Growth of international reserves: The National Bank of Georgia continues to strengthen financial stability

The National Bank of Georgia continues to demonstrate the growth of international reserves, which confirms the financial stability of the country. According to the latest data, as of June 30, 2023, reserves reached $5,066.7 million, which indicates an increase of $65.3 million in the month of June alone. This positive trend has been continuing since the beginning of this year, when reserves have already increased by $ 165.2 million.

The change in the volume of reserves is associated with active foreign exchange operations of the government and the banking sector, as well as with the purchase of currency by the National Bank of Georgia. It should be noted that as of April 30, 2022, international reserves reached a historical maximum of $ 5,133.4 million.

The growth of international reserves is an important indicator of Georgia's economic development. Over the past two years, reserves have increased by a significant amount: $628.1 million in 2022 and $361.3 million in 2021. These figures indicate that the National Bank of Georgia is actively working to strengthen the financial stability of the country.

The structure of the international reserves of the National Bank of Georgia includes various assets intended to ensure financial security. The main part of the reserves ($4.6 billion) consists of funds converted into foreign currency. These funds include securities worth $3.7 billion and currency held in the accounts of foreign banks and the International Monetary Fund ($0.9 billion).

In addition, the reserves of the National Bank include funds placed in special drawing funds (SDR) in the amount of 463.3 million dollars, as well as a reserve position in the International Monetary Fund, which amounts to 29 thousand dollars. It should be noted that the National Bank of Georgia does not store funds in gold.

The strengthening of the international reserves of the National Bank of Georgia testifies to the positive dynamics of economic growth and the confidence of the international financial community in the country's financial policy. This allows Georgia to move forward confidently, ensuring the stability and sustainability of its economy.