Georgia’s National Bank sells record $591 million to stabilize Lari exchange rate

The National Bank of Georgia (NBG) made a significant move in October 2024 to stabilize the Lari exchange rate by conducting a record volume of currency interventions, selling $591.2 million in the foreign exchange market.

The NBG’s operations included two major types of currency sales, Caliber.Az reports citing the data on the bank’s website.

The first was through currency auctions, where the central bank sold $213.4 million. The second, a non-auction sale, involved the sale of $377.7 million through the Bloomberg Bmatch platform, which is used by the NBG to determine the official exchange rate of the Georgian Lari (GEL) based on currency transactions.

Notably, the amount of currency sold outside of auction transactions in October marked a new record since such transactions began in March 2020. The NBG’s intervention reflects its ongoing efforts to manage the value of the Lari and mitigate fluctuations in the foreign exchange market.

By Vafa Guliyeva