Georgian National Bank has sold $40 mln amid Georgian lari depreciation
NBG claims that it will use all available tools to prevent high inflation and to ensure price stability. Photo: Nino Alavidze/Agenda.ge.
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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 depreciation of the exchange rate has boosted inflationary expectations, the NBG says.
The National Bank of Georgia (NBG) increased the refinancing rate by 0.5 percentage points to 7.5 per cent on September 25.
NBG claims that it will use all available tools to prevent high inflation and to ensure price stability.
I believe that the decisions made by the NBG [increasing the refinancing rate to 7.5 per cent and selling $40 mln on exchange auction], will have a positive result and not only stabilize but also strengthen the Georgian lari by the end of this year”, said Georgian Finance Minister Ivane Matchavariani.
Matchavariani said that predictions and expectations for stabilising the Georgian lari are positive.
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 increased the refinancing rate by 0.5 percentage points to 7 per cent.
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 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) has decreased the minimum foreign currency reserve requirements for commercial banks in Georgia from a mandatory 30 per cent to 25 per cent, which will allow commercial banks to lend the freed up five per cent – about $700 million.
The National Bank of Georgia (NBG) has increased the refinancing rate by one percentage point to 8.5 per cent.
The National Bank of Georgia has sold $20 mln today amid Georgian lari depreciation, announces the National Bank of Georgia.
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The Georgian financial system remains resilient against potential shocks, announced the Financial Stability Committee of the National Bank of Georgia at today’s meeting.
Official international reserves of the National Bank of Georgia increased by $167 million in December 2019, show data from the National Bank of Georgia.