Portfolio Valuation and Ameriabank Acquisition Update
USD BLN
EXTERNAL INFLOWS* EXCLUDING RUSSIA CONTINUE TO INCREASE
*External inflows include merchandise exports, remittances and tourism inflows.
Georgia Capital PLC | Source: Geostat, NBG
1Q18
2Q18
3Q18
4Q18
1Q19
2Q19
3Q19
4Q19
1Q20
2Q20
3Q20
4Q20
1Q21
2Q21
3Q21
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
2Q23
3Q23
4Q23
I Inflows from Others
Inflows from Russia
Inflows from Others, YoY % (RHS)
4,500
80%
3.6
- USD/GEL
4,000
3.4
60%
3,500
3.2
40%
Z3,000
3.0
Σ 2,500
20%
2.8
2,000
2.6
0%
1,500
2.4
-20%
1,000
2.2
500
-40%
2.0
0
-60%
1.8
208
IMPROVED EXTERNAL POSITION
TOTAL FX INFLOWS INCREASED BY 6.4% Y-O-Y AND AMOUNTED US$ 14.3 BLN IN 2023
GEORGIA
CAPITAL
CURRENT ACCOUNT DEFICIT HAS NARROWED SIGNIFICANTLY AS FDI CONTINUES TO
FULLY FINANCE THE DEFICIT
61
16
Export of goods
Money Transfers
Tourism revenues
⚫ Total FX Inflows
Goods, net
Services, net
14.3
13.5
28%
Current transfers, net
- Current account
Investment income, net
FDI, inflows
14
12
10
20
4.1
18%
3.5
10.1%
6.2%
8.8
8%
8.2
7.8
6.8
4.1
4.4
3.3
5.8
1.2
-2%
5.2
5.4
3.2
10
6
2.7
2.3
-12%
-5.5%
1.7
4
1.9
2.1
1.6
1.9
-8.0% -6.7% -5.8%
-4.5%
-3.2% -2.6%
-10.3%
-9.6%
1.4
1.1
1.2
5.6
6.1
P-11.9% 11.2%
-10.0%
-11.6%-12.2%
-12.4%
2
3.4
3.8
4.2
-22%
3.3
2.2
2.1
2.7
0
-32%
2015
2016
2017
2018
2019
2020
2021
2022
2023
9M22 9M23
Nov-15
Feb-16
May-16
Aug-16
Nov-16
Feb-17
May-17
Aug-17
Nov-17
Feb-18
May-18
Aug-18
Nov-18
Feb-19
May-19
Aug-19
Nov-19
Feb-20
May-20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
APPRECIATING SINCE MID-2021, BRIEFLY INTERRUPTED AFTER THE WAR, GEL HAS
NOW STRENGTHENED TO ABOVE PRE-PANDEMIC LEVELS AGAINST US$
Aug-20
Nov-20
Feb-21
May-21
Aug-21
Nov-21
Feb-22
2.77
May-22
Aug-22
Nov-22
Feb-23
May-23
Aug-23
Nov-23
Feb-24
75
73
3.46
3.40
2.64View entire presentation