Bank of Georgia Financial Overview
Controllable CAD and strong FDI & donor inflows
High, but well capitalised CAD. Low domestic savings rate at 8.6% of GDP. Remittances and FDI cover CAD.
FX reserves
FX rate (US$/GEL)
US$bn
1.7
2.8
3.0
2.8
1.8
1.5
1.6
2.5
1.3
2.3
1.90
2.1
1.1
1.4
2.0
1.0
1.85
1.3
1.2
0.8
0.8
0.8
1.5
1.4
1.0
1.80
1.5
0.8
0.9
1.75
1.0
0.6
0.4
0.5
1.70
0.4
0.5 0.2
0.2
1.65
0.0
0.0 1.60
2003 2004 2005 2006 2007
Official reserve assets
Source: National Bank of Georgia
Current account deficit
2008
2009 2010 2011 Mar-12
Reserve Assets/M2
15-May-10
15-Jun-10-
15-Jul-10-
15-Aug-10
15-Sep-10-
15-Oct-10-
15-Nov-10-
15-Dec-10-
15-Jan-11
15-Feb-11
15-Mar-11
15-Apr-11
15-May-11-
Source: National Bank of Georgia
CPI
US$ mln
4,000
20%
15%
3,000
10%
7%
8%
3%
3%
10%
2,000
3%
2,377
4%
10%
2%
2%
2,561
1,503
649
1,663
507
1,000
894
571
0%
393
177
942
1,093
658
830
0
7709
262
276
5%
-1,217
-354
-384
-1,175 -2,009
-2,912
-1,337
-1,000
-1,645 -10%
-10%
-11%
-2,000
-11%
-15%
-11% -11%
0%
-20%
-3,000
-20%
-23%
-4,000
-30%
-5%
2003
2004
2005 2006
2007
2009 2010E 2011F
Dec-'05
Donor inflows (DI)
CAD
CAD+TPCI+DI as % of GDP
Source: NBG, Ministry of Finance, Bank of Georgia estimates
2008
Total private capital inflows (TPCI)
CAD as % of GDP
BANK OF GEORGIA
www.bogh.co.uk
www.bankofgeorgia.ge/ir
Dec-'06
Dec-'07
CPI (e-o-p, trailing 12 months)
Source: National Bank of Georgia
Dec-'08
15-Jun-11
15-Jul-11 -
15-Aug-11-
10% appreciation over
past 24 months
15-Sep-11-
15-Oct-11
15-Nov-11-
15-Dec-11
15-Jan-12
15-Feb-12-
Dec-'09
Dec-'10
Dec-'11
CPI (average, trailing 12 months)
May 2012
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