Fitch Ratings has revised Georgia’s Long-Term Foreign-Currency IDR Outlook from Negative to Stable while affirming the rating at ‘BB’, the Ministry of Finance announced.

The upgrade reflects improved external buffers, with international reserves rising 37.2% from October 2024 lows to a record USD 5.6 billion as of October 2025—equal to 2.8 months of current account payments. Fitch attributes this growth to USD 1.6 billion in central bank FX purchases, higher gold prices, stronger tourism (+5.1% year-on-year for Q1–Q3 2025), increased remittances (+7.1% in January–October 2025), tighter FX reserve requirements, and ongoing de-dollarisation.

The report also highlights fiscal stability, including a reduced budget deficit, lower government debt, and stable long-term debt dynamics.

Fitch forecasts reserves to average 2.6 months of current account payments in 2026–2027 (3.2 months excluding re-exports), still below the current ‘BB’ median of 4.8 months.