The National Bank of Georgia on Tuesday offered 60 million dollars for sale. However, only 48.7 million dollars were sold during the auction amidst turmoil in the country over the controversial foreign influence bill. 

This marks the second intervention by the National Bank in recent days. On May 16, amidst the adoption of the bill in its final reading the Central Bank sold 60 million dollars. 

Monday witnessed a significant depreciation of the GEL against both the dollar and the euro. The official rate of the dollar stood at 2.768 GEL, while one euro equated to 3.0058 GEL. The National Bank of Georgia attributed its decision to sell 60 million dollars on May 16 to "developing agitational processes" in the foreign exchange market, marked by substantial one-time transactions.

The official exchange rate of the GEL is determined based on transactions within the interbank foreign exchange market.

Addressing concerns over the devaluation of the lari following the adoption of the bill, the Acting President of the National Bank of Georgia, Natia Turnava, dismissed speculation that anticipated US sanctions would harm the banking sector and the lari's exchange rate.

Turnava emphasized, "whatever has been said about the sanctions, these are possible travel restrictions, which have nothing to do with the financial system. I would like to call on politicians not to try to speculate - not to confuse the subject of sanctions with the exchange rate of the lari of the financial market, as if it were hitting the banking sector."

The ruling party is today set to override the president’s veto on the bill, which is dubbed as a Russian law by opponents, with the US warning of sanctions on those “undermining democracy” in Georgia,