Georgia’s National Bank sells $60 mln after Parliament’s adoption of foreign influence bill

Georgia’s National Bank on Thursday initiated the sale of $60 million in response to recent turbulence in the currency market. 

The decision comes amidst heightened agitation within the market, with significant one-time transactions contributing to the fluctuations, as per the Central Bank’s statement.

The devaluation of the Georgian Lari (GEL) against the US dollar and over 40 other currencies has occurred alongside the passage of the controversial foreign transparency bill in its third reading by Parliament this week, coinciding with widespread protests. The National Bank clarified that the depreciation of the lari was not indicative of underlying macroeconomic concerns, characterizing it as a transient phenomenon.