National Bank of Georgia (NBG) published indicators about the volume of USD Georgia-based commercial banks buy and sell in Georgia. In 2013-2016 commercial banks used to buy 13.5bln USD and sold 14bln USD a year on average. This signifies commercial banks used to supply more USD to the currency market. In January-September 2016 commercial banks bought 9.5bln USD and sold 10bln USD.
The USD trading volume (which is carried out through Bloomberg trading system and is the ground of GEL official exchange rate} ranges from 1.2 to 2.2bln USD a year. If we divide the 2017 indicators on workdays, we will see that commercial banks daily sell and buy 6mln USD. The volume of USD that commercial banks buy from each other is determined by the demand of commercial banks for USD.
In January-September 2017 commercial banks bought 1.1bln USD from each other, 3.2bln USD from nonresident commercial banks and 5.1bln USD from legal and physical bodies.
Chart: Results of trading carried out by commercial banks by USD on currency market, millions of USD
|Total||At Currency Auction||From Commercial Banks||From Nonresident Banks||From Legal and Physical Bodies|