Georgia Capital PLC Investment Overview
Floating exchange rate - policy priority
Central Bank's interventions
Sources: NBG
120
250
200
150
100
60
4040 4040
50
27202020
m
TII II
0
-50
-100
-80
-150
-120
-200
NBG purchased US$ 165 million in
1H19 to farther accumulate reserves
100
60
40
-70
-40
40
ᎥᏝ
-15
-20
-40
-63
-140
Feb-14
May-14
Aug-14
Nov-14
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
May-17
Aug-17
Nov-17
US$ sale
Real effective exchange rate (REER)
Sources: NBG
155
145
135
125
33
115
105
95
85
Feb-18
May-18
Aug-18
Nov-18
Feb-19
May-19
Aug-19
-20-30201825 -20
-30
-50
-65
-85
ויידי
US$ purchase
Feb-03
Jan-2003 100
Sep-03
Apr-04
Nov-04
Jun-05
Jan-06
Aug-06
Mar-07
Oct-07
May-08
Dec-08
60-In
Bilateral exchange rate indices (Dec2012= 100)
Sources: NBG
180
Flexible exchange rate regime plays a role as
160
shock-absorber
140
120
100
80
60
40
20
0
Dec-12
Feb-13
Apr-13
Jun-13
Aug-13
Oct-13
Dec-13
-eb-14
Apr-14
Jun-14
EUR/GEL
Aug-14
RUB/GEL
Oct-14
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
Dec-15
Feb-16
Apr-16
Jun-16
Aug-16
Oct-16
Dec-16
Feb-17
Apr-17
Jun-17
Aug-1
Oct-
Dec-17
Feb-18
Apr-18
Jun-
Aug-18
Oct-18
Dec-
Feb-19
Apr-19
Jun-19
TRY/GEL
⚫USD/GEL
80
180
160
75
140
70
120
100
65
80
60
60
60
40
55
20
0
50
Jul-11
REER (Jan 2003=100)
Dollarization ratios
Source: NBG
Loan dollarization
Linear (REER (Jan 2003 = 100))
Deposit dollarization
Dec-11
May-12
Oct-12
Mar-13
Aug-13
Jan-14
Jun-14
Nov-14
Apr-15
Sep-15
Feb-16
Jul-16
Dec-16
May-17
Feb-10
Sep-10
Apr-11
Nov-11
Jun-12
Jan-13
Aug-13
Mar-14
Oct-14
May-15
Dec-15
Jul-16
Feb-17
Sep-17
Apr-18
Nov-18
Jun-19
Oct-17
Mar-18
Aug-18
Jan-19
Jun-19
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