Today, May 28, the Georgian National Bank offered 60 million US dollars for sale at a foreign exchange auction, of which 48.7 million were sold. According to the National Bank, the weighted average exchange rate was 2.7829.
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Yesterday, May 27, at the meeting of the Legal Affairs Committee of the Parliament, against the backdrop of the president's veto on the Russian Law on Foreign Agents, the national currency depreciated by 4.34 tetris against the dollar and 5.18 tetris against the euro. The official exchange rate became 2.768 GEL for one dollar and 3.0058 GEL for one euro. It should be noted that the GEL depreciated in relation to all other currencies on the Georgian market.
The ruling Georgian Dream intends to overcome the veto and finally adopt the Russian Law at today's plenary session. The former president of the National Bank, Roman Gotsiridze, addressed the Georgian Dream MPs and warned about the expected consequences of the law. As he said, the National Bank will have to sell tens of millions of dollars more.
"You have been warned by the London Stock Exchange that the economy will collapse if you sign this law and follow the path of treason. Shares of Georgian companies have depreciated by 25% since May. You have been warned by GEL. On the day of the adoption of the law, the GEL fell and the National Bank had to implement an intervention of 60 million dollars. What he had accumulated in April, he accumulated and lost in one day.
Today, also, GEL will warn you. Even today, as soon as you press this button, 85 people who do not have the basic will to oppose that one capricious and inadequate person, I am 100% sure that the National Bank will have to spend tens of millions to stop the GEL," said Gotsiridze, before it became known about the next intervention of the National Bank.
On May 14, after the parliament passed the Russian Law in the third reading, the lari depreciated sharply against foreign currencies, leading to the National Bank selling 60 million dollars. The prices of shares of Georgian companies represented on the London Stock Exchange also dropped significantly. Based on what experts say, at that time, the agitation in the market was attributed to the sanctions announced by the US State Department and the announcements about the possible suspension of aid to Georgia.
