Baku, Azerbaijan, August 7
By Tamilla Mammadova – Trend:
The international reserves of the National Bank of Georgia amounted to $3.67 billion as of July 31, 2019, which is $61.6 million less than as of June 30, 2019, Trend reports citing the National Bank of Georgia.
National Bank reserves in June stood at their historic low.
On August 1, the National Bank of Georgia put up for sale at a foreign exchange auction $40 million, of which $32.8 million was sold.
National Bank foreign exchange reserves increase by $748 million annually.
The National Bank of Georgia implements monetary policy according to the main directions of the monetary and foreign exchange policy defined by the Parliament of Georgia. It holds, keeps and disposes the international foreign reserves of the country. Through its regulation and monetary instruments, the National Bank of Georgia is responsible for ensuring the fulfillment of the basic functions and objectives assigned to it by law.
The National Bank exercises supervision over the financial sector for the purposes of facilitating financial stability and transparency of the financial system, as well as for protecting the rights of the sector’s consumers and investors. Through the Financial Monitoring Service of Georgia, a legal entity of public law, the National Bank undertakes measures against illicit income legalization and the financing of terrorism. In addition, the NBG is the banker and fiscal agent of the government.