National Bank of Georgia to sell funds at foreign exchange auction
BAKU, Azerbaijan, Sept.22
By Tamilla Mammadova – Trend:
The National Bank of Georgia (NBG) will sell $40 million at a foreign exchange auction on September 23, Trend reports via the NBG.
This will be the 14th monetary intervention of NBG this year. The bank sold $40 million on September 16.
In January 2020, the cost of $1 was in the range of 2.86-2.89 lari in Georgia. 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, on September 16 - $40 million.