Bank of Georgia Financial Snapshot and Loan Portfolio Quality
GEL supported by sustained FX inflows, tight monetary
policy and improved sentiments
Currency movements vs. US$, 12/31/2022 - 7/31/2023
6.3%
3.7% 3.3%
2.6% 2.0% 0.0%
-0.2% -0.5% -3.3% -24.6% -44.0%
MDL
KZT
EUR
GEL
AMD
BYN
AZN
UAH
UZS
RUB
TRY
GEL real effective exchange rate
140
140
REER (Jan 2014 = 100)
REER 3-year moving average
130
130
120
120
110
100
Адат
90
80
110
100
90
80
Feb-14
Jun-14
Oct-14
Source: NBG
Note: +/- means appreciation/depreciation of the corresponding currencies
Feb-15
Jun-15
Oct-15
Feb-16
Jun-16
Oct-16
Feb-17
Jun-17
Oct-17
Feb-18
Jun-18
Oct-18
Feb-19
Jun-19
Oct-19
Feb-20
Jun-20
Oct-20
Feb-21
Jun-21
Oct-21
Feb-22
Jun-22
Oct-22
Feb-23
Jun-23
GEL remained strong in the first half of the
year gaining an additional 2.6% against the
US dollar during 7M23 on top of a 12.5%
appreciation in 2022
The Georgian currency is supported by strong
external earnings, tight monetary policy and
improved sentiments
GEL is expected to maintain its current
position, backed by robust external inflows
and positive growth outlook
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