National Bank of Georgia sells $40 mln in foreign exchange auction

The National Bank of Georgia on Friday said it had sold $40 million at the foreign exchange auction.

The average weighted rate of the operation was 2.7199. In today's currency rates, $1 costs ₾2.7174, while €1 costs ₾2.9356.

The National Bank of Georgia also sold $60 million at the foreign exchange auction on Wednesday in a move to “stabilise” the currency market.

This decision comes as part of an effort to counteract the potential volatility and non-fundamental influences that often accompany the pre-election period”, the Bank said in reference to the parliamentary vote scheduled in the country on Saturday.

The average weighted rate of the operation was 2.7139. In today's currency rates, $1 costs ₾2.7157, while €1 costs ₾2.9273.

The central bank explained the auction aimed to mitigate the pressures brought about by large individual transactions that had contributed to “recent market uncertainty”.