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Georgia’s Currency Reserves Shrank by 100 million USD in October

In October 2016 Georgia’s currency reserves declined by 100 million USD and totaled 2.760 billion USD, down 30 million USD month on month and up 12.7% year on year (2.450 billion USD as of November 1, 2015).

National Bank of Georgia (NBG) sold more than 150 million USD in October. At currency auctions the GEL exchange rate depreciated by 13%. Despite currency interventions, the official exchange rate was fixed at 2.45 GEL against USD.