Georgia’s Currency Reserves Hit $4.117 Billion
Georgia has substantially increased its international currency reserves after the International Monetary Fund (IMF) allocated reserve assets to the country.
According to the National Bank of Georgia (NBG), as compared to July, in August the reserves rose by $244 million to $4.117 billion, up to $185 million years on year. Foreign currency reserves in total reserves amounted to $3.626 billion. As reported, IMF has allocated reserve assets of $286 million (SDR 202 million) to Georgia. This transaction expanded Georgia’s international reserves and made the county more resistant to the crisis.
Amid the pandemic, the NBG has to actively sell the international reserves. YTD the NBG has sold $273 million at currency auctions, while direct interventions in 2020 amounted to $916 million.