Georgian PM announces historic $5.8 billion foreign exchange reserves following strong economic growth

Georgian Prime Minister Irakli Kobakhidze on Monday said that high economic growth had provided an unprecedented opportunity to increase foreign exchange reserves, as the National Bank had acquired $2.103 billion in foreign exchange reserves, setting a historic record.

In his remarks, Kobakhidze noted that the total foreign exchange reserves reached $5.8 billion.

“High economic growth gave us the unprecedented opportunity to increase our foreign exchange reserves. This year, the National Bank purchased $2.103 billion in foreign exchange reserves, which is a historic record. Overall, the foreign exchange reserves reached $5.8 billion, which is also a record figure”, the PM said.

Kobakhidze thanked the National Bank and its president for their effective work.

“In addition, against the background of economic growth and the increase in foreign exchange reserves, the rating agency Fitch upgraded Georgia’s sovereign rating outlook from negative to stable, which will benefit the country’s economic development in the future”, he concluded.