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Bank of Georgia

MFOs to be Involved in the Procedure for Determining the Lari’s Official Rate

According to the National Bank of Georgia (NBG), MFOs will be also involved in the procedure of setting the lari’s official rate.

The statement released by the NBG says that based on the increased activity of microfinance institutions in  trades  via  Bloomberg system, the National Bank from January 3, 2017 will  take into account  commercial banks and microfinance institutions transactions  while setting the  official exchange rate. To date, four MFOs trade via Bloomberg electronic system and in the future, most likely, their number will increase.

 At the same time, the National Bank on its website will place the official exchange rates of four major currencies.  Apart from the dollar and the euro, Turkish lira and the pound sterling will be added to the NBG official site.

Recall that the official exchange rate for the next day will be set on the basis of the weighted average exchange rate on transactions concluded with commercial banks in the auction and interbank foreign exchange market and be announced to the public at the end of every working day.