The volume of international monetary reserves of the National Bank of Georgia (NBG) has reached the new historical peak and made USD 1.406 billion (by 59% more than in December 31, 2006 – USD 882 million), Prime-News Business was told at NBG.
“Present-day volume of the international monetary reserves of the NBG is the guarantee of sustainable operation of financial and currency markets of Georgia. The growth of the volume of the international monetary reserves is the positive reaction to economic processes and inflow of foreign investments in the country,” stated Roman Gotsiridze, the NBG President.
The international monetary reserves are one of the instruments of economic policy and contain the reserve assets, which a country may use during international payment operations, covering the foreign state debt, etc. Management of the reserves is a part of management of the currency exchange rate and is much dependant on the currency regime, conducted by a country’s government.
In late 2006 the volume of international monetary reserves made USD 822 million. This figure has nearly doubled since December 31, 2005 (USD 478.6 million).