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policy is limited.
In a press conference after the monetary policy committee met, NBG president Koba Gvenetadze confirmed that the central bank would carry out foreign exchange interventions before the end of this year and in the first half of 2021 if necessary.
Since the beginning of 2020, the central bank has provided $886mn to the market. The regulator would continue to intervene depending on the market situation, Gvenetadze said.
He reiterated that the purpose of the interventions are not carried out to maintain the national exchange rate at a specific rate.
"The course must go in the direction determined by the economy. The purpose of the interventions is to ensure the supply of foreign currency to the market, while the market has suffered a loss; just to name tourism as an example, where there is a huge loss this year and [the interventions] are done to prevent market misconduct," said Gvenetadze.
35​ GEORGIA Country Report​ February 2021 ​ ​www.intellinews.com