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NBG plans to start interventions on FX market

5d41fa6d81124
BM.GE
01.08.19 00:11
825

As a responce to the sharp depreciation of Georgian currency the National Bank of Georgia (NBG) plans to start interventions of foreign exchange market.

NBG made a statement saying that the exchage rate has come to the level that can worsen the expectations over Georgian economy and can have a negative impact on inflation. To tackle these expectations, on August1, NBG will sell $40 million USD.

"Despite the positive domestic and foreign macroeconomic dynamics, tourism-related shocks and negative expectations, has caused the GEL exchange rate on such level, that may jeopardize the overall price stability. In view of the above, the National Bank of Georgia considers ito use the instruments at its disposal to avoid materializing of thse risks.

The National Bank will sell $40 million in foreign exchange auctions tomorrow, August 1. If necessary, the National Bank will also intervene in the coming days. If the preasure from the exchange rate is kept on the inflation, the National Bank would also tighten monetary policy,"- NBG wrote in a statement.

By the official exchange rate of NBG one US dollar costs 2.97 GEL, which is a historic low price for Georgian currency.