BAKU, Azerbaijan, April 16
Tamilla Mammadova – Trend:
The National Bank of Georgia (NBG) offered $40 million at the foreign exchange auction on April 15, 2021, Trend reports via the NBG.
As reported, of this amount $25.4 million was bought.
The average weighted rate was 3.4353.
This is the sixth auction this year held to strengthen the national currency. The regulator has already sold $40 million on January 6, January 27, February 18, March 24, $27.50 million on April 1.
In total, the National Bank of Georgia has already sold $212.9 million at auction in 2021.
In 2020, amid a sharp fall in the lari exchange rate, the National Bank held 26 foreign exchange auctions and sold a total of $873 million.
On April 12 the executive board of the International Monetary Fund (IMF) published the eighth review of Georgia’s economic reform program supported by a four-year extended arrangement under the Extended Fund Facility (EFF).
The review also discussed the devaluation of the lari and noted that monetary policy may need to be increased to target inflation.
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