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Georgia's National Bank carries foreign exchange intervention to stabilize lari

Finance Materials 18 June 2020 11:14 (UTC +04:00)
Georgia's National Bank carries foreign exchange intervention to stabilize lari

BAKU, Azerbaijan, June 18

By Tamilla Mammadova - Trend:

The National Bank of Georgia (NBG) has sold $20 million to stabilize the Georgian lari amid its depreciation, Trend reports citing NBG.

From the beginning of 2020, the National Bank of Georgia carried out seven foreign exchange interventions selling in total $209.65 million.

In January 2020, the cost of $1 was in the range of 2.86-2.89 lari.

However, with the outbreak of the coronavirus epidemic and the global oil crisis, lari hit a record low against USD and stood at 3.48 on March 27.

To stabilize Georgian lari amid its depreciation, the NBG sold $20 million at foreign exchange auction on March 13, $40 million on March 19, and 40 million lari ($13.09 million) on March 25. On April 27, the National Bank of Georgia sold another $20 million to stabilize the Georgian lari after further depreciation.

The National Bank of Georgia put up $40 million at foreign exchange auction on June 10; however, only $29.65 million was sold.

On May 21, the bank sold $40 million to stabilize the Georgian lari.

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