Georgia Capital Shareholder and Market Opportunity Overview
90
100
110
120
130
US$ Purchase
US$ sale
Sources: NBG
150
140
03/Jan/20
16/Jan/20
29/Jan/20
11/Feb/20
24/Feb/20 -
Central Bank's interventions
Sources: NBG
250
200
150
100
50
0
NBG maintains a declaration of active intervention policy to provide liquidity
100
40
20
50
33
20
20
T
I
09
-50
-20
-20
-18
-40
-30
-20
-30
-100
-150
-25
-70
-20
20
-50
-65
-85
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
FLOATING EXCHANGE RATE - POLICY PRIORITY
GEORGIA
CAPITAL
NBG has sold $1.12 billion since March 2020 up to April 2021 on
the foreign exchange market
Sep-18
Nov-18
■Net Monthly Interventions, $ mn
Exchange rate indices (1 January=100)
USD/BYR
08/Mar/20
21/Mar/20
03/Apr/20
16/Apr/20
29/Apr/20
12/May/20
25/May/20
07/Jun/20
20/01/20
20/Jun/20
03/Jul/20
16/Jul/20
29/Jul/20
11/Aug/20
USD/GEL
24/Aug/20
06/Sep/20
19/Sep/20
02/Oct/20
15/Oct/20
28/Oct/20
USD/UAH
Jan-19
Mar-19
May-19
Jul-19
200
174
120
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
80
50
4040
83
US$ Sales
US$ Purchase
Net interventions
873
873
287
300
243
113
287
280
100
243
-130
-198
2
-52
-200
-278
-130
-198
2014
2015
2016
2017
2018
2019
2020
2021
Dollarization ratios
Source: NBG
⚫ USD/TRY
USD/RUB
Both deposit and loan dollarization jumped in March on the back of the pandemic and
GEL depreciation, but have declined since then
10/Nov/20
23/Nov/20
06/Dec/20
19/Dec/20
01/Jan/21
14/Jan/21
27/Jan/21
09/Feb/21
22/Feb/21
07/Mar/21
20/Mar/21
02/Apr/21
15/Apr/21
28/Apr/21-
50
45
252525252
40
90
85
Loan dollarization
Deposit dollarization
80
75
70
65
60
Jan-05
Jun-05
Nov-05
Apr-06
Sep-06
Feb-07
Jul-07
Dec-07
May-08
Oct-08
Mar-09
Aug-09
Jan-10
Jun-10
Nov-10
Apr-11
Sep-11
Feb-12
Jul-12
Dec-12
May-13
Oct-13
Mar-14
Aug-14
Jan-15
Jun-15
Nov-15
Apr-16
Sep-16
Feb-17
Jul-17
Dec-17
May-18
Oct-18
Mar-19
Aug-19
Jan-20
Jun-20
Nov-20
79
65
60
55
50
45
40
SOGEFOR
90
85
80
75
70View entire presentation