The National Bank of Georgia (NBG) sold $60 million at foreign exchange auction today.
The average weighted bid rate was 3.2439.
This was the 21st intervention this year and as of now the bank has sold $709.65 million in total.
NBG Head Koba Gvenetadze said back in mid-September that the central bank would sell more than $200 million by the end of this year.
He explained that the purpose of the interventions is not to control the lari's depreciation against the US dollar, but serves to supply foreign currency to the market.
I would like to remind you that Georgia has a floating exchange rate regime, which is an optimal choice for a small, open economy like ours. Interventions during the pandemic do not interfere with the market behaviour of the lari. The aim of the current interventions is to supply foreign currency to the market, said Gvenetadze back then.
As of today, 1 USD costs 3.2438 GEL, while 1 EUR costs 3.7761 GEL.