Georgian central bank sells $30 mln at foreign exchange auction
This was the fifth intervention since September 10, 2020. During the past two months the NBG has sold $170 million. Photo: Nino Alavidze/Agenda.ge.
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The National Bank of Georgia (NBG) sold $30 million during its foreign exchange auction today.
The average weighted bid rate was 3.2168.
This was the fifth intervention since September 10, 2020. During the past two months the NBG has sold $170 million.
The NBG Head Koba Gvenetadze said last month that the central bank will sell more than $200 million by the end of this year.
He explained that the purpose of the interventions is not to control the lari's depreciation against the US dollar, but serves to supply foreign currency to the market.
This chart shows how the lari depreciated between September 10 and October 9 against the US dollar and Euro.
Charts by the NBG.
Gvenetadze said that the impact of the pandemic on the Georgian economy was mainly reflected in the practical disappearance of revenues from tourism.
He said that the country’s economic team has attracted large amounts of foreign currency aid to assist the pandemic-damaged economy, which will be provided to the economy in stages this year and possibly in the first half of next year.
As of today, 1 USD costs 3.2233 GEL, while 1 EUR costs 3.7919 GEL.
The financial system of Georgia was prepared to meet the shock of the Covid-19 pandemic and maintained resilience thanks to the financial stability policy that has been implemented in recent years, reads the National Bank of Georgia's (NBG) Financial Stability Committee report published today.
The National Bank of Georgia (NBG) sold $40 million during its foreign exchange auction today. The average weighted bid rate was 3.2641. The NBG Head Koba Gvenetadze said last week that the central bank will sell more than $200 million by the end of this year.
The COVID-19 pandemic’s health impact has been well-contained, but it has had a significant impact on economic activity, reads the statement of the mission Chief for Georgia at the International Monetary Fund (IMF) Mercedes Vera-Martin.
The lari (GEL) has depreciated against the US dollar by about two per cent, following an increased number of new coronavirus cases in Georgia and the upcoming parliamentary elections, said National Bank of Georgia (NBG) Head Koba Gvenetadze.
The National Bank of Georgia (NBG) sold $40 million during its foreign exchange auction today. The average weighted bid rate was 3.2173. This was the sixth intervention since September 10, 2020. During the past two months the NBG has sold $200 million.
The National Bank of Georgia (NBG) sold $40 million at its foreign exchange auction today.
The National Bank of Georgia (NBG) has sold $60 million at foreign exchange auction today.
Georgian Finance Minister Ivane Machavariani said that the depreciation of the Georgian national currency, the lari, is caused by the current political tensions in the country.