International reserves at US$ 3.8bn in September 2020 
Gross international reserves increased by 4.5% y/y to US$ 3.8bn in September 2020 according to NBG. On a monthly basis, the reserves were down by 4.3% (-US$ 168mn). Notably, there were 3 FX interventions in September, where NBG sold US$ 120mn to curb GEL volatility. Other change in reserves was attributed to government and banking sector FX operations and/or asset revaluation. 

NBG sold US$ 30mn 
On 9 October 2020, the NBG intervened on the FX market and sold US$ 30mn to limit GEL volatility. This was 16th FX intervention YTD for a total sale of US$ 499.7mn through FX auctions. Notably, despite interventions reserves are rising y/y, replenished by IFI funding.