BGEO Group Financial Update
Sources: NBG
FX reserves
Floating exchange rate policy and stronger market fundamentals
US$bn
US$ 2.4 bln reserves as of October 2015
NBG was a net seller of US$247 mln in 10M15
135
130
3.5
1.4
1.4
1.6.
125
3.0
1.3
1.3
1.3 1.4
120
2.5
1.3
1.1
1.2
1.2
2.8
2.9
1.2
2.8
2.7
2.0
1.0
1.0
0.9
2.3
2.1
0.8
1.5
1.0
1.4
1.5
0.6
100
0.4
0.5
0.9
0.2 0.4 0.5
0.2
་ྲ ༅ ་ྲ ༅ ྣ
115
110
105
95
90
0.0
0.0
85
2003
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
FX reserves
M2 multiplier
M2 and annual inflation
70%
50%
30%
10%
-10%
-30%
wtariy
Jan-03
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
M2, % change, y/y (LHS)
Annual inflation, eop (RHS)
Source: NBG
Holding company of BANK OF GEORGIA
BGEO www.bgeo.com
GROUP
November 2015
Sep-05
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
May-12
Sep-12
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
16%
70%
14%
50%
12%
10%
30%
8%
6%
10%
4%
2%
-10%
0%
-30%
-2%
-4%
-50%
-6%
-70%
Jan-03
Jan-03
Sep-03
May-04
Feb-05
Oct-05
Sources: NBG
M2 and USD/GEL
M2 % change, y/y (LHS)
USD/GEL % change, y/y (RHS)
Source: NBG
Jul-06
REER
Mar-07
Dec-07
Aug-08
May-09
Jan-10
Sep-10
Jun-11
Feb-12
Nov-12
Jul-13
Apr-14
Dec-14
Sep-15
May-03
Sep-03
Jan-04
May-04
Sep-04
Jan-05
May-05
Sep-05
Jan-06
May-06
Sep-06
Jan-07
May-07
Sep-07
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Sep-11
Jan-12
Jan-12
May-12
Sep-12
Jan-13
35%
Lari deppriciation
25%
15%
5%
-5%
-15%
Lari appreciation
-25%
May-13
Sep-13
page 60
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
-35%View entire presentation