Bank of Georgia Financial Analysis

BANK OF GEORGIA Georgia Azerbaijan Armenia Russia End-2017 ■ End-2018 Euro Armenia Inflation remains low in Georgia Source: National Statistics Offices FLEXIBLE FX REGIME SUPPORTS TO MACRO STABILITY Source: Bloomberg Currency weakening vs. US$ Note: US$ per unit of national currency, period 1-Aug-2014- 30-Jan-2019 Moldova 25% 30% 20.3% 20% 25% 20% 15% 9.8% 15% 10% 5.3% 5.6% 4.3% 10% 5% 6.00% 1.7% 1.8% 1.5% 5% 0% 0% Kazakhstan Belarus Ukraine Turkey Armenia Georgia Russia Georgia 59.2% 52.0% 52.1% 53.9% 55.5% 45.3% 34.7% 14.5% 16.3% 18.7% Russia Belarus Kazakhstan Azerbaijan Ukraine Turkey Monetary policy rate low vs. peers End-2017 End-2018 Source: Central banks 7.00% 7.75% 9.25% 9.75% 10.00% Kazakhstan Azerbaijan 52 42 Belarus Turkey ☐ Ukraine 24.00% 18.00%

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