National Bank sells $32.8 mln amid Georgian lari devaluation

  • One US dollar cost 2.97 GEL as of today, while based on NBG forecast, it will cost almost 2.93 tomorrow. Photo: Nino Alavidze/Agenda.ge

Agenda.ge, 1 Aug 2019 - 23:23, Tbilisi,Georgia

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 NBG announced that it would sell $40 million on exchange auction, as the exchange rate had reached a level “that might pose a risk to price stability” amid “the tourism-related shocks and negative expectations”.

It also underscored that if the exchange rate would still affect inflation, the NBG would “tighten monetary policy” as well. 

Back