The Georgian national currency strengthened on April 12. According to the official exchange rate the GEL is now stronger by 1.8 tetri against the USD. The cost of 1 USD is now 2.39 GEL. The lari gained 2.2 tetri against the USD and the cost of it is now 2.53 GEL.
On April 12th, the National Bank of Georgia (NBG) held the first exchange auction in 2017. The bank purchased 10 million US Dollars.
The National Bank of Georgia buys foreign currency in case the cost of that currency is variable on the stock exchange. If the currency is depreciating by high speed, the bank sells currency reserves funds and on the other hand it buys in case the currency gets stronger.
The National Bank of Georgia bought 278 million USD and bought 280 million USD during the stock currency auction in 2016.
The chart below shows the exchange rate for the GEL against the US Dollar and euro in 2016-2017: