In particular, according to the NBG statistics, total reserves amounted to $5.066 billion by June 30, 2023. This is 29.2% or $1.144 billion more compared to June 2022. As of June 30 of last year, the volume of foreign exchange reserves amounted to $3.922 billion.
Compared to May 2023, foreign exchange reserves increased by $65.3 million or by 1.3%.
According to Galt & Taggart analysts, the change in reserves is related to the foreign exchange operations of the government and the banking sector, as well as, most likely, the purchase of foreign currency by the NBG (information on the latter will be available on July 25).
As for the structure of reserves, foreign exchange reserves converted into foreign currency represent the main reserve of the National Bank and by June 30, 2023 this part amounts to 4,604 billion US dollars. Its structure includes funds placed in securities - $3,745 billion and currency kept in the accounts of foreign banks and the International Monetary Fund (IMF) - $858.7 million.
The National Bank of Georgia does not keep funds in the form of gold.