National Bank of Georgia sells $20 mln to stabilise Georgian lari
As of now, 1 USD costs 3.0404, while 1 EUR costs 3.4177 GEL. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
The National Bank of Georgia has sold $20 mln to stabilise the Georgian lari amid its depreciation.
As of now, 1 USD costs 3.0404, while 1 EUR costs 3.4177 GEL.
In 2020, the National Bank of Georgia carried out seven foreign exchange interventions in total selling $209.65 million.
Back in January 2020 the cost of 1 USD was in the range of 2.86-2.89 GEL.
However, with the outbreak of the coronavirus epidemic and the global oil crisis, the Georgian national currency, the lari, hit a record low against the US dollar and fell to 3.48 on March 27.
To stabilise Georgian lari amid its depreciation, the National Bank of Georgia (NBG) put up $40 million at foreign exchange auction on June 10 against the depreciation of the Georgian lari, however only $29.65 million was sold. On May 21, the bank sold $40 million to stabilise the Georgian lari.
On April 27, the National Bank of Georgia sold $20 million to stabilise the Georgian lari after further depreciation. The central bank also sold 40 mln GEL at foreign exchange auction on March 25, while it sold another $40 mln on March 19 and $20 mln on March 13.
The National Bank of Georgia (NBG) put up $40 million at foreign exchange auction earlier today against the depreciation of the Georgian lari, however only $29.65 million was sold.
The National Bank of Georgia has sold $40 million to stabilise the Georgian lari against the backdrop of its depreciation. As of today, 1 USD costs 3.1920 GEL, while 1 EUR costs 3.5058 GEL. The bank says that the aim of the interventions is to reduce excess fluctuations in the foreign exchange market and avoid negative expectations on the market.
The National Bank of Georgia has sold $20 million to stabilise the Georgian lari today after further depreciation. Against the backdrop of the outbreak of the coronavirus and the global oil crisis, the Georgian national currency, the lari, has significantly depreciated against the USD in recent weeks.
The National Bank of Georgia (NBG) announced today that it will sell $40 million at foreign exchange auction tomorrow to control the national currency’s changing value against the US dollar. As a result of the last two interventions the NBG has already sold $60 million in total.