National Bank of Georgia sells $20 mln to stabilise Georgian lari

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.