Georgia’s central bank said its total reserves declined to $3.993 billion as of March 1, 2022, down from $4.078 billion a month ago and from $4.076 billion a year earlier.

The bank’s foreign currency reserves totalled $3.507 on March 1 this year, down from $3.590 on February 1 this year and from $3.867 billion on March 1, 2021.

The central bank sold $39.570 million on a currency auction this week, the only intervention on the market so far this year. Last year, the bank sold $332.9 million on currency auctions, in a move to support the Georgian lari currency.

The Georgian lari traded at 3.4 to the U.S. dollar on Tuesday.