As a result of the government conversions in February, the reserves fell by $ 47 million increased by $ 37.7 million in March. The annual decline is down to $ 70.9 million.

In March, the National Bank of Georgia provided $ 39.57 million from the reserves to the foreign exchange market, which was the first intervention in 2022. At the foreign exchange auction on March 9, the NBG needed to stop the sharp depreciation of the Lari amid the Russia-Ukraine war. Panic purchases in the market depreciated the GEL exchange rate against the dollar by 42.4 Tetris. If the official foreign exchange rate for February 24 was $ 1/ GEL 2.97, by March 10, $ 1 cost GEL 3.40.

The National Bank has not purchased any currency since June 17, 2019 to replenish Georgia's reserves. In 2019-2022, in contrast, the bank provided $ 1.338 billion to the foreign exchange market.