Foreign investors are slowly pulling back from Georgia’s government bond market, with non-resident holdings hitting their lowest level in years. As of September 2025, foreign investors owned just GEL 133 million worth of treasury bonds, a sharp decline from GEL 319 million a year earlier, marking a 2.4-fold decrease.
Analysts say the drop reflects fading confidence in Georgia’s economic outlook and the stability of the national currency, the lari. Foreign participation in GEL-denominated bonds is often seen as a barometer of external trust in the country’s financial environment.
Official data shows that foreign investment in Georgian treasury bonds peaked in 2021, when non-resident holdings exceeded GEL 700 million and accounted for around 13% of the total market. Today, that share has fallen to just 1%, pointing to a significant decline in international demand for Georgia’s government debt instruments.
