NEWS

Lari depreciates despite central bank sale of $60 mln

The average weighted bid rate was 3.1186, while today 1 USD costs 3.1345 GEL. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 01 Oct 2021 - 19:16, Tbilisi,Georgia

The National Bank of Georgia (NBG) sold $60 million at foreign exchange auction on September 30 to control the national currency's (lari) depreciation against the US dollar, however lari still depreciated today by 1.56 tetri.

The average weighted bid rate was 3.1186, while today 1 USD costs 3.1345 GEL.

The lari has depreciated against the Euro as well by 2.12 tetri. 1 EUR costs 3.631 GEL.

This was the ninth intervention this year and as of now the bank has sold $332,9 million in total.

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The National Bank of Georgia (NBG) offered $40 million at the foreign exchange auction today of which $27.5 million was sold, announces the NBG. The average weighted rate was 3.4401.

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The Georgian lari has strengthened against the US dollar today to 3.0375 GEL / $1 USD as of 11 a.m. today. June 4 trading opened the day with the GEL/USD rate at 3.10, which further fell by almost 7.25 tetri and currently stands at 3.0375 GEL.