Home / Banking / Georgia C.bank Says Bought $20 mln at Currency Auction on Tuesday

Georgia C.bank Says Bought $20 mln at Currency Auction on Tuesday

On May 17, the National Bank of Georgia (NBG) bought 20 million USD. The averaged weighed exchange rate made up $1/2.1872.

The Georgian national currency has strengthened by 5.8% after the NBG, following a long break, started replenishing the foreign currency reserves.

As part of the first intervention (17.03.16) the NBG bought 5 million USD under the $1/2.3230 exchange rate.

Bank experts outline several factors, including improved external factors and stabilization of national currency in Georgia’s main trade partner countries, to substantiate the grounds for the GEL exchange rate strengthening, The NBG has purchased 115 million USD since March 2016.