The National Bank of Georgia published a report on foreign exchange market for the month of July. According to the document, during the period NBG purchased USD 278 million using the Bmacth platform. The total volume of January-July interventions amounted to USD 1.34 billion.
The National Bank buys dollars within the framework of the foreign exchange reserve replenishment policy. Currently, foreign exchange reserves amount to USD 5.4 billion, which hit a record high. The largest – USD 322 million intervention was carried out in April. In May the exchange rate began to depreciate, due to which the NBG had to sell funds in the opposite direction and sold USD 17 million at the foreign exchange auction held on June 2.
According to the acting president of the NBG, Natia Turnava, the National Bank purchases dollars when there is a positive situation in the foreign exchange market.
"We monitor the market and whenever we have the opportunity and there is a positive situation, we always try to replenish our foreign exchange reserves. Foreign exchange reserves are our country's ability to deal with future shocks. In general, the higher the reserve ratio, the country's financial sector is less risky”, - Natia Turnava said.
