NBG Sells $20 mln amid National Currency Depreciation

The National Bank of Georgia sold $20 mln amid GEL depreciation on November 26. The weighted average exchange rate amounted to 2.9712 lari, says the NBG. The depreciation of the exchange rate has boosted inflationary expectations.

The National Bank of Georgia (NBG) has also sold $40 million at an exchange auction on September 27, 2019 and $32.8 million at an exchange auction on August 1 as the Georgian lari continued to depreciate.

The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 7 percent on September 4, and then again by 0.5 to 7.5 percent on September 25 and to 8.5 percent on October 23.

According to the currency exchange rate determined by the NBG, today 1 US dollar exchange rate is GEL 2.9712. 

By Ana Dumbadze