The National Bank of Georgia conducted currency interventions worth $48.5 million to stabilize the lari exchange rate, Interfax reported , citing the regulator’s press service.
According to the National Bank, $60 million was put up for auction on Tuesday, of which $48.5 million was sold at an average rate of 2.7194 lari per dollar. The official exchange rate on October 8 was 2.7451 lari per dollar.
The Central Bank of Georgia notes that in recent days there has been an increased demand for foreign currency, which has created additional pressure on the exchange rate of the national currency. The National Bank associates the growth in demand for currency with one-off large transactions, in particular, with the planned payment of dividends.
“The fluctuations observed in the currency market are not related to macroeconomic factors, so they are short-term in nature,” the regulator’s statement emphasized.
Since the beginning of the year, the National Bank of Georgia has sold $217 million on the foreign exchange market. Since September 10, the official exchange rate of the lari against the US dollar has fallen by 1.82%.
Earlier, it became known that Japan spent trillions of yen to support the national currency.
Earlier, Russians resumed selling off currency