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National Bank of Georgia reveals volume of net profit received by banking sector

Finance Materials 11 August 2020 19:10 (UTC +04:00)
National Bank of Georgia reveals volume of net profit received by banking sector

BAKU, Azerbaijan, July 11

By Tamilla Mammadova – Trend:

In the first half of 2020, Georgian banks received a net profit of 177 million lari ($57.7 million) from currency trading, Trend reports referring to National Bank of Georgia.

The increase was mainly observed in April, when the sector made a profit of $113 million. In May-June, it suffered a loss of $74 million.

Losses of banks from revaluation of foreign currency amount to 8 million lari ($2.6 million) compared to 9.2 million lari ($30.02 million) in 1H2019.

Georgia's foreign exchange reserves are at a record high, said the bank.

As of August 1, the country's reserve assets exceeded $3.84 billion.

The last intervention to stabilize lari was carried out by the National Bank on July 24 this year, when it put $40 million on the foreign exchange market.

In 1H2020, the central bank sold $270 million in foreign exchange reserves.

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