19.Mar .2020 18:36

National Bank of Georgia sells $40 mln amid Georgian lari depreciation

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The National Bank of Georgia has sold $40 mln today amid the depreciation of the Georgian lari, announces the National Bank of Georgia.

As a result of today’s trade lari appreciated against the US dollar by 2.36 tetri, while against the euro it appreciated by 8.88 tetri.

As of today, 1 USD costs 3.1568 GEL, while 1 EUR costs 3.4109 GEL.

The National Bank of Georgia (NBG) sold $20 million at foreign exchange auction on March 13, 2020 to control the national currency’s changing value against the US dollar.

To decrease the pressure of the exchange rate on inflation, the National Bank of Georgia increased the refinancing rate by 0.5 percentage points to 7.5 per cent on September 25, and again by one percentage point to 8.5 per cent on October 23.

The National Bank of Georgia also increased the refinancing rate by 0.5 per cent to 9 per cent on December 11, 2019.