Georgian central bank sells $64.9 million at foreign exchange auction

The National Bank of Georgia on Wednesday said it had sold $64.9 million at a foreign exchange auction to prevent “excessive fluctuations”, adding “large, one-time transactions” continued to influence the market and impact the national currency’s exchange rate.

The Bank said the recent fluctuations in the foreign exchange market were not linked to macroeconomic factors and were expected to be short-term.

It also said Georgia’s macroeconomic fundamentals remained “strong” and noted the country had experienced “solid economic growth” over the past three years, adding inflation had remained below the target rate of three percent since 2023.

The body also noted preliminary data for September showed a 17 percent rise in exports and a 4.1 percent decrease in imports, while adding “strong foreign currency inflows” were helping to “sustain the current account deficit at manageable levels”.