BAKU, Azerbaijan, June 10
By Tamilla Mammadova – Trend:
The National Bank of Georgia (NBG) put up $40 million at foreign exchange auction against the depreciation of the Georgian lari, however, only $29.65 million was sold, Trend reports referring to NBG.
The average weighted rate was 3.0372.
As of June 10, 1 USD costs 3.0393 lari, while 1 euro costs 3.4551 lari, said the bank.
Meanwhile, this is the sixth foreign exchange intervention by the National Bank of Georgia. From the beginning of the year, the NBG has already sold over $160 million to stop devaluation of national currency.
The bank said its policy of building up foreign currency reserves in recent years has paid off.
"It was the policy of accumulating reserves that made it possible for the National Bank of Georgia to provide additional foreign exchange resources to the market through interventions in the face of this situation," reads the announcement of the National Bank of Georgia.
As of May 1, 2020, the banking sector in Georgia is represented by 15 commercial banks, including 14 foreign-controlled banks. The total assets of Georgian commercial banks in current prices decreased by 1.01 billion lari ($317.4 million) or by 2.01 percent in April 2020, compared to the previous month, and constituted 49.12 billion lari ($15.4 billion).
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