Georgian central bank joins forces with EBRD to support coronavirus-hit firms

The European Bank for Reconstruction and Development (EBRD) and the National Bank of Georgia (NBG) are increasing the availability of the Georgian national currency, the lari (GEL), to private companies in a joint move to support businesses suffering from the impact of the coronavirus pandemic, announces the EBRD.

The EBRD and NBG have set up a US-GEL foreign exchange swap facility, enabling the EBRD to secure reliable access to GEL liquidity and continue lending in local currency to firms that are experiencing temporary difficulties. The banks executed the first transaction on 24 April 2020.

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The foreign exchange swap line also supports the management of NBG’s foreign exchange reserves with additional US dollar liquidity, which the central bank can draw on when needed.