Management Target and Financial Overview
...so FX reserves rose, while inflows funded investment
FX reserves, $ mln
Record high
for Georgia
2003-2009
2500
CAGR 48.6%
2000
Fx reserves
FX/M2
1500
1.3
1.1
1.0
1000
0.8
0.8
US$0.93 bn
US$1.48 bn
0.8
US$0.49 bn
US$ 1.36 bn
500
US$0.38 bn
US$0.19 bn
0
2003
2004
2005
2006
2007
NBG Interventions
1.9
1.8
US$ 2.11 bn
2.5
2.0
US$ 2,20 bn
1.5
1.0
0.5
555
0.0
2008
2009
Mar '10
Inflation
NBG Interventions
Average Lari/US$
140
16
600.0
2.5
113.5
14
432.4
120
103.3
103.2
103.8
109.8
12
10.0%
400.0
100
2.0
11.0%
10
8.2%
8.8%
8
200.0
80
9.2%
9.2%
6
156.7
124.0
1.5
0.0
(42.9)
2004
2005
2006
2007
2008
2009
Mar '10
(200.0)
(182.7)
(400.0)
(341.2)
(600.0)
(660.8)
(800.0)
0.0
155
5.5%
60
60
6.2%
3.0%
4
2
40
1.0
20
0
1.7% 0
-2
-4
0.5
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Real effective rate, Jan05=100 (LHS)
CPI (e-o-p)
CPI (average)
Source: National Bank of Georgia, Ministry of Finance of Georgia
Loka
BANK OF GEORGIA
www.bog.ge/ir
April 2010
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