Georgia’s Reserves Reach $8.14 Billion as Fitch Outlook Remains Stable
Key Facts
Georgia’s gross international reserves reached a record $8.14 billion in August 2026, up 56.4% year on year, according to the National Bank of Georgia. The increase comes as there is no confirmation that Fitch changed its outlook on the country to positive. Georgia’s Economy Ministry said Fitch’s latest officially announced position kept the sovereign rating at BB with a stable outlook on May 16, 2026. The sharp rise in reserves therefore remains separate from any unconfirmed new credit decision. A previous claim that the outlook had been upgraded to positive linked the move to reserve accumulation, but available information does not substantiate that link to a new agency decision.
Reserves exceeded the International Monetary Fund’s benchmark adequacy threshold, reaching 128.2% of the IMF’s ARA reserve adequacy metric in August 2026, compared with a 100% threshold. The National Bank of Georgia said the level is above the threshold set by the fund’s methodology. The ratio measures reserves against the adequacy benchmark, while total reserves stood at $8.14 billion. July reserves had also hit a record, at $7.53 billion, with annual growth of about 50%, before rising again in August. The figures show faster accumulation over the two months, without constituting an announcement of a change in Fitch’s rating or outlook.
The National Bank of Georgia attributed reserve accumulation to favorable foreign-exchange market conditions in 2026, saying its net foreign currency purchases totaled $2,566.6 million between January and July. The bank said it actively accumulated reserves by taking advantage of those conditions. Monetary gold formed part of the reserve picture, valued at $1,149.2 million in August, or 14.1% of the total. The bank said the value of monetary gold increased by $135 million month on month due to fluctuations in gold prices. Growth in foreign currency purchases and an increase in the value of the gold component together lifted total reserves to a record, according to the bank’s data.
In the economic backdrop, the International Monetary Fund said Georgia’s real gross domestic product grew 7.5% in 2025 and forecast growth to slow to 6.5% in 2026. It added that growth would gradually converge toward its potential rate of 5% by 2028. On prices, the National Bank of Georgia kept its policy rate at 8.25% on September 9, 2026, after headline inflation reached 5.6% in August. The bank said supply shocks, including higher energy prices, explain much of the deviation in inflation from its target. These indicators provide context for reserves and economic policy, but do not in themselves confirm any new move by Fitch.
Fitch’s sovereign rating review calendar listed October 30, 2026, as the date of Georgia’s second review of the year, following a first review listed for May 15. The calendar sets a review date but does not announce an advance result on the rating or outlook. The IMF, for its part, said the next Article IV consultations with Georgia are expected on the usual 12-month cycle. These dates place the Fitch review and IMF consultations among the upcoming milestones for monitoring the country’s economic and credit position. Until a new official announcement, Georgia’s latest confirmed position remains a BB rating with a stable outlook.