The lari strengthened against every currency shown between 24 September and 3 October with one exception, and the euro accounted for most of the move: the euro to lari rate fell from 2.9925 to 2.9257, a decline of 0.0668 lari per euro.
The US dollar to lari rate barely shifted over the same days, easing from 2.6229 to 2.6039. Euro-denominated costs therefore repriced far more than dollar-denominated ones for importers and borrowers holding both. The US Federal Reserve raised its policy rate to 3.75%–4.00% on 16 September, before this window opened; these rates alone cannot establish how much of the divergence between the two reflects that decision.
Regional currencies moved in the same direction but by less: 1000 Armenian drams fell from 7.2157 to 7.1762 lari, the Azerbaijani manat from 1.5431 to 1.5320, and the Turkish lira from 0.0537 to 0.0530. The Russian rouble was the single exception, with 100 roubles rising from 3.1138 to 3.1209 lari.
Figures in this post
Every number below was checked against the source before publication.
FX_AMD_GELArmenian dram to lari National Bank of GeorgiaFX_AZN_GELAzerbaijani manat to lari National Bank of GeorgiaFX_EUR_GELEuro to lari National Bank of GeorgiaFX_RUB_GELRussian rouble to lari National Bank of GeorgiaFX_TRY_GELTurkish lira to lari National Bank of GeorgiaFX_USD_GELUS dollar to lari National Bank of Georgia