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Hungary Lithuania Georgia Latvia Turkey Romania Poland Belarus Bulgaria Armenia Croatia Moldova Kazakhstan Russia 2 Apr-08 Aug-08 4 Dec-08 8 6 12 10 Apr-09 Aug-09 Dec-09 0.9% 14 PRUDENT MONETARY POLICY ENSURES MACRO-FINANCIAL STABILITY Monetary policy rate Sources: NBG NBG further increased the monetary policy rate to 10% in August, as inflation is expected to remain higher than the target throughout 2021 Sources: NBG Apr-10 Aug-10 Dec-10 Apr-11 Aug-11 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Nonperforming loans to total gross loans, latest 2021 Sources: IMF Dec-18 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 1.0% 2.3% 3.5% 3.6% 3.9% 4.0% 5.2% 5.6% 6.6% 7.1% 7.2% 8.4% 8.8% Aug-21 4,000 10.00 3,000 2,000 1,000 0 Feb-05 Sep-05 Apr-06 International Reserves International reserves grew by 8.4% y-o-y to reach US$ 3.9 billion by the end of June 2021, although reserves fell by 5.6% m-o-m due to the closing of NBG swaps Official Reserve Assets, US$ mln Net Foreign Assets, US$ mln Nov-06 Jun-07 Jan-08 Aug-08 Mar-09 Oct-09 Monetary policy rate vs peers Sources: Central banks 19.00% 20% End-2019 18% 16% 14% 12% 9.00% 9.50% 10% 8% 6% 4% 2% 0% Georgia Belarus May-10 Dec-10 Jul-11 8.50% Feb-12 Sep-12 Apr-13 Nov-13 Jun-14 Jan-15 End-2020 Latest-2021 6.25% 7.50% Aug-15 Mar-16 Oct-16 May-17 Dec-17 Jul-18 Feb-19 Sep-19 Apr-20 Nov-20 Jun-21 6.50% 5.50% 145 GEORGIA CAPITAL

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