As noted in the report by the influential rating agency, Georgia’s fiscal and monetary policies strengthened by the implementation of structural reforms are more prudent than those of regional peers. This approach has contributed to macroeconomic stability and an improved business environment.

In its report, S&P Global highlights the National Bank of Georgia’s (NBG) policy of reserve accumulation. According to the agency, international foreign exchange reserves have increased sharply in recent months by approximately 38% year on year reaching a record high of USD 6.2 billion in December.

The rating agency attributes this accumulation to a combination of factors, including net foreign currency purchases exceeding USD 2.4 billion by the NBG, an increase in the value of gold assets, growth in tourism revenues, and strong inflows of remittances.

S&P Global also assesses Georgia’s banking sector, noting that the system remains profitable, with high capitalization levels, solid liquidity buffers, and stable credit growth under a framework of prudent supervision. Asset quality remains strong, with non-performing loans (NPLs) at a low level of 2.6% as of November 2025.

“In our view, strong supervisory capacity, robust corporate governance, and a high degree of transparency support Georgia’s effective banking regulation, which is broadly aligned with international standards,” the S&P review states.

According to S&P Global’s forecasts, inflation is expected to average 3.5% in 2026, while economic growth is projected at 5.4%.