The National Bank of Georgia has been actively intervening in the foreign exchange market to stabilize the Georgian Lari (GEL). They’ve sold significant amounts of US dollars on multiple occasions to support the GEL’s exchange rate, likely in response to devaluation due to changes in sanctions enforcement. Today, they sold 40,000,000 US dollars.
The weighted average exchange rate was 2.6918.
On September 20, the National Bank sold 20,000,000 US dollars at the foreign exchange auction;
37,150,000 USD of the 50,000,000 USD auctioned on September 21;
Of the $30,000,000 auctioned on September 25, only $7,600,000 was sold;
At the auction held on October 6, the National Bank of Georgia offered for sale 50,000,000 USD, of which 44,900,000 USD was sold.
By Mariam Gorkhelashvili
