The National Bank of Georgia has released its 2025 annual financial report, outlining where the country’s foreign exchange reserves are held and how they are invested.
The central bank says reserves are distributed across a range of secure, highly rated international assets.
A portion of the reserves, including cash and cash equivalents, is held in internationally recognized commercial banks with high credit ratings, as well as in central banks of member states of the Organisation for Economic Co-operation and Development.
The largest share is invested in government securities of developed economies, including US Treasury bonds and sovereign debt issued by Eurozone countries such as France, Germany, Finland, Belgium, Austria, Denmark, the Netherlands, and Portugal. Holdings also include government securities of Canada.
The report notes that reserves are also placed in bonds issued by major international financial institutions, including the World Bank, European Investment Bank, and Asian Development Bank.
Additional investments include securities issued by state-backed institutions such as Germany’s KfW, France’s CADES, and Korea’s KEXIM.
Part of the reserves is managed through the Bank for International Settlements, where funds are placed in its investment portfolio, which includes assets such as Chinese government bonds.
The National Bank also holds monetary gold as part of its reserves. As of 2025, this amounts to 229,478 ounces, or approximately 7.1 tons.
In addition, a share of the reserves is held in Special Drawing Rights accounts with the International Monetary Fund.
The central bank says it selects counterparties based on creditworthiness. The minimum rating for debt instruments is typically set at A-, while bank counterparties are required to have at least a BBB- rating.
Geographically, the reserves are diversified across the United States, the European Union, Korea, Canada, and international financial institutions.
