Central Bank Reserves Rise to ‘Historic High’ at USD 958 mln

The National Bank of Georgia (NBG) said on January 16 that its foreign currency reserves reached USD 958 million, a “historic high,” in the first two weeks of 2007. The reserves are up from USD 882 million at the end of last year.

“The trend will have a number of positive results, particularly regarding the country’s sovereign credit rating… It will also contribute to easing risks triggered by Russia’s economic embargo [on Georgia]… The increase in the foreign currency reserve will help to maintain the stability of the national currency,” NBG said in a press release.

NBG’s foreign reserves were estimated at USD 387 million at the end of 2004 and USD 196 million at the end of 2003.

This post is also available in: ქართული (Georgian) Русский (Russian)