National Bank: Georgia’s foreign exchange reserves increased in April
Giorgi Laliashvili, the Head of Financial Markets at National Bank, said the purchased monetary gold had been “gradually reflected” in the account. Since then the international price of gold has increased “significantly”, which contributed to the increase of the total foreign exchange reserves last month, he added. Photo: Nino Alavidze/Agenda.ge
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Georgia's foreign exchange reserves increased by $35 million and amounted to $4.8 billion in April, the country’s National Bank said on Tuesday.
Nearly 11 percent of the total index of foreign exchange reserves, amounting to $529.4 million, comprises monetary gold. It comes after the NBG’s decision on April 9 to add monetary gold to its international reserves for the first time owing to a "record amount" of $1.5 billion purchased in the domestic foreign exchange market.
Giorgi Laliashvili, the Head of Financial Markets at National Bank, said the purchased monetary gold had been “gradually reflected” in the account. Since then the international price of gold has increased “significantly”, which contributed to the increase of the total foreign exchange reserves last month, he added.
The National Bank of Georgia on Monday added monetary gold to its international reserves for the first time thanks to a "record amount" of $1.5 billion purchased in the domestic foreign exchange market.
Davit Utiashvili, the Head of Financial Stability Department at National Bank of Georgia, on Tuesday said the Bank's purchase of about $1.7 billion over the past year and a half had not prevented the national currency lari from “historic strengthening”.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Monday said the exchange rate of the national currency was showing a “historic” level of strengthening, adding the dynamic was “greatly contributing” to reduction of domestic inflation.
The National Bank of Georgia on Monday published an analysis of the current situation and macroeconomic parameters in the country's banking and financial sectors, reviewing inflation, deposits and loans with dollarisation share in the portfolio and foreign sector.