The President of the National Bank of Georgia, Natia Turnava, says the central bank is considering additional gold purchases this year following gains from its 2024 reserve diversification strategy.
Speaking at a meeting of the Finance and Budget Committee, Turnava stated that the National Bank’s purchase of gold reserves in spring 2024 had proven “particularly profitable.”
“I told you how right the decision was to diversify the portfolio,” Turnava noted. “Many other central banks, including European central banks, have also done this, and this step has made a fairly high contribution to us.”
She added that the National Bank does not rule out further gold purchases as foreign exchange reserves continue to grow.
“Currently, reserves are being accumulated, as you know, foreign exchange inflows are coming in strongly, and of course, we must proportionally increase the gold portfolio in our total reserves,” Turnava stated.
The National Bank of Georgia purchased 7 tons of monetary gold worth $500 million in spring 2024. The current market value of the reserves has risen to approximately $1.06 billion following a sharp increase in global gold prices.
