Investor Presentaiton
48%
38%
28%
18%
8%
-2%
GEL Loans, y/y
FX Loans, y/y (w/o exchange rate effect)
FLOATING EXCHANGE RATE - POLICY PRIORITY
Loans by currencies
Sources: NBG
In parallel with the rebound in economic activity, both GEL and FX loans have started to increase since
April, supporting GEL appreciation, with FX loan acceleration further aided by monetary tightening
Dollarization ratios
Source: NBG
Both deposit and loan dollarization have fallen since May-June 2021, in parallel with GEL
appreciation
Dec-16
Mar-17
Jun-17
USD/BYR
Exchange rate indices (1 January=100)
Sources: NBG
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
USD/GEL
Mar-19
Jun-19
170
160
150
140
130
120
110
100
90
03-Jan-20
28-Jan-20
22-Feb-20
18-Mar-20
12-Apr-20
07-May-20
01-Jun-20
21-Jul-20
26-Jun-20
15-Aug-20
09-Sep-20
04-Oct-20
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
USD/UAH
- USD/TRY
USD/RUB
سلم
155
145
29-Oct-20
23-Nov-20
18-Dec-20
12-Jan-21
06-Feb-21
03-Mar-21
28-Mar-21
135
125
115
11-Jun-21
22-Apr-21
17-May-21
06-Jul-21
31-Jul-21
25-Aug-21
19-Sep-21
14-Oct-21
105
95
08-Nov-21
85
May-03
90
85
80
75
70
60
50
565544
40
Jun-05
Nov-05
Apr-06
Sep-06
Feb-07
Jul-07
Dec-07
May-08
Oct-08
Loan dollarization
Deposit dollarization
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
Apr-21
Sep-21
Real (REER) and nominal (NEER) effective exchange rates
REER and NEER have been appreciating since May
Source: NBG
REER (Jan 2003=100)
NEER (Jan 2003=100)
Oct-03
Mar-04
Aug-04
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
Apr-21
Sep-21
155
145
135
125
115
105
ཤྰཐྭཧཤྩ ༄ ཤྩ ཤྩ。
95
85
87
90
80
75
70
28565544
60
50
40
GEORGIA
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