National Bank of Georgia sells funds to stabilize lari
BAKU, Azerbaijan, Sept.10
By Tamilla Mammadova – Trend:
The National Bank of Georgia (NBG) sold $40 million at the foreign exchange auction on September 10, 2020, Trend reports via the NBG.
The average weighted bid rate was 3.0975.
From the beginning of 2020, the National Bank of Georgia carried out twelve foreign exchange interventions.
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, the lari hit a record low against USD and stood at 3.48 on March 27.
To stabilize the Georgian lari amid its depreciation, NBG sold $20 million at a foreign exchange auction on March 13, $40 million on March 19, and 40 million laris ($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, on July 22 - $40 million, on August 13 - $20 million, on August 27 - $40 million.