In January 2024, Georgia's foreign exchange reserves decreased by USD 107 million to USD 4.74 billion, - according to the report published by the National Bank of Georgia.
As of the statistics, foreign exchange reserves decreased by USD 156 million in January 2024, therefore, the decrease made up USD 263 million in the last two months, while the decrease amounted to GEl 375 million in the last three months.
The reduction of Georgia's foreign exchange reserves might have been due to the repayment of foreign debts, which was carried out from the mentioned account.
In addition, it is significant that until August 2023, the National Bank was engaged in the purchase of foreign exchange reserves, although since then the NBG has not made any large purchases.
Late in 2023, the National Bank reduced the minimum reserve requirements for commercial banks in foreign currency from 25% to 20%, which freed up additional financial resources for the banks. Before this decision, the said funds were kept in the National Bank and it was one of the components of the foreign exchange reserves.
