PM Kobakhidze highlights 'record’ foreign exchange reserves driven by ‘strong economic growth’

Prime Minister Irakli Kobakhidze said at Monday’s government meeting that Georgia’s “strong economic performance” had enabled the country to boost its foreign exchange reserves to “unprecedented levels.”

According to the Prime Minister, the National Bank of Georgia purchased USD 103 million in reserves this year - a historic record - bringing total reserves to USD 5.808 billion, the highest figure to date.

Kobakhidze thanked the central bank and its president for what he described as effective management, adding that the strengthened reserves and sustained economic growth contributed to Fitch Ratings’ recent decision to revise Georgia’s sovereign outlook from “negative” to “stable”.

The Prime Minister said the improved outlook would supported Georgia’s long-term economic development.