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11% 10% 9% 8% 7% 6% 5% Jan-16 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Sep-17 Dec-17 Mar-18 Jun-18 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Jan-14 May-14 Aug-14 Dec-14 Dec-14 INTERNATIONAL RESERVES International reserves at US$ 3.9bn in 7M21, up 0.8% y/y Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Apr-17 Aug-17 Aug-17 Dec-17 Apr-19 Apr-18 Aug-18 Dec-18 Dec-18 Apr-19 Aug-19 Dec-19 MONETARY POLICY RATE NBG increased policy rate by 200bps to 10.0% in 2021 (50bps in March, +100bps in April and +50bps in August) Sep-18 Dec-18 Mar-19 May-19 Aug-19 Nov-19 Feb-20 May-20 Aug-20 Nov-20 Feb-21 May-21 Aug-21 Gross international reserves, US$ mn INTERNATIONAL RESERVES AT ADECUATE LEVEL Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Source: NBG 75% 11% 10.0% 10% 70% 9% 65% 8% 60% 7% 55% 6% 50% 5% 45% Jan-14 Apr-14 Aug-14 Dec-14 Mar-15 Jul-15 Nov-15 Mar-16 Loan dollarization Jun-16 Oct-16 Feb-17 May-17 Sep-17 Jan-18 Source: NBG Jan-14 May-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 CENTRAL BANK'S INTERVENTIONS 250 220 NBG sold US$ 257.4mn in 7M21 200 US$ sale 200 174 100 120 120 150 100 80 83 100 40 40 2720 60 60 40 50 40 32.8 20 087 50 -15 -85 о -50 -20-20 -40 -20 -30 -100 US$ purchase 3 -25 -65 08- -30 -150 -200 -70 -120 -101 -140 Apr-16 Aug-16 LOAN AND DEPOSIT DOLLARISATION May-18 Aug-18 Dec-18 Apr-19 Jul-19 Nov-19 Mar-20 Deposit dollarization Dec-16 Apr-17 Aug-17 Dec-17 Apr-18 Aug-18 Dec-18 NBG net interventions, US$ mn Apr-19 Aug-19 Dec-19 Mar-20 Source: NBG 75% 70% 60.0% 65% 60% 55% 52.4% 50% 45% Jul-20 Oct-20 Feb-21 Jun-21 Jul-20 Nov-20 Mar-21 Jul-21 Source: NBG 53

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