At the foreign exchange auction held on October 23, 2024, the National Bank of Georgia (NBG) sold 60 million USD at a weighted average exchange rate of 2.7139 GEL per USD.
The NBG explained that the currency auction was held to mitigate pre-election volatility and prevent non-fundamental factors from causing excessive fluctuations in the exchange rate.
The statement emphasized that recent uncertainty in the market has led to significant pressure on the exchange rate, with large individual transactions affecting market dynamics.
The NBG further noted that macroeconomic indicators remain solid.
