09.Mar .2022 17:30

Georgian Lari Depreciates against USD and EUR

Georgian Lari Depreciates against USD and EUR
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As a result of March 9 trading, the Georgian national currency Lari (GEL) depreciated against the US dollar. The change in the exchange rate against the dollar was 0.28 tetri, as a result of which the official value of the dollar became 3.4019 GEL.

According to the National bank of Georgia (NBG), the national currency depreciated by 5.58 tetri against the euro, as a result of which the official value of one euro became 3.7360 GEL.

The 0.98-tetri depreciation is against the British pound sterling (GBP), the price of which has become 4.4806 GEL.

Exchange rate strengthened by 0.41 tetri against Turkish lira (TRY), as a result the price for 1 lira became 23.25 tetri.

The rates obtained as a result of today's trading will take effect from tomorrow, March 10.

Today, the National Bank of Georgia held a foreign exchange auction to support the lari exchange rate and ensure liquidity in the foreign exchange market and sold US$39.6 million. US$50 million was put up for auction.

“On March 9, 2022, NBG offered on Foreign Exchange Auction USD 50 mln. USD 39 570 000 was sold during Foreign Exchange Auction. The average weighted rate was 3.3947,” reads the statement.

This was NBG’s first foreign exchange intervention during 2022.

Last year the central bank sold US$ 332.9 million in 9 interventions.

According to the National Bank, as of January 2022, Georgia's foreign exchange reserves amounted to US$ 4,078,074,900.