BAKU, Azerbaijan, October 27
By Tamilla Mammadova – Trend:
National Bank of Georgia (NBG) sold $40 million during its Foreign Exchange Auction, Trend reports via the NBG.
“The average weighted bid rate was 3.2237,” NBG wrote on its official website.
This is the 19th monetary intervention of NBG this year. Since the beginning of the year, the bank has sold $620 million.
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 a 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, on September 22 - $40 million, on October 2- $20 million, on October 9 - $30 million, on October 19 - $30 million, on October 22 - $40 million.
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