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.