The National Bank of Georgia has sold $20 million to stabilzse the Georgian lari amid its depreciation.
As of now, $1 costs 3.0404, while 1 EUR costs 3.4177 GEL.
In 2020, the National Bank of Georgia carried out seven foreign exchange interventions in total selling $209.65 million.
Back in January the cost of $1 was in the range of 2.86-2.89 GEL.
However, with the outbreak of the coronavirus epidemic and the global oil crisis, the Georgian national currency, the lari, hit a record low against the US dollar and fell to 3.48 on March 27.
To stabilize Georgian lari amid its depreciation, the National Bank of Georgia (NBG) put up $40 million at foreign exchange auction on June 10 against the depreciation of the Georgian lari, however only $29.65 million was sold. On May 21, the bank sold $40 million.
On April 27, the National Bank of Georgia sold $20 million to stabilize the Georgian lari after further depreciation. The central bank also sold 40 million GEL at foreign exchange auction on March 25, while it sold another $40 million on March 19 and $20 million on March 13. (Agenda/Business World Magazine)
