National Bank to sell $ 40 million at foreign exchange auction tomorrow

The National Bank of Georgia has released a statement announcing that it will sell $ 40 million at a foreign exchange auction tomorrow.

According to the NBG, this monetary intervention is intended to enhance the impact of the tightened monetary policy.

“The current level of nominal effective exchange rates still creates significant inflationary pressure. To neutralize this, the National Bank of Georgia raised the refinancing rate by 0.5 percentage points on September 25.

The National Bank will sell $ 40 million at the foreign exchange auction tomorrow, September 27, to enhance the impact of the tightened monetary policy.

The National Bank will consistently use its instruments to maintain price stability,” reads the statement.