NBG  to sell USD 40 million at the Foreign Exchange Auction tomorrow to stabilize exchange rate

The National Bank of Georgia will sell USD 40 million at the Foreign Exchange Auction, - the NBG said in the statement on Wednesday.

“According to the estimation of the National Bank, despite positive domestic and foreign macroeconomic dynamics, amidst tourism-related shocks and negative expectations, today the exchange rate has reached the benchmark that may pose risks to price stability. Taking it into consideration, the National Bank of Georgia considers it advisable to consistently use all the available tools to avoid materialization of these risks.

For this purpose, the National Bank will sell $ 40 million at the Foreign Exchange Auction tomorrow, August 1. In case of necessity, the National Bank will use interventions in the coming days, too. If the exchange market pressure on the inflation is maintained, the National Bank will also tighten monetary policy, "the NBG said in a statement.