Page 28 - GEORptAug18

The country's high current account deficit, which reached 13% of GDP at end-2016, is one of the important sources of external debt.
7.0 FX
Georgia - Foreign exchange rate
2011
2012
2013
2014
2015
2016
2017
2018 Q1
Currency (units per EUR) (average)
2.347
2.123
2.209
2.346
2.520
2.617
2.832
3.054
Currency (units per USD) (average)
1.686
1.651
1.663
1.766
2.270
2.367
2.509
2.485
In recent years, as the Georgian lari began to depreciate, the central bank stepped in frequently to alter the exchange rate in order to boost the local currency. In early 2016, the rate was as high as 8%, though the regulator gradually eased it to 6.5% over the following year, responding to the appreciation of the lari and a decline in inflation.
Since early 2018, the central bank decided to increase the rate again in three consecutive interventions due to inflation that was above its target of 5%. The currency appears to have stabilised as consumer prices are moderating in 2018.
7.1 Cryptocurrency
Cryptomat to open more cryptocurrency ATMs in Georgia
Startup Cryptomat is planning to launch more cryptocurrency ATMs in Georgia, according to local media reports. Georgia is already a giant on the global bitcoin mining scene, as r eported by bne IntelliNews last year . Bitfury has located its massive processing farm in Georgia where it mines for bitcoins and had a whopping 6% of global mining capacity as of October 2017.
Now Cryptomat hopes to raise awareness of the digital currencies, and encourage more people to buy and sell Bitcoin and Litecoin, reports Georgia Today. The company already has three ATMs in Tbilisi and plans to add more in the capital as well as expanding to other major cities.
28 GEORGIA Country Report August 2018 www.intellinews.com