"Improved international ratings deepen the confidence of international institutions and investors in Georgia, and has a positive impact on the business environment," Koba Gvenetadze, President of the National Bank of Georgia, stated at a meeting of the Financial and Budgetary Committee of the Parliament.
The Parliamentary Committee discussed the annual report by the National Bank of Georgia for 2019.
In Gvenetadze's words, a sovereign rating is essential to attract relatively cheap credit resources.
"Efforts to maintain a stable macroeconomic and financial environment in 2019 resulted in improvement of Georgia's credit rating,'' he said.
"The Standard & Poor's (S&P) international company raised Georgia's sovereign rating to BB with a stable outlook. The Fitch Rating company upgraded Georgia's sovereign rating from BB- to BB,'' Gvenetadze added.
"Earlier in 2017, Moody's raised Georgia's sovereign credit rating to Ba2 for the first time since 2010. The improvement is due to the results Georgia has achieved recently. In particular, despite the increase in external risks, we had good economic growth. Support for the floating exchange rate also continued,'' Gvenetadze said, adding that international rating companies praised the measures taken by the National Bank to accumulate reserves.
"Only several steps are left to an investment rating,'' Gvenetadze concluded.
Bela Gelashvili
News Author