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forecast for Georgia to 7%.
According to its previous forecast, the country’s economy was set to grow by 5% this year, but after Geostat published its report on 44.8% growth in April, Galt & Taggart raised its growth expectations.
7.1 FX auction
Georgia central bank sells $60mn
The National Bank of Georgia (NBG) sold $60mn at a foreign exchange auction on September 30.
According to the NBG, the average weighted exchange rate amounted to Georgian lari (GEL) 3.1186 per USD. The official exchange rate for September 30 was GEL 3.1228, and on October 1, USD 1 would be worth GEL 3.1189
.
The auction was the ninth this year, with a total of $332.9mn sold in 2021. The previous, eighth auction was held on August 20, when the NBG sold $30mn. The lari then traded at 3.1323 per USD.
41 GEORGIA Country Report November 2021 www.intellinews.com