NBG sells USD 60 million at the foreign exchange auction
NBG sells USD 60 million at the foreign exchange auction

The National Bank of Georgia (NBG) sold USD 60 million at the foreign exchange auction on May 16 at a weighted average exchange rate of 2.7580. The NBG has released the results of the currency auction.

The decision to inject liquidity into the market was prompted by recent turbulence in the foreign exchange market, characterized by large one-time transactions leading to excess demand for currency and subsequent pressure on the GEL exchange rate.

The National Bank underscores that these fluctuations are transient and not driven by fundamental macroeconomic factors.