Bank of Georgia Earnings and Strategy Update
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
14%
12%
10%
8%
6%
4%
2%
0%
-2%
Jan-14
May-14
Sep-14
Jan-15
May-15
Oct-15
Feb-16
Jun-16
Oct-16
Feb-17
Jul-17
Nov-17
Headline inflation
MONETARY POLICY RATE
ANNUAL INFLATION
FISCAL AND MONETARY POLICY
Mar-18
Jul-18
Nov-18
Apr-19
Aug-19
Dec-19
Apr-20
Aug-20
Jan-21
May-21
Sep-21
Jan-22
© Core inflation
11%
NBG increased policy rate by 250bps to 10.5% in 2021
(+50bps in March, +100bps in April, +50bps in August and
3.5
10.5% 11%
3.0
+50bps in December)
10%
10%
2.5
9%
9%
2.0
8%
8%
1.5
7%
7%
1.0
0.5
6%
6%
0.0
5%
5%
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Jan-14
May-14
Sep-14
Source: NBG
Jan-15
May-15
Oct-15
Feb-16
Jun-16
Oct-16
Feb-17
Jul-17
Source: Geostat
13.9%
14%
12%
130
10%
120
8%
110
6%
100
5.6%
4%
90
2%
0%
80
-2%
70
Jan-14
Apr-14
Aug-14
Nov-14
Mar-15
Jun-15
Oct-15
Jan-16
May-16
Real effective exchange rate
INTERNATIONAL RESERVES
4.0
International reserves at US$ 4.1bn in Jan-22
Nov-17
Mar-18
Gross international reserves, US$ mn
Jul-18
Jul-18
Nov-18
Nov-18
Apr-19
Apr-19
Aug-19
Dec-19
Dec-19
Apr-20
Apr-20
Aug-20
Aug-20
Jan-21
May-21
Sep-21
Jan-22
Aug-16
Dec-16
Apr-17
Jul-17
NOMINAL AND REAL EFFECTIVE EXCHANGE
RATE (JAN2014=100)
Nov-17
Feb-18
Jun-18
Sep-18
Jan-19
Apr-19
Aug-19
Dec-19
Mar-20
Jul-20
Oct-20
Feb-21
May-21
Sep-21
Dec-21
Nominal effective exchange rate
Source: NBG
Source: NBG
130
120
+17.9% y/y
110
+20.4% y/y
70
08
06
100
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