GEL in freefall

Exactly. And the EUR strength at the moment does the rest

Could be ofc, but its all the risks together why I haven't bought any of those loans. Georgia is a relatively small country, its out of EU, so I would assume its also behind in legislation, freedoms, monetary and economic policies etc etc. Although it seems to be doing quite ok in some of the index like doing business for example, Georgia still has very average government credit rating that indicates that there are risks and uncertainties, the overall economy is small and GDP/capita is significantly lower than any of the EU countries. And don't forget Georgia was involved in a war not so long ago and still has issues with troubling regions, I haven't payed much attention, but the political situation wasn't that stable either in recent years. So yeah, the currency could fluctuate quite a bit as well.

I bought at 2.72 when it was only 1% exchange rate fee. It's a bit annoying but I understood the risk at the time. Still, 17% goes a long way and even with the big drop in value, I'm still close to breaking even (including 2.1% exchange back). It was worth the gamble for a small percentage of my portfolio. If it recovers, I can still make a killing.

I would consider topping up but the exchange fees are too high. At 2.1% each way you are looking at <13% if you leave it for 1 year, so you would have to leave it several years to make it worthwhile.