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Amount of reserve money up in Georgia

Finance Materials 1 July 2020 19:11
Amount of reserve money up in Georgia

BAKU, Azerbaijan, July 1

By Tamilla Mammadova – Trend:

The amount of reserve money increased by 5.9 percent in May 2020 compared to the previous month and amounted to 5 billion lari ($1.6 billion) in Georgia, Trend reports with reference to National Bank of Georgia (NBG).

The annual increase in reserve money amounted to 22.5 percent.

During the reporting period, the National Bank carried out foreign exchange interventions in the amount of $40.5 million. According to internal conversions, the net foreign currency purchases of NBG amounted to $210.6 million in May. As a result, net foreign assets increased by approximately $189.4 million.

During this period, commercial banks used refinancing loans. By the end of the reporting period, the balance of loans issued under this instrument decreased by 35 million lari ($11.4 million) compared to the previous month and amounted to 2.55 million lari ($837,400).

According to NBG, in May 2020, the monthly loan increased by 30 million lari ($9.8 million) month-on-month and amounted to 400 million lari ($131.3 million).

During this period, the net debt of banks decreased by 70.6 million lari ($23.1 million) and amounted to 2.89 billion lari ($949.05 million).

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