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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