Azerbaijan’s Neftchi basketball team, which will compete in the FIBA Europe Cup, has strengthened its roster with a new foreign player, Azernews reports.
Day: August 25, 2025
The National Bank of Georgia (NBG) said the country’s international reserves have increased by USD 1.3 billion since the start of 2025 and, as of August, exceed USD 5 billion, as the bank continues replenishing reserves it had sharply reduced through large sell-offs last year.
According to NBG, the last purchase was made in July for USD 416.9 million. Before that, the national bank purchased USD 266 million in June, USD 245.4 million in May, USD 266.4 million in April, and USD 101.7 million in March. Totaling about USD 1.3 billion, all purchases were made on the Bmatch trading platform.
“The NBG is always focused on refilling the reserves, which is confirmed by the bank’s declared policy,” the central bank said on August 25, adding that “when the market allows, the National Bank grows the country’s international reserves.” The next update of reserves will be announced in September.
The steady refilling of reserves follows the sale of more than USD 900 million in 2024, when the NBG made large sell-offs amid massive protests against the foreign agents law in the spring and again in the fall during the pre-election campaign. In October 2024 alone, when the general elections were held, the bank sold USD 591 million to prevent a currency devaluation, triggering a dramatic USD 630 million drop in reserves, the largest one-month decline in history.
In a July report, the International Monetary Fund (IMF) praised what it described as Georgia’s “remarkable resilience” amid domestic and international uncertainty. The IMF, however, warned that “domestically heightened political uncertainty and potential sanctions could dampen FDI, tourism, and pressure the lari.”
Georgia is again in a pre-election period, as the country’s half-boycotted municipal elections are set for October 4.
Also Read:
- 18/07/2025 – NBG Denies Seeking SWIFT Alternative After Meeting With Chinese Payment System Head
- 18/06/2025 – NBG Keeps Key Refinancing Rate Unchanged at 8%
- 21/12/2024 – Businesses Back Georgian Protests as Crisis Disrupts Economy
- 28/11/2024 – As Reserves Faded, National Bank Seeks to Refill Them from Market