Foreign investors have significantly increased their holdings of Georgian lari-denominated government securities, with total investments reaching a record GEL 867 million as of June 1, 2026, according to National Bank of Georgia data.
This represents an increase of GEL 311 million in just one month and a 6.3-fold rise year-on-year. The surge was largely driven by a GEL 400 million syndicated government bond issuance last month, around 65% of which was purchased by foreign investors.
In 2025, non-resident participation in GEL government securities had declined compared to 2024, when average holdings stood at USD 250–300 million equivalent. However, from early 2026, inflows have accelerated sharply, rising from GEL 441 million in January to GEL 492 million in March, and reaching GEL 867 million by the end of May.
Overall, Georgia’s GEL-denominated government securities market totals GEL 12.3 billion, with commercial banks holding the largest share at GEL 8.2 billion. The National Bank holds GEL 1.1 billion, other resident investors (including the pension fund) account for GEL 2 billion, while non-residents now represent about 7% of the total market. The government plans to issue an additional GEL 1.8 billion in treasury bonds during 2026.
