NBG Bought $110 Million through Bmatch Platform in July
According to the president of the National Bank, Koba Gvenetadze, the National bank of Georgia bought $110 million from the foreign exchange market in July.
This purchase was made not through a currency auction, but through the Bloomberg platform Bmatch. The President of the National Bank explains that the current macroeconomic environment gives NBG the opportunity to purchase currency.
It is clear from the statistics of the National Bank that the National Bank expanded the currency purchase program through the Bmatch platform in July, as the resource purchased in this way in June was 23.4 million dollars, and in May it was 21.3 million dollars.
Along with Bmatch, NBG resumed currency interventions on August 1 and bought $10 million from the market.
"Currently, the market allows us to buy currency, so we actively carry out interventions. For example, I would like to tell you that in July we bought 110 million dollars through Bmatch Bloomberg, at the same time we bought 10 million dollars on Monday, so we use this leverage," said the President of the National Bank.
With the purchased resources, the National Bank increased the country's foreign exchange reserve, although the National Bank will publish its updated statistics on August 8. As of July, foreign currency reserves of Georgia amount to 3.92 billion dollars.