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Georgia's foreign exchange reserves down

Finance Materials 8 July 2021 13:39 (UTC +04:00)

BAKU, Azerbaijan, July 8

By Tamilla Mammadova – Trend:

Georgia's foreign exchange reserves down by $235 million in June year-on-year, Trend reports via the National Bank of Georgia (NBG).

As of June 31, the total volume of reserves amounted to $3.92 billion, the figure is up by $302 million year-on-year, but down compared to the previous month.

In June 2021, the National Bank did not make foreign exchange reserves, so the main reason for their decline was likely to be financial transactions carried out by the government - for example, to repay foreign debt or convert the money into lari.

Georgia's foreign exchange reserves increased at a special pace in 2020, which was due to the financial resources attracted by the government from international donors.

In addition, the National Bank sold $873 million from foreign exchange reserves to stop the sharp depreciation of lari. In 2021, the NBG sold $243 million at a total of 7 auctions.

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