Portfolio and Acquisitions Summary 2019
3700
3200
2700
2200
1700
1200
700
200
-300
-800
Jan-05
May-05
Sep-05
90-uer
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
Sep-10
Jan-11
Official Reserve Assets, US$ mln
Net Foreign Assets, US$ mln
Nonperforming loans to total gross loans, latest 2019
Sources: IMF
1.6%
Georgia
Poland
Romania
Armenia
Bulgaria
Kazakhstan
Moldova
1.9%
2.2%
4.0%
4.1%
4.6%
5.0%
5.4%
5.7%
7.6%
7.6%
8.6%
10.0%
10.2%
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
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
112223334445556669998
May-18
Sep-18
Jan-19
May-19
Sep-19
Prudent monetary policy ensures macro-financial stability
International reserves
Sources: NBG
Monetary policy rate
GEORGIA
CAPITAL
NBG gradually increased its refinancing rate by 250 basis points up to 9%, aiming to alleviate
inflationary pressures due to the NEER depreciation and negative expectations
30%
25%
20%
15%
10%
5.50%
5%
0%
Armenia
Georgia
Russia
Sources: NBG
3700
3200
14
2700
12
2200
10
1700
1200
700
200
-300
2086420
Jan-08
May-08
Sep-08
Jan-09
May-09
Sep-09
Jan-10
May-10
Sep-10
Jan-11
May-11
Monetary policy rate remains low vs. peers
Sources Central banks
End-2017
End-2018
End-2019
9.00%
6.25%
12.00%
9.25%
9.00%
Turkey
Kazakhstan
Belarus
Ukraine
Azerbaijan
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Sep-11
Jan-12
May-12
Sep-12
3.50%
7.50%
Jan-13
May-13
Sep-13
Jan-14
May-14
Sep-14
Jan-15
May-15
Sep-15
Jan-16
May-16
Sep-16
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
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