Georgian central bank says it purchased $124.5mln through Bloomberg's BMatch trading platform in November

The National Bank of Georgia on Wednesday said it had replenished international currency reserves with $124.5 million in November, bringing the nation's international reserves to $4.1 billion as of the end of the month.

The $124.5 million infusion was achieved through interventions on the BMatch trading platform of Bloomberg, with the figures for the year are as follows:

• January - net acquisition of $8.1 million 
• February - net acquisition of $77.5 million 
• March - net acquisition of $127.9 million
• April - net acquisition of $73.1 million
• May - sales totalling $108.7 million with foreign exchange auctions; Bmatch net sales of $9.1 million 
• June - Sale of $60 million via foreign exchange auction; Bmatch net sales of $42 million 
• July - net purchases of $1.9 million  
• August - net acquisition of $41 million
• September - net sales of $106.5 million 
• October - sale of $213.4 million with currency auction; Bmatch net sales of $377.7 million  
• November - net purchase of $124.5 million  

International currency reserves are an important guarantor of the macroeconomic stability of the country. Consequently, the NBG consistently focuses on replenishing these reserves. This commitment is reflected in the Bank's stated policy, which indicates that when market conditions permit, the central bank will increase the country's international reserves”, the body said.

The NBG added the domestic banking sector had experienced an increase in deposits in November, with the number rising by ₾439.6 million ($156.44mln) from the previous month to reach ₾57.96 billion ($20.63bln). Year-on-year comparisons reveal a 14 percent growth in total deposits, excluding exchange rate effects.

Household deposits in the Georgian lari surged by 17 percent year-on-year, while foreign currency deposits experienced an increase of 12.8 percent, the NBG said. The ratio of lari-denominated deposits stood at 48.32 percent by the end of November, reflecting a 0.98 percentage point decline compared to previous months.

The volume of term deposits has also seen growth, registering a 31.3 percent increase year-on-year and standing at ₾26.5 billion ($9.43bln), the body added.