National Bank of Georgia sells funds to stabilize lari
BAKU, Azerbaijan, August 13
By Tamilla Mammadova – Trend:
National Bank of Georgia (NBG) sold $20 million at a foreign exchange auction, Trend reports citing NBG.
As reported, the weighted average exchange rate was 3.0705.
From the beginning of 2020, the National Bank of Georgia carried out ten foreign exchange interventions selling $269.65 million in total.
In January 2020, the cost of $1 was in the range of 2.86-2.89 lari. However, with the outbreak of the coronavirus pandemic 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, 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, on June 18 - $20 million, on July 2- $20 million, and on July 22 - $40 million.