Galt & Taggart: Georgia’s central bank will sell additional $ 200 million to keep the national currency exchange rate

Galt & Taggart: Georgia’s central bank will sell additional $ 200 million to keep the national currency exchange rate

access_time2020-09-16 08:00:09

According to Eva Bochorishvili, the head of the Galt & Taggart Research Department,  if the National Bank of Georgia (NBG)  carries out foreign exchange interventions in the amount of about $ 200 million in the remaining months of 2020, this will be a step forward towards stabilizing the exchange rate  within GEL 3, 10-3, 20 per dollar.

Bochorishvili believes that there are such opportunities as the National Bank’s  foreign exchange reserves  provided by donor organizations have increased.

“The National Bank can sell a part of the sums it receives from donors. This year the  foreign aid of  $ 1.5 billion will be transferred in stages that will affect the growth of the National Bank's foreign exchange reserves. Due to the pandemic, Georgia lost large revenues, primarily from the tourism industry.


The National Bank has already carried out interventions in the amount of $ 370 million. If it continues at this pace, by the end of the year interventions in the amount of  about $ 400 million will be carried out  allowing to keep  the lari exchange rate within GEL 3, 10-3, 20 per dollar, ” she notes.

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