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Georgia’s Central Bank Buys $10 mln at Currency Auction

Result Of The Currency Auction revealed today, National Bank of Georgia (NBG) reports on their website.

The National Bank of Georgia purchased USD 10 000 000 on its Foreign Exchange Auction. The weighted average exchange rate was 2.2981.

Two months ago Georgia’s central bank sold $20 million at a foreign-currency auction as part of efforts to support the country’s weakening lari currency.

It was the bank’s first intervention on the currency market this year. The bank sold about $300 million last year to support its national currency.

Georgia’s foreign exchange reserves fell to $2.521 billion as of Dec. 31 from $2.699 billion at the beginning of 2015.