The rating agency Fitch Ratings has maintained Georgia’s sovereign rating at the level of BB, while improving the outlook to stable.

The main factor behind the improved outlook, according to the agency, is the growth of international foreign exchange reserves.

As noted in the report published by Fitch, Georgia’s international reserves increased by 37.2% compared to the level of October 2024 and reached a historic high of USD 5.6 billion as of October 2025.

The agency also emphasizes that the growth of reserves is the result of the National Bank’s policy, which involved purchases of foreign currency, the revaluation of gold, and increased reserve requirements at the end of 2024. In addition, inflows from abroad and the dedollarization of deposits also contributed to the growth of reserves.

“The banking sector of Georgia remains stable, with high profitability (ROE — 22.7% as of September), high capitalization (core capital ratio — 20%), and high asset quality (the share of non-performing loans — 2.6%). The dedollarization trend is positive.”

According to Fitch’s forecast, in 2026–2027 inflation will be close to the target level — averaging 3.2%, while economic growth will remain strong, reaching 7.3% in 2025 and 5.3% in 2026.