National Bank to sell $40 mln amid Georgian lari devaluation

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”.

One US dollar cost 2.95 GEL as of today, while based on NBG forecast, it will cost 2.97 tomorrow. 

• National Bank head cites external shocks, less tourists as reason behind lari devaluation

Head of the NBG Koba Gvenetadze said yesterday that external factors and fewer tourists have made an impact on the exchange rate of the national currency.

Gvenetadze also said that NBG would get involved and use “its levers” against the increased rate of exchange of the lari whenever necessary.