Central Bank Sells USD 40 Mln as Lari Drops

The National Bank Georgia offered USD 50 million on the foreign exchange auctions on March 9, of which USD 39,570,000 were sold.

The move came as Georgian national currency Lari has plummeted against USD again, in a trend that began since Russia’s invasion of Ukraine on February 24.

According to the central bank, the weighted average was GEL 3.3947 per USD. The official exchange rate now stands at 3.4019.

On March 7, Lari was trading at 3.2744 per USD, while the rate stood at 3.0162 on February 24.

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