The National Bank of Georgia (NBG) purchased $1.5 billion in the foreign exchange market from March to August 2025, according to TBC Capital’s monthly macroeconomic review. In July alone, the NBG bought $417 million.
TBC Capital notes that dollarization of deposits increased while loans became more larized, reflecting changes in currency preferences. Despite a weak USD globally, the GEL remains slightly weaker than its equilibrium level, with NBG interventions helping to support the local currency.
The report highlights a potential for GEL strengthening, supported by prior foreign currency inflows that now act as a buffer. TBC Capital emphasizes that sentiment shifts could still influence the exchange rate, but current interventions and conversion trends are key stabilizing factors for the GEL.
