Georgian central bank to sell $40 million to stop lari depreciation
As of today, 1 USD costs 3.4494 GEL, while 1 EUR costs 3.7436 GEL. Photo: Nino Alavidze/Agenda.ge.
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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.
The economic shock caused by the coronavirus and expectations for the future development of the pandemic and its impact on the Georgian economy have also been reflected in the increasing volatility of the foreign exchange market in recent days. It is important that Georgian financial system has been well-prepared for the economic challenges. The banking sector is healthy and sustainable, which ensures that Georgia will recover quickly from this shock", read the statement of the NBG.
Georgian Economic Minister Natia Turnava said that in the global crisis the lari followed the dynamic of the depreciation of other countries' currencies.
There is a global economic crisis and coronavirus is a global challenge. This situation has hit the economy. National currencies of our neighbouring countries and many other countries have been depreciating. It would be wrong and irresponsible to claim that we will be able to counter this world trend. The only thing we can do is to mitigate the impact of the lari depreciation", Turnava said.
As of today, 1 USD costs 3.4494 GEL, while 1 EUR costs 3.7436 GEL.
Despite a state of emergency, economic activity continues in Georgia except for Marneuli and Bolnisi municipalities in eastern Georgia where a strict quarantine regime has been imposed after a local, 62-year-old woman tested positive for COVID-19 came into contact with more than 80 locals.
The Georgian Prime Minister’s spokesman Irakli Chikovani has stated today that small and medium-size business owners (SMEs) who have leased municipality-owned areas for their business activities have been made exempt from lease payments for three months in all municipalities of Georgia.
The National Bank of Georgia has sold $40 mln today amid the depreciation of the Georgian lari, announces the National Bank of Georgia. As of today, 1 USD costs 3.1568 GEL, while 1 EUR costs 3.4109 GEL.
1 USD costs 3.0118 GEL
Against the backdrop of the outbreak of the coronavirus and the global oil crisis, the Georgian national currency, the lari, has hit a record low against the US dollar after falling to 3.0118.
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 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 (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 $20 mln to stabilise the Georgian lari amid its depreciation.
In order to provide more transparency, increase competition and liquidity in the foreign exchange market the National Bank of Georgia is carrying out a reform that will come into force in October 1, 2020.