Weekly Market Watch
International reserves at US$ 4.4bn in Oct-22
Gross international reserves increased by 10.8% y/y to US$ 4.4bn in October 2022, according to NBG. On a monthly basis, the reserves were up by 1.7% (+US$ 72.5mn). Change in reserves was attributed to the government and banking sector FX operations.
Construction permit issuance increased by 8.8% y/y in 9M22
Number of issued construction permits increased by 8.8% y/y to 8,082 (5.4mn square meters) in 9M22, according to Geostat. The majority of permissions were issued for residential buildings (+14.5% y/y, 74.8% of total), followed by trade buildings (+9.4% y/y, 6.5% of total) and industrial buildings and warehouses (+5.6% y/y, 4.9% of total). Regarding the completion of construction buddings, 1,843 objects (up 7.9% y/y) of 1.9mn square meters were completed in 9M22, with 38.0% located in Tbilisi, 11.6% in Mtskheta-Mtianeti, 11.4% in Kakheti and 9.2% in Imereti.