Page 30 - GEORptSep22

5.1.4 Gross international reserves
Georgia’s international reserves up by 4.7%y/y in August
Georgia’s FX reserves up in 2021
Gross international reserves increased by 4.7% y/y to $4.1bn in August, according to NBG. On a monthly basis, the reserves were up by 6.3% (+US$ 243.9mn). The change in reserves reflected the receipt of SDR 202mn (equivalent to $286mn) from the IMF under a new procedure for the distribution of SDRs and the sale of $30mn on the FX market by the NBG in August.
Georgia's foreign exchange reserves reached $3.8bn in December 2021, up from $3.4bn in the previous month.
In 2020, foregin exchange reserves increased by $404mn in 2020, reaching $3.9bn as of the end of December, despite the $873mn sold by the National Bank of Georgia (NBG) for local currency stabilisation during the year.
The central bank conducted a total of 26 currency interventions to mitigate fluctuations in the Georgian lari (GEL) exchange rate in 2020. The forex injections substituted for the lack of tourism revenue inflows amid the coronavirus crisis. The increase in reserves was made possible by the $1.5bn in foreign debt raised by Georgia during the crisis..
The GEL exchange rate depreciated sharply in 2020 during the first wave of the coronavirus pandemic.
5.2 FDI
Georgia - FDI mn $ 2014 2015 2016 2017 2018 2019 2020 2021* 2022*
Total
Q1 Q2 Q3 Q4
Source: Geostat
1 837.0
1 728.8
1 654.0
1 990.5
1 351.5
1 352.2
589.8
1 241.8
568.2
331.9
343.4
392.9
415.0
337.3
318.4
173.8
134.3
568.2
217.6
493.2
452.6
398.1
423.3
249.6
246.4
322.5
749.5
531.1
507.8
637.0
373.0
406.2
296.9
373.9
538.0
361.0
300.6
540.5
218.0
378.0
-127.2
411.1
30 GEORGIA Country Report September 2022 www.intellinews.com