Georgia's int'l reserves fall 6% in 9M 2024

TBILISI. Oct 8 (Interfax) - Georgia's international reserves fell 6% or $297.2 million to $4.712 billion as of September 30, 2024, from $5.01 billion on December 31, 2023, the country's National Bank said in a report.

The reserves grew 2.9% in the third quarter, falling 2.6% in September, after falling 8.6% in H1.

The reserves included foreign currency assets of $3.64 billion as of September 30, down 20.2% or $918.4 million since the beginning of the year and falling 4.2% in September.

Monetary gold totaled $603.5 million, up 4.6% in September and 80% since the end of March of this year, when the National Bank included monetary gold in its reserves for the first time, purchasing 7 tonnes of gold for $500 million.

IMF Special Drawing Rights as of September 30 amounted to $472.4 million, an increase of 4.6% since the beginning of the year.

The IMF said in a report on annual consultations with the Georgian authorities at the end of May that the country's international reserves had fallen "below the IMF's adequacy metric."

Georgia's international reserves grew 4% in 2023 to $5 billion. The reserves hit an all-time high of $5.44 on July 31, 2023.