Foreign investors’ interest in Georgian government bonds has seen a significant decline. As of September 2025, non-residents held GEL 133 million worth of treasury bonds, down from GEL 319 million in the same period of 2024. This marks a 2.4-fold decrease within a year.
Analysts note that foreign ownership of GEL-denominated bonds is directly linked to confidence in Georgia’s economy and the national currency’s stability on global financial markets. A decline in participation is often interpreted as a signal of reduced foreign interest in lari assets.
According to official statistics, the peak of foreign investment in GEL treasury bonds was recorded in 2021, when holdings exceeded GEL 700 million. At that time, non-residents accounted for around 13% of the entire market.
By contrast, in September 2025, the GEL 133 million worth of bonds held by non-residents represented just 1% of the total portfolio, underscoring the sharp contraction in external demand for Georgian government debt instruments.
