9 Aug 2023 15:24

Georgian central bank's reserves reach record high, top $5 bln

TBILISI. Aug 9 (Interfax) - The National Bank of Georgia's (NBG) international reserves grew by $534.6 million in the first seven months of 2023 to a record $5.436 billion as of July 31.

The reserves grew by $369.4 million in July alone, the NBG reported on its website.

The previous record for the NBG's reserves was $5.133 billion, reached on April 30, 2022.

The reserves included $3.8 billion invested in securities and $1.2 billion in foreign currency held in accounts at foreign banks and the IMF.

Analysts attributed the growth of the reserves this year to the government's forex transactions, revaluation of assets due to exchange rate fluctuations and purchases of forex under the fiscal rule.

The NBG's international reserves increased by $628.1 million in 2022.