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60% 50% 40% 30% 20% 10% 0% -10% Jan-14 Apr-14 Aug-14 Dec-14 Mar-15 Jul-15 Nov-15 Mar-16 FX RESERVES FLOATING EXCHANGE RATE - POLICY PRIORITY Source: NBG 5.0 1.42 1.30 1.36 1.44 1.6 1.31 1.25 1.23 1.24 1.27 1.16 1.29 1.4 4.0 1.03 1.2 4.1 3.9 3.0 3.5 1.0 3.3 2.8 2.9 2.8 3.0 0.8 2.0 2.7 2.8 2.5 0.6 2.3 0.4 1.0 0.2 0.0 0.0 M2 AND ANNUAL INFLATION Jun-16 Oct-16 Feb-17 M2, % change, y/y (LHS) ✓ May-17 Sep-17 Official FX reserves, US$ bn M2 multiplier Jan-18 May-18 Aug-18 Dec-18 Apr-19 Jul-19 Nov-19 Mar-20 Annual inflation, eop (RHS) Jul-20 Oct-20 Feb-21 Jun-21 Sep-21 Source: NBG 40% 15% 30% 10% 20% 5% 10% 0% 0% -5% -10% Jan-14 Apr-14 Aug-14 d 8 ៖ ៩ ៩ ៩ ៩ 100 120 Nov-14 Mar-15 Jun-15 Oct-15 Jan-16 NOMINAL AND REAL EFFECTIVE EXCHANGE RATE (JAN2014-100) Source: NBG May-16 Aug-16 Nominal effective exchange rate M2 AND USD/GEL GEL depreciation M2, % change, y/y (LHS) GEL/USD, % change, y/y (RHS) Dec-16 Apr-17 Jul-17 GEL appreciation Nov-17 Feb-18 Jun-18 Sep-18 Nov-19 Mar-20 Jul-20 Oct-20 Feb-21 Jun-21 Sep-21 Jan-19 Apr-19 Aug-19 Dec-19 130 120 +2.6% y/ 110 100 90 +7.3% y/y 80 70 Mar-20 Jul-20 Oct-20 Feb-21 Real effective exchange rate May-21 Sep-21 Source: NBG 40% 30% 20% 10% 0% -10% 54

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