National Bank of Georgia to Sell $40 million to Tackle Lari Depreciation 

Georgian national currency (Lari) continues to tumble against the US Dollar and the Euro.

The National Bank of Georgia has set a new exchange rate, according to which the dollar price has become GEL 3.4494. The previous rate was GEL 3.2389. 

The Euro exchange rate is 3.7436 GEL. The previous rate was 3.4578 GEL.  

The National Bank of Georgia (NBG) announced its initiative to sell $40 million at a foreign exchange auction tomorrow to tackle the depreciation of Georgia’s national currency amid the global economic distress.

“The economic shock caused by the new coronavirus has fed increasing volatility of the foreign exchange market in recent days. Though there are many uncertainties, the National Bank has been working to minimize the negative impact on the Georgian population. The banking sector is healthy and sustainable, which will ensure that the economy will recover quickly. The National Bank of Georgia will sell $40 million at auction on March 25 to support the national currency”, reads the NBG’s official statement.

By Elene Dzebisashvili