Georgia’s central bank purchases $10 mln at foreign exchange auction
In the first nine days of 2019 the NBG purchased $25 million at foreign exchange auction. Photo: N. Alavidze/Agenda.ge.
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The National Bank of Georgia (NBG) has purchased 10 million dollars at foreign exchange auction to control the national currency’s changing value against the US dollar.
The weighted average exchange rate was 2.6684 GEL for every 1 USD.
In the first nine days of 2019 the NBG purchased $25 million at foreign exchange auction, while in 2018 the NBG purchased $197 million in total.
Currency reserves reached a historic high since the independence of Georgia in December of 2018 when the currency reserves increased by $201 million to $3,289,847,600. Despite this record currency reserves remain at the same level as in 2013.
The biggest drop in currency reserves occurred in 2014-2015 when the NBG started to sell reserves to mitigate the currency crisis in Georgia.
The Georgian national currency, the lari, continues to depreciate in value against the US dollar as well as the euro. The National Bank of Georgia (NBG) explains that the presidential election period is the reason behind the depreciation.
The Georgian national currency, the lari, has depreciated in value by 6.5 tetri against the US dollar and by 4.3 tetri against the Euro in just one day.
Georgia’s National Bank (NBG) has released a statement in which it explained that the current devaluation of the national currency, the lari, is temporary and is caused by false expectations amongst the public that the lari would be devalued in autumn.
The National Bank of Georgia (NBG) has sold millions of dollars at the Foreign Exchange Auction to control the changing value of the national currency against the US dollar.
The National Bank of Georgia (NBG) has purchased $15 million at foreign exchange auction to control the national currency’s changing value against the US dollar.
“This is a short-term effect and will be regulated soon”
The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent days, with 1 USD costing 2.7799 GEL, while 1 EUR costs 3.0954 GEL.
Governor of the National Bank of Georgia (NBG) Koba Gvenetadze presented the annual report for 2018 at the Parliament of Georgia today and also answered questions of MPs regarding the recent fluctuation of the Georgian national currency lari. The Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent weeks, with 1 USD costing 2.7344 GEL, while 1 EUR costs 3.4782GEL today.