Bank of Georgia Growth and Reform Strategy
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
Jan-14
Apr-14
BANK OF GEORGIA
Aug-14
Nov-14
Mar-15
Jun-15
Oct-15
Jan-16
May-16
Aug-16
Dec-16
Apr-17
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
Jan-14
Apr-14
Aug-14
Nov-14
Mar-15
Jun-15
Oct-15
Jan-16
May-16
INTERNATIONAL RESERVES SUFFICIENT TO FINANCE MORE THAN
3 MONTHS OF IMPORTS
Gross international reserves, US$ bn
Monetary policy rate
Aug-16
Dec-16
Apr-17
Jul-17
Nov-17
Feb-18
Jun-18
Sep-18
Jan-19
International reserves
Central Bank's interventions
Source: NBG
Source: NBG
250220
US$ sale
NBG purchased US$ 216mn and sold US$ 92.8mn in 2019
200
120
150
100
100
60
60
40 40
27
40
50
20
40
32.8 20
о
-20-20
-20-20
-50
-15
-201
-30
-100
US$ purchase -40
-40
-30-25
63
-70
-80
-65
-150
-101
-120
-140
Apr-19
Aug-19
Dec-19
Source: NBG
Policy rate increased by 250bp in Sep-Dec 2019 to
80%
10%
9.0%
curb GEL depreciation pass-through effect
9%
75%
8%
7%
70%
6%
65%
5%
4%
60%
3%
55%
2%
1%
50%
0%
Jul-17
Nov-17
Feb-18
Jun-18
Sep-18
Jan-19
Apr-19
Aug-19
Dec-19
Jan-14
Apr-14
Jul-14
Nov-14
Feb-15
Jun-15
Sep-15
Loan dollarization
Dec-15
Apr-16
Jul-16
-200
Jan-14
Apr-14
Jul-14
Nov-14
Feb-15
Jun-15
Sep-15
Dec-15
Apr-16
Jul-16
Nov-16
NBG net interventions, US$ mn
Loan and deposit dollarization
Feb-17
Jun-17
Sep-17
Dec-17
Apr-18
Jul-18
Nov-18
Feb-19
May-19
Sep-19
Dec-19
Source: NBG
80%
75%
70%
64.1%
65%
60%
55.1%
55%
Nov-16
Feb-17
Jun-17
Sep-17
Dec-17
Apr-18
Jul-18
Nov-18
Feb-19
May-19
Sep-19
Dec-19
Deposit dollarization
52
42
50%View entire presentation