On 20-21 September 2023, NBG intervened in the FX market and sold US$ 57.2mn to curb sentiment-related GEL depreciation pressure.
The GEL swiftly gained the ground and is now trading at 1$/2.67. With strong fundamentals (FX inflows, strong growth, and healthy fiscal parameters) and high FX liquidity in the market, we expect GEL to stabilize at current levels through 2023.
Notably, the NBG is a net buyer of US$ 1.4bn year-to-date by our estimates.
