At the foreign exchange auction held on June 11, 2024, NBG sold USD 60 million at a weighted average exchange rate of 2.8635.
The aim of this intervention was to mitigate the potential negative impact on market expectations resulting from large one-time transactions.
Large one-time transactions, particularly those by the financial sector, such as the repayment of GEL-denominated liabilities issued in previous years or the payment of dividends, temporarily increase the demand for foreign currency in the foreign exchange market. To prevent these transactions from causing excessive exchange rate fluctuations, the National Bank of Georgia provides foreign currency to the market through currency auctions as needed.
