NEWS

Second intervention: Georgia purchases $10m at Foreign Exchange Auction

From tomorrow 1 USD will equal 2.2953 GEL - up from the previous rate of 2.3157 GEL. Photo by N.Alavidze/Agenda.ge.

Agenda.ge, 21 Mar 2016 - 17:57, Tbilisi,Georgia

The National Bank of Georgia (NBG) is making its second intervention to control the changing value of Georgia’s national currency against the United States (US) dollar.

The aim of the intervention was to ensure the Georgian Lari (GEL) doesn’t’ strengthen too quickly and cause negative effects for local businesses.

Today the NBG purchased $10 million USD at its Foreign Exchange Auction. The weighted average exchange rate was 2.2981 GEL for every one USD.

This was the second intervention since 2014 - the year the Lari started depreciating.

During the past two weeks the Lari started to gain value against the US dollar after falling dramatically 16 months ago. The GEL was also strengthening against the Euro.

From tomorrow 1 USD will equal 2.2953 GEL, announced the Bank. The previous rate was 2.3157 GEL.

Meanwhile from tomorrow 1 Euro will cost 2.5877 GEL, down from the previous rate of 2.6105 GEL.

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