In Georgia, NBG FX reserves stayed flat in January. National Bank reported that its FX reserves remained largely stable at USD 4.9 bn at the end of January. The GEL appreciated even over this period, suggesting persistent revaluation pressures on the bank, although the lack of interventions seems to indicate that inflows from Russia might have slowed from Q4 2022 when NBG bought about USD 600 mln in reserves. In Azerbaijan, the CBAz sold less than USD 15 mln during its regular FX auction yesterday. The FX demand at CBAz auctions dropped sharply this year, with several auctions canceled with no bids.