Third intervention: Georgia purchases $10m at Foreign Exchange Auction

The National Bank of Georgia (NBG) is making its third intervention to control the changing value of Georgia’s national currency against the United States (US) dollar.

The aim of the intervention was to ensure the Georgian lari (GEL) did not strengthen too quickly and cause negative effects for local businesses.

Today the NBG purchased $10 million USD at the Foreign Exchange Auction. The weighted average exchange rate was 2.2324 GEL for every one USD.

This was the third intervention since 2014 - the year the Lari started depreciating.

The Georgian lari started to gain value against the US dollar after falling dramatically 17 months ago. Now the GEL is also strengthening against the Euro.

From tomorrow, 1 USD will equal 2.2340 GEL, announced the NBG. The previous rate was 2.2423 GEL.

Meanwhile, from tomorrow 1 Euro will cost 2.5392 GEL, down from the previous rate of 2.5408 GEL. (agenda.ge)