Georgian central bank sells $40 mln at foreign exchange auction
This was the sixth intervention since September 10, 2020. During the past two months the NBG has sold $200 million. Photo: Nino Alavidze/Agenda.ge.
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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 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 22 against the US dollar and Euro.
As of today, 1 USD costs 3.2181 GEL, while 1 EUR costs 3.8086 GEL.
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 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.
In order to reduce the negative effects caused by the coronavirus pandemic and strengthen the Georgian economy, the National Bank of Georgia has developed a temporary supervisory plan, which is in full compliance with the recommendations of the International Monetary Fund, European Central Bank and other leading financial authorities, announces the NBG.
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.
The Business Association of Georgia announces that the current situation in the foreign exchange market is ‘alarming’ and requires a timely intervention as the devaluation of the national currency and an unstable exchange rate 'weaken economic activity and hinder investment activities'.
The National Bank of Georgia (NBG) sold $37.2 million during its foreign exchange auction today. The average weighted bid rate was 3.3169. This was the 22nd intervention this year and as of now the bank has sold $746.85 million in total.