PM: Growth in international reserves stems from sound policy; NBG boosted reserves by over USD 600m last month to reach historic high

“The growth in international reserves is the direct outcome of sound fiscal and economic policy. We stand out for an exceptionally high degree of fiscal consolidation; every benchmark is being met, and our pace of economic growth remains robust,” Prime Minister of Georgia Irakli Kobakhidze told journalists in Batumi.

According to the Prime Minister, the National Bank of Georgia increased foreign exchange reserves by more than USD 600 million over the past month alone, pushing them to an all-time high.

The head of government noted that total foreign exchange reserves have now surpassed USD 8 billion.

“The growth in international reserves is the direct outcome of sound fiscal and economic policy. We stand out for an exceptionally high degree of fiscal consolidation. Every benchmark is being met, and our pace of economic growth remains robust. The figure for the first seven months of this year stands at 7.9%, the highest rate not just in the wider region, but across Europe as a whole. All of this enables us to build up our foreign exchange reserves. Special emphasis must also be placed on the highly effective performance of the National Bank of Georgia; over the past month alone, the National Bank expanded foreign currency reserves by more than USD 600 million, reaching a historic peak today as total reserves surpass the USD 8 billion mark. I want to extend my thanks to the National Bank and our government’s entire economic team for their effective work, which has delivered these record-breaking figures,” the Prime Minister stated.