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40% 30% 20% 10% 0% -10% Jan-14 Apr-14 Aug-14 FX RESERVES FLOATING EXCHANGE RATE - POLICY PRIORITY Source: NBG 5.0 1.55 1.8 1.42 1.30 1.36 1.31 1.6 4.0 1.25 1.23 1.24 1.27 1.16 1.29 1.4 1.03 4.3 3.9 1.2 3.0 3.5 3.3 1.0 2.0 2.8 2.9 2.8 2.7 3.0 2.8 0.8 2.5 2.3 0.6 1.0 0.4 0.2 0.0 0.0 I Official FX reserves, US$ bn M2 multiplier M2 AND ANNUAL INFLATION Dec-14 Apr-15 Aug-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 M2, % change, y/y (LHS) Jan-19 May-19 Sep-19 Jan-20 Annual inflation, eop (RHS) Source: NBG 20% 40% 15% 30% 10% 20% 5% 10% 0% 0% -5% -10% May-20 Sep-20 Dec-20 Apr-21 Aug-21 Dec-21 Jan-14 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Nov-15 Mar-16 Jul-16 Jan-14 Apr-14 Aug-14 ៩ 8 ៖ ៩ ៩ ៩ ៩ 100 120 130 Nov-14 Mar-15 Jun-15 Oct-15 Jan-16 M2 AND USD/GEL M2, % change, y/y (LHS) NOMINAL AND REAL EFFECTIVE EXCHANGE RATE (JAN2014=100) May-16 Aug-16 Real effective exchange rate GEL depreciation Dec-16 Apr-17 Jul-17 Nov-17 GEL appreciation Jun-18 Oct-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Dec-20 Apr-21 Aug-21 GEL/USD, % change, y/y (RHS) Dec-21 Feb-18 Jun-18 Sep-18 Jan-19 Apr-19 Aug-19 Dec-19 Source: NBG 130 120 +17.9% y/y 110 +20.4% y/y 70 Nominal effective exchange rate Mar-20 Jul-20 Oct-20 Feb-21 May-21 Sep-21 Dec-21 Source: NBG 40% 30% 20% 10% 0% -10% 08 06 100 53

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