Georgian national currency, lari (GEL) hit a record low against U.S. dollar on November 25 after falling to 2.5026. GEL was trading at 2.4852 against dollar a day earlier.

GEL’s previous all-time low of 2.4985 per U.S. dollar was recorded in January 2016. Georgian currency started depreciation in November 2014.

The National Bank of Georgia (NBG) last intervened on the currency market on October 12, trying to prop up the depreciating national currency. NBG sold USD 40 million on that day. Since the start of 2016, NBG sold a total of USD 240 million and bought USD 278.35 million in 23 currency market interventions.

Gross international reserves stood at USD 2.760 billion as of October, down from USD 2.858 billion a month earlier, but growing from USD 2.449 billion a year earlier.