Baku, Azerbaijan, September 27
By Tamilla Mammadova – Trend:
The National Bank of Georgia sold $40 million at today's currency auction, Trend reports citing the National Bank of Georgia.
According to the bank, the weighted average exchange rate was 2.9546.
Yesterday, the National Bank issued a statement where it decided to carry out the next intervention in the foreign exchange market in order to contain the depreciation of lari and avoid the risk of further inflation.
“The current level of nominal effective exchange rates continues to create significant inflationary pressures. In order to neutralize the inflationary pressure caused by the fall of the lari exchange rate, the Monetary Policy Committee (MPC) of the National Bank of Georgia at an extraordinary meeting on September 25 decided to increase the refinancing rate by 50 basis points to 7.5 percent per annum,” said the statement of bank.
The National Bank carried out previous intervention on August 1.
