National Bank to sell $40 mln amid Georgian lari devaluation
One US dollar cost 2.95 GEL as of today, while based on NBG forecast, it will cost 2.97 tomorrow. Photo: Nino Alavidze/Agenda.ge
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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.
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.
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The National Bank of Georgia (NBG) decreased its refinancing rate by 25 basis points following today’s advice from the Monetary Policy Committee (MPC).
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.
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) 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) promises to ensure the long-term stability of the exchange rate of the Georgian national currency, the lari, and to prevent high inflation.
The Georgian lari (GEL) is expected to continue to strengthen, considering its strong performance in the past few days, said Georgian Economy Minister Natia Turnava earlier today.
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 (NBG) has increased the refinancing rate by 0.5 percentage points to 7 per cent.
The National Bank of Georgia has sold $20 mln today amid Georgian lari depreciation, announces the National Bank of Georgia.