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National Bank of Georgia may use monetary interventions to curb high inflation

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08/15/2019 | 12:17am EDT

National Bank of Georgia (NBG) will act with purpose of GEL's long-term stability and use all the available tools and resources including monetary interventions to prevent high inflation, Trend reports referring to the bank.

According to NBG, under conditions of inflation targeting regime, major national banks aim at the long-term stability of the national currency that also serves as a precondition of stability of prices and financial system.

Last week, the Bank sold $32.8 million at an exchange auction due to the depreciation of the Georgian lari. After the auction, the official rate of the Georgian lari strengthened by 1.4 percent. However, starting on Aug 5, the lari began to depreciate again.

The lari began depreciating in July and reached its record high in early August, peaking at 2.97 GEL for 1 USD. Its record low was observed in December 1995, at 1.23 GEL.

As of Aug 7, 1 USD costs 2.9321 GEL, while 1 EUR costs 3.2840 GEL.

The National Bank of Georgia is independent of political or any other influence and acts within the framework of the mandate as defined by Constitution, reads the statement of the bank.

© 2019 Trend News Agency ALL RIGHTS RESERVED, source News Service

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