Tracking Georgia's Economic Recovery
Jan-16
Mar-16
Jun-16
Sep-16
0.0
4.0
3.0
2.0
1.0
Jan-14
Apr-14
Aug-14
Dec-14
Mar-15
Jul-15
Nov-15
Feb-16
Dec-17
Apr-18
Aug-18
Nov-18
Mar-19
Jul-19
INTERNATIONAL RESERVES SUFFICIENT TO FINANCE MORE THAN
3 MONTHS OF IMPORTS
INTERNATIONAL RESERVES
Source: NBG
CENTRAL BANK'S INTERVENTIONS
61
Source: NBG
■Gross international reserves, US$ bn
MONETARY POLICY RATE
Source: NBG
10%
NBG cut policy rate three times this year - by 50bps
in April, by 25bps in June and by 25bps in August
75%
10%
8.0%
70%
8%
8%
65%
60%
6%
6%
55%
50%
4%
4%
Nov-16
Feb-17
May-17
Aug-17
Oct-17
Jan-18
Apr-18
Jul-18
Sep-18
Dec-18
Mar-19
May-19
Aug-19
Nov-19
Feb-20
Apr-20
Jul-20
Oct-20
Jan-14
Apr-14
Aug-14
Loan dollarization
Oct-19
Feb-20
Jun-20
Sep-20
Jan-14
Apr-14
Aug-14
Nov-14
300
220
NBG sold US$ 721.2mn during Mar - 2 Nov 2020
200
US$ sale
120
100
200
60
120
100
40
0+7
40
27 60
20
100
60 40
40
32.8 201 40
O
ul-15
-85
-40
-100
-200
-20-40
-20-20
-30
08-
US$ purchase
-63
-25 -65
-70
-30
-120
-101
-140
NBG net interventions, US$ mn
LOAN AND DEPOSIT DOLLARISATION
Feb-18
May-18
Sep-18
# Dec-18
Apr-19
Deposit dollarization
Jul-19
Nov-19
Feb-20
Sep-18
Jan-19
Apr-19
Aug-19
Dec-19
Mar-20
Jul-20
Oct-20
Source: NBG
75%
70%
61.6%
65%
60%
56.9% 55%
50%
Jun-20
Sep-20View entire presentation