Investor Presentaiton
180
160
140
120
100
80
60
40
20
0
Dec-12
Mar-13
Jun-13
Sep-13
EUR/GEL
Jan-14
Apr-14
Jul-14
Oct-14
Floating exchange rate - policy priority
200
120
150
100
60
60.
100
4040
4040
40
27202020,
50
0
☐
-50
-100
-80
-150
-120
-200
-15
-40
-20
63
-70
-140
Jan-15
Central Bank's interventions
Sources: NBG
250 220
NBG purchased US$ 20mn in
April 2018
Sources: NBG
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
■NBG monthly net interventions US$ mn
Bilateral exchange rate indices (Dec2012= 100)
Sources: NBG
Dec-13
Mar-14
Jun-14
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-
RUB/GEL
TRY/GEL
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
USD/GEL
0
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
40
-40
Apr-18
20
US$ purchase
US$ sale
Jan-18
180
80
160
140
75
120
70
100
80
65
60
40
60
20
50
Jan-11
55
Mar-11
May-11
Jul-11
Sep-11
TT-AON
Mar-12
vay
ST-IDC
Loan dollarization
Jan-14
Jan-03
Aug-03
Mar-04
Oct-04
May-05
Dec-05
90-Inr
Feb-07
Sep-07
Apr-08
Jan-2003 100
Nov-08
REER (Jan 2003=100)
Dollarization ratios
Source: NBG
Nov-15
Jan-16
Mar-16
May-16
66
or-das
Deposit dollarization
Jan-17
Mar-17
May-17
Jul-17
Sep-17
ΛΟΝ
Jan-18
Mar-18
50
Page 70
60-unr8
Real effective exchange rate (REER)
Jan-10
Aug-10
Mar-11
Oct-11
May-12
Dec-12
Jul-13
Feb-14
Linear (REER (Jan 2003-100))
Sep-14
Apr-15
Nov-15
Jun-16
Jan-17
Aug-17
Mar-18
80
75
70
65
60
55
155
145
135
125
115
105
95
85
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