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60% 50% 40% 30% 20% 10% 0% -10% FX RESERVES FLOATING EXCHANGE RATE - POLICY PRIORITY Source: NBG 5.0 1.42 1.30 1.36 1.25 1.31 1.35 1.6 130 1.23 1.24 1.27 1.16 1.29 1.4 4.0 120 1.03 1.2 3.0 3.9 3.9 110 3.5 1.0 3.3 2.8 2.9 2.8 3.0 0.8 100 2.0 2.7 2.8 2.5 2.3 0.6 90 1.0 0.4 80 0.2 0.0 0.0 70 M2 AND ANNUAL INFLATION -M2, % change, y/y (LHS) Official FX reserves, US$ bn M2 multiplier Jun-16 Oct-16 Feb-17 Sep-17 Jan-18 May-18 Dec-18 Apr-19 Nov-19 Mar-20 Annual inflation, eop (RHS) NOMINAL AND REAL EFFECTIVE EXCHANGE RATE (JAN2014-100) Source: NBG Jan-14 Apr-14 Z Jul-14 Nominal effective exchange rate Nov-14 Feb-15 Jun-15 Sep-15 Jan-16 Apr-16 Aug-16 Nov-16 Mar-17 Jun-17 Source: NBG M2 AND USD/GEL 40% 12% 10% 30% 8% 20% 6% 4% 10% 2% 0% 0% -2% -10% Jun-21 M2, % change, y/y (LHS) Sep-17 Jan-18 Apr-18 Aug-18 Nov-18 Mar-19 Jun-19 Oct-19 130 120 -1.2% y/y 110 100 90 +1.9% y/y 80 70 Jan-20 Apr-20 Aug-20 Nov-20 Mar-21 Jun-21 Real effective exchange rate Ая Apr-19 Jul-19 Nov-19 Mar-20 Jul-20 Oct-20 Feb-21 Jun-21 GEL/USD, % change, y/y (RHS) Source: NBG 40% 30% 20% 10% 0% -10% 54

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