BAKU, Azerbaijan, August 8. The international reserves of the National Bank of Georgia reached a historic maximum and amounted to $5.4 million as of July 31, 2023, Trend reports.
According to the bank's official website, reserves increased by $369.4 million in July of this year and, since the beginning of this year, by $534.6 million. This change in the volume of reserves is explained by analysts by the activities of the government and the banking sector, currency transactions, and the acquisition of currency by the National Bank of Georgia.
The last time the historical maximum in the international reserves of the National Bank of Georgia was recorded was on April 30, 2022, and they amounted to $5.1 million. During 2022, reserves increased by $628.1 million, while in 2021 they increased by $361.3 million.
International reserves converted into foreign currency make up the majority of the total reserves of the National Bank and amount to $5 billion. Their structure includes funds placed in securities ($3.8 billion) and currency held in the accounts of foreign banks and the IMF ($1.2 billion).
The structure of the reserves of the National Bank includes funds placed in special drawing rights in the amount of $469.4 million, and its reserve position in the IMF is $29,300. The National Bank of Georgia has no reserves in the form of gold assets.
In addition, the value of other assets in the structure of foreign exchange reserves is $646,200.
