Georgian central bank sells $27.5 million at foreign exchange auction

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.

The official exchange rate shows that as of today 1 USD costs 3.4410 GEL (previous rate was 3.4464 GEL) and 1 EUR costs 4.0404 GEL (previous rate was 4.0426 GEL).

Earlier last week, the National Bank of Georgia (NBG) sold $40 million to mitigate the rising depreciation of the lari exchange rate. 

The head of the National Bank of Georgia Koba Gvenetadze said that the NBG has repeatedly saved businesses and the population with timely interventions. 

We will overcome this shock by maintaining reasonable and consistent approaches, which is a guarantee of the support from international partners", posted Gvenetadze on his Facebook page.

After a meeting between business society and the Prime Minister of Georgia Irakli Garibashvili yesterday, director of TBC Bank Vakhtang Butskhrikidze told reporters that in the near future representatives from the NBG, businesses and the government will meet and discuss the ongoing depreciation of the lari.