NBG: “We will use all available tools to prevent high inflation”
As of today, 1 USD costs 2.9321 GEL, while 1 EUR costs 3.2840 GEL. Photo: Nino Alavidze/Agenda.ge.
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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:
We will act to ensure the long-term stability of the exchange rate and if necessary, we will use all our available tools, including foreign exchange interventions, to prevent high inflation,'' said the NBG today.
The lari began depreciating in July and reached a record high in early August, peaking at 2.97 GEL to the USD.
The consumer price index, which measures changes in the price level of the consumer basket of goods and services, slightly decreased in July, shows the latest inflation data published by the National Statistics Office of Georgia (Geostat).
In July 2019 the consumer price index decreased by 0.02 per cent compared to the previous month, while the annual inflation rate amounted to 4.6 per cent”, said Geostat.
As the issue of the lari’s depreciation is of high interest to the public, Georgian Prime Minister Mamuka Bakhtadze once again commented on the recent situation and the NBG’s intervention amid the devaluation of the lari.
Last week’s behaviour of the NBG proved that processes in the economy are healthy. Expectations, including regarding the lari’s devaluation, were excessive and the NBG has all the mechanisms at its disposal to take reasonable steps”, said Bakhtadze.
The lari reached an all-time high of 2.97 Lari to the USD on August 1. It was at its record low in December 1995, at 1.23.
As of today, 1 USD costs 2.9321 GEL, while 1 EUR costs 3.2840 GEL.
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) 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”.
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 Georgian national currency, the lari, has depreciated in value against the US dollar and the euro in recent days, with 1 USD costing 2.9096 GEL, while 1 EUR costs 3.2599 GEL.
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 Georgian lari has sunk below 3 GEL to the US dollar in commercial banks.
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 (NBG) has increased the refinancing rate by 0.5 percentage points to 7.5 per cent.
The National Bank of Georgia (NBG) has sold $40 million at an exchange auction on September 27, as the Georgian lari continues to depreciate. The National Bank of Georgia (NBG) increased the refinancing rate by 0.5 percentage points to 7.5 per cent on September 25.