On November 21, Fitch Ratings revised the Outlook on Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘BB’, the Ministry of Finance reports.

The ratings reflect a relative vulnerability to default (for sovereign issuers) and a relative measure of non-performance andvulnerability to loss (for instrument ratings).

The document notes that the volume of international reserves has increased recently, as well as income from tourism and remittances.

Fitch analysts noted that “the gross international reserves increased by 37.2% from the lows of October 2024 to an all-time high of USD5.6 billion at end-October 2025, equivalent to 2.8 months of current account payments (CXP).”

“The improvement reflects the central bank’s purchases of USD1.6 billion since the beginning of the year and the impact of higher gold prices (USD322 million). Strong tourism revenues (1-3Q25: 5.1% yoy) and money transfers (January-October 2025: 7.1% yoy), tighter reserve requirements on banks’ FX deposits, and a broader trend of de-dollarisation also contributed to the increase,” reads the latest report issued by Fitch.

Fitch also highlights the stability of public finances in the country, including reduced budget deficit and government debt, with stable dynamics of long-term debt.

Fitch expects international reserves to stabilise at an average of 2.6 months of CXP in 2026-2027 (3.2 months when re-exports are excluded), although this would still be well below the current 2025 ‘BB’ median of 4.8 months.