The National Bank of Georgia has published a detailed report on foreign exchange market operations for October. Aaccording to the document, the amount of foreign exchange reserves sold by the NBG during the past month was record high amounting to USD 591 million. Of which, USD 214 million was sold through foreign exchange interventions, while USD 377.7 million through the Bmatch platform.
The fact that the National Bank carried out record interventions in October became known on November 8 of this month, when the NBG published a report on foreign exchange reserves, which decreased by USD 627 million to USD 4.08 billion in October. In September-October, the NBG's sales amounted to USD 698 million in todal, which is also the largest two-month depletion of reserves in the history of the NBG.
Regarding the size of Georgia's foreign exchange reserves, the International Monetary Fund stated in April 2024 that the level of reserves had fallen below the adequacy threshold and needed to be replenished. In November, the rating agency Fitch noted that the size of Georgia's foreign exchange reserves is smaller than that of other countries with a BB rating.
