000 was worth 1716.8 GEL, which means there was a difference of 60.6 GEL compared to the start of the year. That's an increase of the value of the US dollar against the GEL by 3.5% in 2013. Is it worth panicking over? I don't think so, but maybe just a little bit. My personal forecast is that by spring, the GEL should bounce back, but who am I to make such predictions?

If you're doing business in Georgia and you're worried that the GEL might crash, my suggestion would be to switch your currency to USD or EUR. Just a thought!