The National Bank of Georgia (NBG) purchased $1.5 billion on the foreign exchange market between March and August 2025, according to TBC Capital’s latest macroeconomic report. In July alone, the central bank acquired $417 million in foreign currency as part of ongoing efforts to stabilize the Georgian lari (GEL).

TBC Capital noted a growing dollarization of deposits, while lending activity has become more larized—indicating a shift in public currency preferences. Despite global weakness in the US dollar, the GEL continues to trade slightly below its equilibrium level, with NBG’s interventions playing a key role in supporting the domestic currency.

The report also points to the potential for the GEL to strengthen further, backed by prior foreign currency inflows that now serve as a buffer. While changes in market sentiment could still impact the exchange rate, current FX interventions and currency conversion trends are viewed as significant stabilizing forces for the lari.