NBG places 5,000 GEL limit on currency exchange returns at exchange booths
The National Bank of Georgia introduced the new regulation on August 27. Photo: Nino Alavidze/Agenda.ge.
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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 National Bank of Georgia introduced the new regulation on August 27.
Currency exchange offices have the obligation to disclose the above information on their receipts, as well as at the cash register in a noticeable place.
Earlier, individuals using the services of exchange booths could return currency of any amount within 30 minutes from the moment of the exchange transaction.
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 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 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”.
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 Georgian lari has sunk below 3 GEL to the US dollar in commercial banks.
The National Bank of Georgia (NBG) has joined the Network for Greening the Financial System (NGFS), which is a network of Central Banks and Supervisors.