Investor Presentaiton
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jan-14
May-14
Sep-14
Jan-15
May-15
INTERNATIONAL RESERVES
INTERNATIONAL RESERVES AT ADEQUATE LEVEL
Source: NBG
4.0
International reserves at US$ 4.1bn in Jan-22
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
MONETARY POLICY RATE
Gross international reserves, US$ mn
Oct-15
Feb-16
Jun-16
Oct-16
Feb-17
Jul-17
Nov-17
Mar-18
Jul-18
Nov-18
Apr-19
Aug-19
Dec-19
Apr-20
Aug-20
Jan-21
May-21
Sep-21
Jan-22
Source: NBG
11%
NBG increased policy rate by 250bps to 10.5% in 2021
(+50bps in March, +100bps in April, +50bps in August and
10.5% 11%
75%
10%
+50bps in December)
10%
70%
9%
65%
9%
8%
7%
8%
60%
7%
55%
%9
6%
50%
5%
5%
45%
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Jan-14
CENTRAL BANK'S INTERVENTIONS
NBG sold $916.1mn in 2020
(of which US$ 42.9mn out
200
of FX auction)
174
100
50
40
20
09.09
Jan-20
Feb-20
Mar-20
Apr-20
Apr-20
May-20
May-20
Jun-20
Jun-20
Jul-20
Aug-20
Sep-20
Sep-20
Oct-20
OZ-120
Nov-20
OZ-ARN
Dec-20
Dec-20
120
80
50
40 40
Jan-21
IZ-Upc
Feb-21 8
Mar-21
LOAN AND DEPOSIT DOLLARISATION
Apr-14
Aug-14
Dec-14
Apr-15
Aug-15
Nov-15
Mar-16
Jul-16
Loan dollarization
Nov-16
Mar-17
Jun-17
Oct-17
Feb-18
Jun-18
Oct-18
Jan-19
May-19
Sep-19
83
Source: NBG
NBG sold $354.9mn in 2021
(of which US$ 22.Omn out of
FX auction)
60
30
Apr-21
Apr-21
May-21
May-21
Jun-21
Jul-21
301-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Source: NBG
75%
70%
65%
60.0%
60%
55%
50%
Jan-20
May-20
Sep-20
Dec-20
Apr-21
Deposit dollarization
50.6%
45%
Aug-21
Dec-21
52View entire presentation