BAKU, Azerbaijan, October 29
By Tamilla Mammadova – Trend:
The National Bank of Georgia (NBG) sold $40 million at its foreign exchange auction on October 29, Trend reports via the NBG.
The average weighted bid rate was 3.2334.
This was the 20th intervention this year and as of now the bank sold $649.65 million in total.
The NBG Head Koba Gvenetadze said last month that the central bank will sell more than $200 million by the end of this year.
He explained that the purpose of the interventions is not to control the lari's depreciation against the US dollar, but serves to supply foreign currency to the market.
"I would like to remind that Georgia has a floating exchange rate, which is an optimal choice for a small, open economy like ours. Interventions during the pandemic do not interfere with the market behavior of the lari. The aim of the current interventions is to supply foreign currency to the market," said Gvenetadze.
As of today, 1 USD costs 3.2338 lari, while 1 EUR costs 3.7913 lari.
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