Bank of Georgia Growth and Reform Strategy

BANK OF GEORGIA Armenia Azerbaijan Russia Ukraine Belarus Armenia Inflation: Georgia and peers Source: National Statistics Offices Euro Moldova 19.2% 15.1% 16.5% Georgia 30% 25% End-2018 End-2019 20% 15% End-2018 End-2019 25% 20% 11.8% 15% 10% 7.0% 10% 5.4% 6.25% 4.1% 4.7% 5.50% 5% 2.8% 3.0% 5% 0.7% 0% 0% Kazakhstan Georgia Turkey Armenia Russia Azerbaijan Georgia Belarus FLEXIBLE FX REGIME SUPPORTS TO MACRO STABILITY Source: Bloomberg Currency weakening vs. US$ Note: US$ per unit of national currency, period 1-Aug-2014 -31-December-2019 Russia Ukraine Belarus Kazakhstan Azerbaijan 51.0% 52.3% 54.0% 48.2% 42.3% 39.5% Turkey Monetary policy rate: Georgia and peers Source: Central banks 7.50% 9.00% 9.00% 9.25% 12.00% 13.50% Kazakhstan 99 56 Turkey Ukraine 64.1%

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