Tbilisi: Fitch Ratings has revised the Outlook on Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘BB’. This development indicates a shift in Georgia’s economic stability, as reflected in the latest report issued by Fitch.

According to Trend News Agency, Fitch analysts highlighted a significant increase in Georgia’s gross international reserves, which rose by 37.2% from the lows of October 2024 to reach an all-time high of USD5.6 billion at the end of October 2025. This amount is equivalent to 2.8 months of current account payments (CXP).

The improvement in reserves is attributed to several factors, including the central bank’s purchases of USD1.6 billion since the beginning of the year and the impact of higher gold prices, contributing USD322 million. Additionally, robust tourism revenues, which grew by 5.1% year-on-year during the first three quarters of 2025, and money transfers, which increased by 7.1% year-on-year from January to October 2025, played a crucial role. Other contributing factors include tighter reserve requirements on banks’ FX deposits and a broader trend of de-dollarisation.

Despite these positive developments, Fitch notes that Georgia’s external buffers remain low compared to its peers. The rating agency expects international reserves to stabilise at an average of 2.6 months of CXP in 2026-2027, or 3.2 months when re-exports are excluded. This level, however, remains below the current 2025 ‘BB’ median of 4.8 months.