Credit rating agency Fitch Ratings has affirmed Georgia’s sovereign rating at ‘BB’ and upgraded the outlook from negative to stable. The primary factor behind the improved outlook, according to Fitch, is the growth of the country’s international reserves.
As noted in Fitch’s report, Georgia’s international reserves increased by 37.2% compared to the low levels recorded in October 2024, reaching a historical high of USD 5.6 billion as of October 2025.
The agency emphasizes that the growth in reserves reflects the National Bank of Georgia’s policies, including purchases conducted since the beginning of the year, revaluation of gold prices, and increased reserve requirements at the end of 2024.
In addition, Fitch highlights that inflows from abroad and the dedollarization of deposits have also contributed to the reserve growth.
Fitch’s forecast indicates that inflation in 2026–2027 will remain close to the target, averaging around 3.2%, while economic growth is expected to remain strong, reaching 7.3% in 2025 and 5.3%
