National Bank sells $32.8 mln amid Georgian lari devaluation
One US dollar cost 2.97 GEL as of today, while based on NBG forecast, it will cost almost 2.93 tomorrow. Photo: Nino Alavidze/Agenda.ge
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The National Bank of Georgia (NBG) sold $32.8 million on exchange auction earlier today as the Georgian lari continued to devalue.
One US dollar cost 2.97 GEL as of today, while based on NBG forecast, it will cost about 2.93 tomorrow.
The NBG announced that it would sell $40 million on exchange auction, as the exchange rate had reached a level “that might pose a risk to price stability” amid “the tourism-related shocks and negative expectations”.
It also underscored that if the exchange rate would still affect inflation, the NBG would “tighten monetary policy” as well.
Head of the National Bank of Georgia (NBG) Koba Gvenetadze says that external factors and fewer tourists have made an impact on the exchange rate of the national currency, with one US dollar costing 2.93 GEL as of today.
The National Bank of Georgia (NBG) plans to sell $40 million on exchange auction tomorrow as the Georgian lari continues to devalue. In a statement released on July 31, the NBG said “despite the positive internal and external macroeconomic dynamics” today’s exchange rate has reached a level “that might pose a risk to price stability” amid “the tourism-related shocks and negative expectations”.
The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent days, with 1 USD costing 2.9096 GEL, while 1 EUR costs 3.2599 GEL.
Recent developments have brought dissonance to the Georgian economy, however the macroeconomic factors are quite healthy, said Georgian Prime Minister Mamuka Bakhtadze while commenting on the devaluation of the Georgian national currency, the lari, today.
The National Bank of Georgia (NBG) promises to ensure the long-term stability of the exchange rate of the Georgian national currency, the lari, and to prevent high inflation.
The NBG has established a limit of 5,000 GEL ($1697/€1537) for transactions at currency exchange booths eligible for cancellation and refund within a 30-minute period.
The Georgian lari has sunk below 3 GEL to the US dollar in commercial banks.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 7 per cent.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 7.5 per cent.
The National Bank of Georgia (NBG) has sold $40 million at an exchange auction on September 27, as the Georgian lari continues to depreciate. The National Bank of Georgia (NBG) increased the refinancing rate by 0.5 percentage points to 7.5 per cent on September 25.
The National Bank of Georgia (NBG) has decreased the minimum foreign currency reserve requirements for commercial banks in Georgia from a mandatory 30 per cent to 25 per cent, which will allow commercial banks to lend the freed up five per cent – about $700 million.
The National Bank of Georgia has sold $20 mln today amid Georgian lari depreciation, announces the National Bank of Georgia.