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.