Foreign Exchange Reserves Were Down By USD 128 MLN In May
In May, foreign exchange reserves decreased by USD 128 million, - accoridng to the report published by the National Bank of Georgia. The document reads, that as of May 31, the volume of the total foreign exchange reserves of Georgia stood at USD 5,005,318,900.
It is not yet known what was the reason for the decrease in the volume of reserves. One of the reasons for this could be the foreign debt payment, which the country covers with these resources.
This year, the National Bank of Georgia started an active policy of purchasing foreign exchange reserves, which aims to accumulate the volume of reserves. However, on June 2, the NBG issued USD 40 million for sale against the background of the rapid devaluation of GEL, of which the market absorbed only USD 17 million.
According to Galt & Taggart, the net purchase of foreign currency by the NBG has amounted to USD 766 million since the beginning of the year.