Investor Presentaiton
…so FX reserves rose, while inflows funded investment
FX reserves, $ mln
2500
2000
2003-2009
CAGR 48.6%
Fx reserves
FX/M2
1.7
1.7
1500
0.8
0.8
1.1
1.0
1.3
1000
0.8
US$0.93 bn
US$1.48 bn
US$0.49 bn
US$ 1.36 bn
500
US$0.38 bn
US$0.19 bn
US$ 2.11 bn
Record high
for Georgia
2.0
1.8
1.6
1.4
1.5
US$ 2.20 bn
1.2
1.0
0.8
US$ 1.86 bn
0.6
0.4
22
0.2
0
2003
0.0
2004
2005
2006
2007
2008
2009
Mar '10
Jun-10
NBG Interventions
Inflation
NBG Interventions
-Average Lari/US$
140
16
600.0
2.5
115.7
14
432.4
120
101.6
105.9
106.0
108.3
12
10.0%
400.0
100
2.0
200.0
880
8.89
11.0%
107.9 10
8.2%
8
9.2%
9.2%
3.7%
156.7
197.0
5.5%
5.8%
'6
124.0
60
1.5
6.2%
4
0.0
(42.9)
2004
2005
2006
2007
2008
2009
Mar '10
Jun-10
40
2.8%
2
(200.0)
2.2%
0
(182.7)
1.0
20
0
(400.0)
(341.2)
0.5
(600.0)
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Mar-10
Jun-10
(660.8)
(800.0)
0.0
Real effective rate, Jan05-100 (LHS)
CPI (e-o-p)
CPI (average)
Loka
Source: National Bank of Georgia, Ministry of Finance of Georgia
BANK OF GEORGIA
www.bog.ge/ir
September 2010
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