Portfolio and Acquisitions Summary 2019
180
160
140
120
60
40
20
༔ ༔ ą ཤྐ ཎྜ ¥ བླུ °
100
80
Sources: NBG
■NBG monthly net interventions US$ mn
Bilateral exchange rate indices (Dec2012= 100)
Floating exchange rate - policy priority
Central Bank's interventions
Sources: NBG
250 220
200
150
100
50
0
-50
-100
-80
-150
-200
-120
120
4040 4040
شلش
Jan-14
Mar-14
May-14
Jul-14
Sep-14
Nov-14
Jan-15
60
27000
ww
Mar-15
May-15
Jul-15
Sep-15
Nov-15
T
-15
-40
63
-140
NBG purchased $165 million in 1H19,
but sold $92.8 million in 2H19 to curb
negative expectations
60
100
40
لب
-20
-20-30201825-20
-40
-70
33 40
20
-30
-50
85
-65
Jan-16
Mar-16
Jul-16
Sep-16
Nov-16
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19
Mar-19
US$ sale
May-19
Jul-19
Sep-19
E
US$ purchase
Real effective exchange rate (REER)
Sources: NBG
155
145
135
125
115
105
95
85
Jan-03
Jun-03
Nov-03
Apr-04
Sep-04
Feb-05
Jul-05
Dec-05
May-06
Oct-06
Mar-07
Aug-07
Jan-08
Jun-08
Nov-08
Apr-09
GEORGIA
CAPITAL
Sep-09
Feb-10
Jul-10
Dec-10
May-11
Oct-11
Mar-12
Aug-12
Jan-13
Jun-13
Nov-13
Apr-14
Sep-14
Feb-15
Jul-15
Dec-15
May-16
Oct-16
Mar-17
Aug-17
Jan-18
Jun-1
Nov-18
Apr-19
Sep-19
.........Linear (REER (Jan 2003=100))
Flexible exchange rate regime plays a role as a shock-absorber
180
75
160
140
70
120
65
100
60
80
60
55
40
50
20
0
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
EUR/GEL
RUB/GEL
Jul-17
TRY/GEL
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
⚫USD/GEL
Aug-11
REER (Jan 2003=100)
Dollarization ratios
Source: NBG
80
Nov-11
Feb-12
May-12
Aug-12
Nov-12
Feb-13
May-13
Aug-13
Nov-13
Feb-14
May-14
Aug-14
Nov-14
Loan dollarization
Feb-15
May-15
Aug-15
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
May-17
Aug-17
Nov-17
Feb-18
May-18
Aug-18
Nov-18
Feb-19
May-19
Aug-19
Nov-19
Deposit dollarization
Page 67
80
75
70
65
60
55
50
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