In June 2018, the National Bank of Georgia intervened on the FX market and purchased 30m USD. This continued the trend of the NBG refilling its international reserves, which began in the beginning of 2017. Consolidated budget tax revenues increased by 7.0% YoY in May 2018, while in the first five months of 2018 the growth of tax revenues stood at 4.8% YoY. The growth of expenditures has been dominated by the growth of capital spending, while current spending has been expanding more moderately.
TBC Research
