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National Bank of Georgia sold $40 million

National Bank of Georgia sold $40 million

National Bank of Georgia made the first foreign exchange intervention after October 12.

NBG sold USD 40 000 000 during its Foreign Exchange Auction. The average weighted bid rate was 2.7823. NBG sold 180 million USD from August. The central bank of the country regards, that the rate of national currency is devaluated more than the expectations.

As of the announced strategy, NBG will use all tools to soften extra fluctuation on foreign exchange market, so as to leave GEL rate in line of fundamental factors. It should be noted that USD devaluated by 15 tetri against USD from December 12. According to official exchange rate cost of 1 USD amounts to 2.7412 GEL.