Fiscal and Loan Portfolio Analysis

...so FX reserves rose, while inflows funded investment FX reserves, $ mn US$ mln 2,000 US$2.03 bn Oct '09 Record high for Georgia 1,500 1,000 500 US$0.19 bn 0 2003 US$0.49 bn US$0.38 bn 2004 2005 US$0.93 bn 2006 US$1.48 bn US$1.36 bn 2007 FX rates: Nominal Lari/US$ and Real effective 160 140 120 100 80 Jan-04 2008 2009 1.2 1.4 1.6 1.8 2.0 2.2 2.4 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Real effective rate, Jan04-100 (LHS) Lari / US$ (RHS) Source: National Bank of Georgia, Ministry of Finance of Georgia Loka BANK OF GEORGIA www.bog.ge/ir March 2010 Page 15

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