Georgia’s foreign reserves drop by record $627 million in October
Georgian foreign reserves drop
According to bm.ge, in October 2024, Georgia‘s foreign reserves fell by a record $627 million, totaling $4.08 billion and marking the steepest monthly decline in the history of the National Bank of Georgia.
Over the past year, the volume of Georgia’s foreign reserves has decreased by $1 billion. The last time it was at this level was in July 2022.
This drop was caused by four currency interventions conducted by the National Bank during the pre-election period, involving the sale of $213 million and additional interventions via the Bmatch platform.
Additionally, the repayment of the state’s foreign debt likely contributed to the decline in reserves, although corresponding statistics are currently unavailable.
In April 2024, the International Monetary Fund announced that Georgia’s reserve levels were below adequacy and needed replenishment. A few days ago, the rating agency Fitch noted that the size of Georgia’s foreign currency reserves was lower than that of other countries with a BB rating.
Georgian foreign reserves drop
