Foreign investors have increased their holdings of Georgian lari-denominated government securities to nearly GEL 1.5 billion, according to National Bank of Georgia data. As of September 1, 2026, non-residents held GEL 1.49 billion worth of securities, up by GEL 384 million over the previous month and 12.5 times higher than a year earlier.
The Finance Ministry expects foreign investment in lari-denominated Treasury bonds to increase further following the launch of a new J.P. Morgan index in September 2026. The GBI-EM Edge index tracks government bonds denominated in local currencies across frontier markets and has a total market value of around $328 billion, covering 26 countries, 24 currencies and 425 instruments. Georgia’s weighting in the index is 1.79%.
Foreign demand has also been supported by a GEL 400 million government bond issued through a syndication in May, 65% of which was purchased by foreign investors. The Finance Ministry says it plans to increasingly focus on large-scale placements aimed at international investors to boost global demand for Georgian lari-denominated securities.
The total market of lari-denominated government securities currently stands at GEL 12.7 billion. Georgian banks hold the largest share, at GEL 8.8 billion, while non-resident investors hold around GEL 1.5 billion and other domestic investors, including the state pension fund, hold up to GEL 2.4 billion.
