64,900,000 US dollars were sold at the auction out of 70 million US dollars put up for sale at the foreign exchange auction of the National Bank of Georgia. The weighted average exchange rate was 2.7139.

The National Bank publishes information about this. According to their reports, the effect of one-time large transactions in the foreign exchange market continues, which affects the exchange rate of the GEL.

"In order to avoid excessive fluctuations, today the National Bank decided to hold a currency auction.

We note once again that the recent fluctuations in the foreign exchange market are not related to macroeconomic factors, and therefore, such fluctuations are short-term.

Let us remind you that macroeconomic fundamental factors are still strong in the country - high economic growth has been recorded in the last three years, inflation is below the target of 3% from 2023 onwards. According to preliminary data, in September, the export of goods increased by 17%, while the import decreased by 4.1%. At the same time, foreign exchange inflows are strong, which helps to keep the current account deficit at a sustainable level.