The National Bank of Georgia published an update noting that S&P Global Ratings has affirmed Georgia’s sovereign rating at BB with a Stable outlook. The S&P review cited strengthened fiscal and monetary policy and highlighted reserve accumulation by the central bank alongside continued banking-sector resilience. S&P noted that international foreign exchange reserves increased by around 38% year on year to a record USD 6.2 billion in December, attributing this to net foreign currency purchases exceeding USD 2.4 billion by the NBG, higher gold asset values, growth in tourism revenues, and strong remittance inflows. The agency assessed the banking system as profitable with high capitalisation, solid liquidity buffers and stable credit growth under prudent supervision, with non-performing loans at 2.6% as of November 2025, and forecast average inflation of 3.5% in 2026 and economic growth of 5.4%.
National Bank of Georgia 2026-02-07
National Bank of Georgia reports S&P Global Ratings affirmation of Georgia’s BB sovereign rating with stable outlook
S&P Global Ratings affirmed Georgia’s sovereign rating at BB with a Stable outlook, citing strengthened fiscal and monetary policy, increased foreign exchange reserves, and banking-sector resilience. S&P highlighted a 38% year-on-year rise in reserves to USD 6.2 billion, driven by net foreign currency purchases, higher gold asset values, tourism revenue growth, and strong remittance inflows, with the banking system showing profitability, high capitalisation, and stable credit growth.