Economy Annex
FX Reserves and Inflation
FX reserves, $ mln
2500
2000
2003-2009
CAGR 48.6%
Fxreserves
FX/M2
17
1.7
1500
0.8
0.8
1.1
1.0
1000
0.8
US$0.93 bn
US$0.49 bn
500
US$0.38 bn
US$0.19 bn
1.3
US$1.48 bn
US$ 1.36 bn
0
2003
2004
2005
2006
2007
2008
NBG Interventions
2.0
1.7
1.8
1.6
1.4
1.5
US$ 2,20 bn
1.2
1.0
US$ 2.11 bn
US$ 1,95 bn
0.8
0.6
0.4
0.2
0.0
2009
Mar '10
Aug-10
Inflation
NBG Interventions
-Average Lari/US$
140
600.0
2.5
115.7
432.4
120
101.6
105.9
106.0
108.3
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%
5.5%
5.8%
'6
197.0
156.7
124.0
60
1.5
6.2%
0.0
(42.9)
2004
2005
2006
2007
2008
2009
Mar '10
Jun-10
40
2.2%
2.8%
4
2
(200.0)
(182.7)
1.0
20
0
6120 ∞ 6 + NO 24
14
(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
October 2010
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