Tracking Georgia's Economic Recovery
Jan-14
Apr-14
Aug-14
Nov-14
FX RESERVES
FLOATING EXCHANGE RATE - POLICY PRIORITY
5.0 1.42
1.30
1.36
1.6
1.31
1.25
1.23 1.24
1.26
1.16
1.29
1.4
130
4.0
1.03
1.2
120
3.8
3.0
3.5
1.0
110
3.3
2.8 2.9 2.8
3.0
0.8
100
2.0
2.7
2.8
2.5
0.6
90
2.3
3
0.4
1.0
0.2
70
0.0
0.0
2015
Official FX reserves, US$ bn
―― M2 multiplier
M2 AND ANNUAL INFLATION
40%
30%
20%
10%
0%
-10%
Mar-15
Jun-15
Oct-15
Jan-16
-M2, % change, y/y (LHS)
May-16
Aug-16
Dec-16
Mar-17
Jul-17
Oct-17
Feb-18
May-18
May-18
Sep-18
81-das
Dec-18
Apr-19
Apr-17
Jul-19
Nov-19
Feb-20
Jun-20
Annual inflation, eop (RHS)
Sep-20
Source: NBG
Jan-14
Apr-14
Aug-14
NOCENT
Nov-14
Mar-15
Jun-15
Source: NBG
M2 AND USD/GEL
8%
40%
6%
30%
4%
20%
2%
10%
0%
0%
appreciation
-2%
-10%
Jan-14
Apr-14
Aug-14
Nov-14
Mar-15
Jun-15
Oct-15
Oct-15
Jan-16
May-16
Aug-16
Dec-16
-M2, % change, y/y (LHS)
Mar-17
Jul-17
NOMINAL AND REAL EFFECTIVE EXCHANGE RATE
(JAN2014=100)
Sep-15
Seper
Jan-16
Apr-16
Nominal effective exchange rate
GEL/USD, % change, y/y (RHS)
Oct-17
Feb-18
May-18
Sep-18
Dec-18
Apr-19
Jul-19
Nov-19
Feb-20
꾸 Jun-20
Sep-20
Aug-16
Nov-16
Mar-17
Jun-1
Oct-17
Jan-18
May-18
Aug-18
Dec-18
Mar-19
Oct-19
Real effective exchange rate
Source: NBG
130
120
-0.4% y/y
110
90
-0.7% y/y
8៩៩៩៩
100
Feb-20
May-20
Sep-20
depreciation
Source: NBG
40%
30%
20%
10%
0%
-10%
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