Georgian National Bank has sold $40 mln amid Georgian lari depreciation

  • NBG claims that it will use all available tools to prevent high inflation and to ensure price stability. Photo: Nino Alavidze/Agenda.ge.

Agenda.ge, 27 Sep 2019 - 18:30, Tbilisi,Georgia

The National Bank of Georgia (NBG) has sold $40 million at an exchange auction on September 27, as the Georgian lari continues to depreciate.

The depreciation of the exchange rate has boosted inflationary expectations, the NBG says.

The National Bank of Georgia (NBG) increased the refinancing rate by 0.5 percentage points to 7.5 per cent on September 25.

NBG claims that it will use all available tools to prevent high inflation and to ensure price stability.

I believe that the decisions made by the NBG [increasing the refinancing rate to 7.5 per cent and selling $40 mln on exchange auction], will have a positive result and not only stabilize but also strengthen the Georgian lari by the end of this year”, said Georgian Finance Minister Ivane Matchavariani.

Matchavariani said that predictions and expectations for stabilising the Georgian lari are positive. 

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