The Rules For Setting Currency Exchange Rate Will Be Changed

The Rules For Setting Currency Exchange Rate Will Be Changed

The rules for setting official rate of currency exchange will be changed. By the current rules, if during the day, the volume of trade on interbank market doesn’t exceed 3 mln USD, the GEL official calculation also involved the transactions of the previous day. According to the National Bank of Georgia, there had been rare cases when official and market rates significantly differed, reason for which was low activity on market on specific trade day.

“With the mentioned change, the above limit will be reduced by half (to 1,5 mln USD), as a result of which the official exchange rate will be closer to the market rate.It should also be mentioned here, that the official exchange rate is calculated on business days, once a day and represents the average weighted exchange rate of currency market transactions of the previous day within the Bloomberg system, which is mainly used for accounting and budget settlements, as well as other agreements. There are different sources of information on current market currency exchange rates. This information can also be found on Bloomberg website, which published not the rates of actual agreements, but rather the average selling and buying rates announced by clients of the system. The rates published on this web-page may not used for transactions at all. And GEL official exchange rate is calculated on the basis of actual transactions. On its web-page, Bloomberg similarly publishes currency exchange rates of other countries as well”, – is written in the announcement of the National Bank of Georgia. 

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