During the pre-election period, the National Bank of Georgia carried out several interventions to sell money.
At the end of October, Georgia’s foreign exchange reserves fell by $627 million to $4.08 billion. NewsGeorgia reported this in connection with statistics from the National Bank of Georgia on Friday, November 8.
It was noted that the reduction in October was the largest in the entire history of the country.
The main reason for this indicator is the four foreign exchange interventions of the National Bank of Georgia during the pre-election period. To support the stock, the regulator sold more than $213 million in the market. The decrease in foreign exchange reserves was also affected by the repayment of the government’s external debt.
Over the past year, Georgia’s foreign exchange reserves have decreased by $1 billion. It is currently at the July 2022 level.
Earlier, the Fitch rating agency noted that in terms of reserves, Georgia lags behind other countries with a BB rating (speculative rating).
We remind you that on October 26 parliamentary elections were held in Georgia. The ruling Georgian Dream party won. Opposition parties said they would not recognize the election results. They are asking for a re-vote.
President Salome Zurabishvili also refused to recognize the elections, the results of which she called “totally fake.”
Source: korrespondent
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