Georgian national bank trades massive reserves to stabilize national currency

Georgia Materials 13 June 2024 19:38 (UTC +04:00)
Ingilab Mammadov
Ingilab Mammadov
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BAKU, Azerbaijan, June 13. The National Bank of Georgia (NBG) sold $168.7 million from its reserves last month to stabilize the lari exchange rate, which is 1.2 percent more than the volume of currency interventions for the whole of 2023, Trend reports.

The lari's depreciation, however, began on May 15, when the third reading of the foreign agent bill passed by the Georgian parliament sparked widespread demonstrations across the nation and drew censure from the US and the EU.

The NBG has intervened in the market three times over the past month: on May 16, it sold $60 million, on May 28, it sold $48.7 million, and on June 11, it sold $60 million.

The NBG conducted foreign exchange interventions worth $166.7 million all of last year. From the beginning of 2023 until June 11, the volume of interventions amounted to only $17.1 million.

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