The National Bank of Georgia (NBG) has released statistics on foreign exchange operations conducted through the Bmatch platform in March 2026, revealing that it sold $16.2 million in foreign exchange reserves. This marks the first reserve sale since October 25, 2024, when the NBG last intervened by selling reserves.
The sale coincided with exchange rate volatility triggered by the conflict that erupted in Iran in early March. During the initial days of uncertainty, the Georgian lari briefly depreciated, with the USD/GEL rate exceeding 2.74 on March 9. Market analysts suggested at the time that the central bank likely intervened to support the currency - a claim now confirmed through the published data.
The figures reflect net monthly operations, meaning the NBG may have sold a larger amount during peak volatility and later repurchased part of it when the market stabilized. For instance, if it sold $26.2 million early in the month and bought back $10 million toward the end, the net balance would equal the reported $16.2 million in sales.
Overall, during the first quarter of 2026, the NBG purchased a net $499.7 million in foreign currency. This includes $86.6 million in January, $429.3 million in February, and the net sale of $16.2 million in March.
