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SEB sold $60 million at the National Bank of Georgia’s foreign exchange auction held today.
The National Bank of Georgia released the relevant information.
According to their information, the weighted average exchange rate is 2.8635.
“The purpose of this intervention is to reduce the negative impact that a one-time large transaction may have on market expectations.
One-time large transactions, especially in the financial sector, repayment of liabilities denominated in GEL issued in previous years, payment of dividends, etc., temporarily increase the demand for foreign currency in the foreign exchange market. In order to prevent the above transactions from causing excessive fluctuations in the exchange rate, the National Bank provides foreign currency to the market through currency auctions as needed.
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