Portfolio Overview & Capital Allocation
90
03/Jan/20
100
16/Jan/20
29/Jan/20
110
120
130
140
150
US$ Purchase
US$ sale
0
150
100
50
200
-50
-20
-20
-18
-20
-30
-30
-40
-25
-50
-100
-150
-70
-20
-65
Jan-17
Mar-17
May-17
Jul-17
Sep-17
Nov-17
Jan-18
Mar-18
May-18
Jul-18
Sep-18
Nov-18
Jan-19 00
Mar-19
May-19
Jul-19
USD/GEL
USD/TRY
■Net Monthly Interventions, $ mn
Exchange rate indices (1 January=100)
Sources: NBG
11/Feb/20
24/Feb/20
08/Mar/20
21/Mar/20
03/Apr/20-
16/Apr/20-
29/Apr/20
12/May/20
25/May/20
07/Jun/20
20/Jun/20
03/Jul/20
16/Jul/20
29/Jul/20
11/Aug/20
24/Aug/20
06/Sep/20
19/Sep/20
02/Oct/20
15/Oct/20
USD/RUB
FLOATING EXCHANGE RATE - POLICY PRIORITY
Central Bank's interventions
Sources: NBG
250
NBG has sold $953 million since March 2020 ($873 million in 2020) on the foreign exchange
market and maintains a declaration of active intervention policy to provide liquidity
Real effective exchange rate (REER)
Sources: NBG
135
200
174
120
100
60
40
20
50
33
20
20
T
jilli
130
125
120
80
115
110
105
100
95
90
Sep-19
Nov-19
Jan-20
Mar-20
May-20
Jul-20
USD/UAH
USD/AMD
USD/BYR
50
45
252525252
40
90
85
80
75
70
65
60
28/Oct/20
10/Nov/20
23/Nov/20
06/Dec/20
19/Dec/20
01/Jan/21
14/Jan/21
27/Jan/21
09/Feb/21
Jan-05
Jun-05
Nov-05
Apr-06
Sep-06
Feb-07
20-յոր
Sep-20
Nov-20
Jan-21
85
Jan-03
Aug-03
Mar-04
Oct-04
May-05
Dec-05
90-inc
Feb-07
Sep-07
Apr-08
Nov-08
60-unr
Jan-10
Dollarization ratios
Source: NBG
REER (Jan 2003 100)
Linear (REER (Jan 2003 = 100))
Both deposit and loan dollarization jumped in March on the back of the pandemic and
GEL depreciation, but have declined since then
Loan dollarization
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
Aug-10
Mar-11
Oct-11
May-12
Dec-12
Jul-13
Feb-14
Sep-14
Apr-15
Nov-15
Jun-16
Jan-17
Aug-17
Mar-18
Oct-18
May-19
Dec-19
Jul-20
Deposit dollarization
Feb-17
Jul-17
Dec-17
May-18
Oct-18
Mar-19
Aug-19
Jan-20
Jun-20
Nov-20
80
65
60
55
50
45
40
SOGEFOR
90
85
80
75
70
GEORGIA
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