Statement of the National Bank of Georgia

Statement of the National Bank of Georgia

24 March, 2020

The economic shock caused by the coronavirus and the expectations of the future development of pandemic and its impact on the Georgian economy have been reflected on increased volatility of the foreign exchange market during the recent days.

Despite the current multiple uncertainties, the National Bank continues working intensively in order to minimize the negative impact on the citizens. 

In order to support the foreign exchange market the NBG has already performed two interventions for an amount of US $ 60 million. It should be noted that the National Bank of Georgia has been accumulating International reserves' over the previous years.

It is very important that the financial system of Georgia is well prepared to face the economic challenges. The banking sector is healthy and sustainable, which is a guarantee that after coming through the shock the Georgian economy will recover promptly and return to its normal condition.

For supporting the foreign exchange market, NBG will sell US $40 million on FX auction on March 25.