Investor Presentaiton
11%
10%
9%
8%
7%
6%
5%
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
INTERNATIONAL RESERVES
INTERNATIONAL RESERVES AT ADECUATE LEVEL
International reserves at US$ 4.1bn in 9M21, up 8.3% y/y
Jan-14
May-14
Sep-14
Jan-15
May-15
May-15
Sep-15
Jan-16
Jan-16
May-16
Sep-16
Gross international reserves, US$ mn
Jan-1/
May-17
May-1/
Sep-17
Sep-17
Jan-18
Jan-18
May-18
Sen-18
Sep-18
Jan-19
Jan-19
May-19
May-19
Sep-19
Sep-19
Jan-20
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
MONETARY POLICY RATE
NBG increased policy rate by 200bps to 10.0% in 2021
(+50bps in March, +100bps in April and +50bps in August)
Apr-17
Jul-17
Oct-17
Jan-18
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Source: NBG
11%
75%
10.0%
10%
70%
9%
65%
8%
60%
7%
55%
6%
50%
5%
45%
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-14
Source: NBG
100
CENTRAL BANK'S INTERVENTIONS
NBG sold $916.1mn in 2020
200
(of which US$ 42.9mn out of FX market)
174
120
40
50
20
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
09.09
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
80
50
Jan-21
Feb-21
LOAN AND DEPOSIT DOLLARISATION
Apr-14
Aug-14
Dec-14
Mar-15
Jul-15
Nov-15
Mar-16
Jun-16
Loan dollarization
Oct-16
Feb-17
May-17
Sep-17
Jan-18
May-18
Aug-18
Dec-18
40 40
Source: NBG
NBG sold $350.9mn in 10M21
(of which US$ 18.Omn out of FX market)
83
60
30
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Source: NBG
75%
70%
60.7% 65%
60%
55%
50%
Apr-19
Jul-19
Nov-19
Mar-20
Jul-20
Oct-20
Feb-21
Jun-21
Sep-21
Deposit dollarization
51.4%
45%
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