GEL started depreciating from the end of 2013 when its exchange rate with regard to USD was 1.66. The exchange rate was set at 1.75 after the first wave of depreciation. Another much more serious wave of depreciation of the national currency started from November 2015 and the exchange rate reached a record high in February 2016, going up to 2.50. GEL strengthened to 2.13 in the spring but soon came back to the trend of depreciation which has been in progress to date.

Over the past three years, members of the Government of Georgia have upon numerous occasions made statements that the depreciation of GEL was just a temporary setback and that the exchange rate would soon be stabilised and strengthened. They stated various reasons for the depreciation of the national currency.

Exchange rate: 1.75 7 February 2014

• Nodar Khaduri – The depreciation of GEL was a temporary process.

Exchange rate: 1.7 10 February 2014

• Nodar Khaduri – I was saying from the very start that it was not necessary to artificially create anxiety and that all this was only temporary.

Exchange rate: 1.84 1 December 2014

• Giorgi Kvirikashvili – There is no reason to be worried about the exchange rate of GEL.

Exchange rate: 2.01 6 December 2014

• Nodar Khaduri – I hope that the exchange rate has reached its peak and it will stabilise from next week, even strengthening slightly.

Exchange rate: 1.89 10 December 2014

• Nodar Khaduri – The GEL exchange rate has decreased even further and the anxiety has subsided. As we were saying, the exchange rate has stabilised and is steadily going down.

Exchange rate: 1.91 18 December 2014

• Irakli Gharibashvili – The situation with regard to the GEL exchange rate is under control.

Exchange rate: 1.99 27 January 2015

• Nodar Khaduri – GEL is holding its position.

Exchange rate: 2.01 28 January 2015

• Bidzina Ivanishvili – Regarding the GEL exchange rate I would like to say that the whole thing is an invented story and does not burden society at all, apart from the agitation that Rustavi 2 manages to create and disseminate. This has not influenced prices and nothing special is happening, apart from good things. GEL shows that it is alive and a healthy organism.

Exchange rate: 2.17 22 February 2015

• Giorgi Kvirikashvili – Tightening belts – this is the very first and the right step to be taken when you see that the public has been severely harmed by the changes in the exchange rate. This has a double significance. It is a moral thing to do in the first place; however, on the other hand, it also makes sense economically, guaranteeing that businesses will have room to breathe. We have a very specific plan that will deliver clear results. We should not feel pessimistic as we have no reason to be so.

Exchange rate: 2.23 26 February 2015

• Irakli Gharibashvili – The whole Cabinet is mobilised. We have a very tight relationship with the National Bank of Georgia. I really believe that the hysteria was artificially fuelled, turning it into a topic to make shows about.

Exchange rate: 2.23 2 March 2015

• Nodar Javakhishvili – The Head of the International Monetary Fund Mission in Georgia has been bribed by the United National Movement. After Mr Ivanishvili’s statement, panic subsided, people calmed down and the exchange rate started stabilising. Bidzina said what was actually happening. The depreciation of GEL has started since November. Do you know what Mr Kadagidze did as a response? Even though we already had an excessive amount of GEL in circulation, he increased the lending to commercial banks from USD 350 million to USD 700 million.

Exchange rate: 2.23 27 March 2015

• Nodar Khaduri – We, thankfully, do not have internal shocks; however, we do have kinds of micro-shocks. And these, so to speak, micro-shocks stem from the desire of our opponents to see Georgia on fire. I am stating this with full responsibility.

Exchange rate: 2.28 April 2015

• Nodar Khaduri – We are working on it, we have communication with the National Bank of Georgia, hoping that this was just a temporary setback and the exchange rate will stabilise very soon.

Exchange rate: 2.32 30 April 2015

• Giorgi Kvirikashvili – There are small changes but we have every logical reason to think that the national currency should soon start stabilising again.

Exchange rate: 2.36 14 May 2015

• Giorgi Kvirikashvili – The exchange rate will inevitably be stabilised; however, this does not exclude small fluctuations on both sides which we have today. However, I will stress this once again that I believe this will, in the medium term, be a positive thing and it will become more apparent in summer.

Exchange rate: 2.27 22 May 2015

• Nodar Khaduri – Even when GEL was depreciating by 5-6 tetri a day I was saying that the economic factors behind this were eradicated and everything was probably due to the ensuing anxiety. This was confirmed later.

Exchange rate: 2.32 19 August 2015

• Irakli Gharibashvili – There are various speculations but we have already gotten through the crisis period.

Exchange rate: 2.41 25 August 2015

• Irakli Gharibashvili – We have a clear speculation and attempts to create anxiety among the public. This is an emotional-psychological factor. It is imperative that we remain calm as nothing alarming is going on in our economy; in particular, with the macro-economy. On the contrary, we have already overcome the period of crisis.

25 August 2015

• Nodar Khaduri – There are certain speculations on the market but I am deeply convinced that the exchange rate will soon be stabilised.

Exchange rate: 2.44 21 September 2015

• Irakli Gharibashvili – Both the President of the National Bank of Georgia as well as the Minister of Finance of Georgia predict that the exchange rate will stabilise in the medium-term perspective.

Exchange rate: 2.46 22 January 2016

• Giorgi Kvirikashvili – There is definitely nothing to be worried about here. We have every reason to be feeling optimistic. There will be quite good economic growth in Georgia this year and we see no reasons to feel negative in the medium or the long-term perspective.

Exchange rate: 2.46 29 January 2016

• Nodar Khaduri – We are not expecting additional pressure on GEL. We are feeling quite positive. I would like to remind you that the domestic macro-economic indicators have not worsened and neither the state budget nor the treasury operations institute put pressure on the GEL exchange rate.

Exchange rate: 2.49 16 February 2016

• Nodar Khaduri – I would like to tell you that we are not expecting sudden changes in the exchange rate in terms of depreciation. There is stability in the neighbouring countries. We are hoping that the exchange rate will stabilise and we are expecting a serious strengthening in the medium and the long-term perspective.

Exchange rate: 2.14 3 June 2016

• Dimitri Kumsishvili – I can tell you with certainty that given the macro-economic foundation and other repeated factors in the economy, the GEL exchange rate will be strengthened.

Exchange rate: 2.33 28 September 2016

• Dimitri Kumsishvili – I am convinced that the exchange rate of the national currency will remain stable even after the elections. We have a floating exchange rate but it will remain stable.

Exchange rate: 2.35 13 October 2016

• Nodar Khaduri – In a medium-term perspective we are certainly awaiting the stabilisation and strengthening of GEL. These are short-term fluctuations only. Next year will be much better.

Exchange rate: 2.38 18 October 2016

• Nodar Khaduri – The changes in the GEL exchange rate were due to one-time transactions. The government, together with the National Bank of Georgia and international financial institutions, has made numerous statements that the GEL exchange rate will be stabilised and keep the trend of strengthening in the medium-term perspective.