Georgia's international reserves reach new record level of $5.6 bln - PM

TBILISI. Oct 31 (Interfax) - The National Bank of Georgia's (NBG) international reserves reached $5.6 billion at the end of October, setting a new historical record (they were $5.44 billion on July 31, 2023), the country's Prime Minister Irakli Kobakhidze said.

"In October, reserves increased by approximately $200 million and reached $5.6 billion, which is a record figure," Kobakhidze was quoted as saying at a government meeting on Friday by the government's press service.

The growth of international reserves is "the result of maintaining stable economic growth rates," he said.

The National Bank will publish official statistics on international reserves for January-October next week.

It was previously reported that Georgia's international reserves grew 22% in January-September to $5.43 billion. The NBG resumed net purchases of foreign currency in March and has since bought more than $1.5 billion on the domestic market from that month. In August, NBG President Natia Turnava said that the amount of foreign currency purchases and the size of reserves would exceed the record level this year.

In 2024, Georgia's international reserves fell 11.2% (by $562.1 million) amid domestic political instability, after growing 4% in 2023 to $5 billion.