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GEL/USD Turnover Shrinks on Currency Market

GEL/USD Turnover Shrinks on Currency Market

GEL/USD turnover has shrunk on currency market. Without NBG interventions (70 million USD), in June the contraction constituted 29% month on month (-33 million USD). 

According to Monthly Review of NBG, number of deals between market players has decreased (-32% month on month; -19% year on year).

Currency market concentration has increased: 67% of total amount of interbank currency deals are recorded for 5 major active financial institutions, out of 3 microfinance organizations and 16 commercial banks.

Ratio of TOP-5 financial institutions in terms of volume of deals accounts for 62%.