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					                                                                                              Monetary Indicators by Years and Months

                                                                                                               2011

                                                            I             II            III               IV             V              VI   VII   VIII   IX   X   XI   XII

          Money Outside Banks (M0) (Thousands GEL)        1,248,359.6   1,224,545.7   1,183,231.8

          M1- Narrow Money (Thousands GEL)                2,151,096.7   2,140,046.1   2,102,855.4

          Reserve Money (Thousands GEL)                   2,226,103.8   2,430,168.1   2,311,380.8

          M2 -Broad Money (Thousands GEL)                 2,568,897.1   2,559,175.0   2,520,699.1
   2011




          M3 -Broad Money (Thousands GEL)                 6,074,712.8   6,038,254.8   6,011,808.5

          M2 Dollarization Coefficient, %                       72.6           72.3             72.3

          M2 multiplier                                         1.15           1.05             1.09
          Official International Reserves (Thousands US   2,413,276.2   2,519,379.8   2,717,701.3
          dollars)
          Refinancing Rate (Monetary Policy Rate), %            7.50           8.00             8.00

Source: National Bank of Georgia.
                                                                                              Monetary Indicators by Years and Months

                                                                                                               2010
                                                            I             II            III               IV             V                VI            VII           VIII            IX             X             XI              XII
          Money Outside Banks (M0) (Thousands GEL)        1,132,677.4   1,142,394.3   1,186,814.5       1,219,754.7   1,234,320.6       1,269,456.3   1,315,057.3    1,334,414.6    1,306,716.8    1,302,946.8    1,280,023.0    1,372,988.7
          M1- Narrow Money (Thousands GEL)                1,753,117.9   1,830,727.4   1,935,658.2       1,998,815.2   1,985,316.9       2,049,132.2   2,117,393.7    2,128,383.5    2,107,206.2    2,129,592.9    2,233,818.2    2,325,877.2
          M2 -Broad Money (Thousands GEL)                 2,026,738.6   2,108,242.5   2,222,579.8       2,303,195.1   2,280,475.3       2,356,083.4   2,442,874.0    2,462,680.3    2,467,855.3   2,514,414.2    2,615,904.1    2,738,628.1
   2010



          M3 -Broad Money (Thousands GEL)                 3,502,441.3   3,543,215.9   3,605,212.0       4,880,978.9   4,906,868.1       5,103,377.3   5,754,689.2    5,821,978.5    5,872,446.7   5,890,780.0    5,856,348.2    6,275,726.5
          M2 Dollarization Coefficient, %                        74.5          72.7          71.3              70.4          71.5              71.7          74.6           74.9           74.6          73.6           70.8           72.1
          M2 multiplier                                          1.18          1.17          1.25              1.25          1.27              1.30          1.32           1.32           1.26          1.26           1.32            1.3
          Official International Reserves (Thousands US
                                                          2,106,204.0   2,046,269.1   2,199,234.1       2,116,174.0   1,957,092.3       1,864,408.9   1,947,257.3    1,948,646.7    2,110,240.5    2,143,452.4   2,243,098.1     2,263,931.0
          dollars)
          Refinancing Rate (Monetary Policy Rate), %            5.00           5.00             5.00           5.00          5.00              6.25           6.50           6.50          7.00          7.50           7.50             7.50
Source: National Bank of Georgia.
                                                                                              Monetary Indicators by Years and Months

                                                                                                               2009
                                                            I             II            III               IV             V                VI            VII          VIII           IX             X             XI              XII
          Money Outside Banks (M0) (Thousands GEL)         996,266.1     966,188.1     968,646.2        1,027,410.3   1,011,612.6       1,026,754.2   1,081,585.4   1,090,988.3   1,101,248.4    1,110,999.4    1,100,695.6    1,229,436.1

          M1- Narrow Money (Thousands GEL)                1,510,305.7   1,443,127.1   1,459,710.9       1,532,970.7   1,505,476.4       1,545,742.2   1,606,383.6   1,646,896.7   1,729,704.7    1,739,228.4    1,749,267.5    1,859,325.1
          M2 -Broad Money (Thousands GEL)                 1,721,403.4   1,644,894.6   1,650,536.5       1,703,650.9   1,679,462.7       1,723,653.6   1,796,195.0   1,850,550.6   1,932,951.0   1,966,403.0    2,004,754.8    2,139,451.9
   2009



          M3 -Broad Money (Thousands GEL)                 4,045,248.1   3,921,734.0   3,725,642.2       3,553,415.0   3,571,732.1       3,646,503.6   3,802,869.0   4,020,235.0   4,153,117.0   4,287,392.0    4,264,626.6    4,656,774.6
          M2 Dollarization Coefficient, %                        76.2          77.0          75.3              73.2          73.9              73.4          73.7          74.1          72.8          73.1           71.4           73.4
          M2 multiplier                                           1.3           1.1           1.1               1.1           1.0               1.0           1.0           1.0           1.1           1.1            1.1            1.1
          Official International Reserves (Thousands US   1,335,830.4   1,269,325.9   1,493,108.1       1,476,027.7   1,530,375.5       1,518,203.7   1,632,579.5   1,788,341.4   2,009,955.6    2,030,508.6   2,052,635.6    2,110,413.5
          dollars)
          Refinancing Rate (Monetary Policy Rate), %              8.0           7.0           6.5               6.0           6.0               6.0           6.0           6.0           6.0            6.0           5.0            5.0
Source: National Bank of Georgia.
                                                                                                                                         Monetary Indicators by Years and Months


                                                                                                                                                             2008
                                                                                        I                     II                   III                 IV                   V                   VI              VII           VIII            IX             X             XI              XII
          Money Outside Banks (M0) (Thousands GEL)                                   1,045,933.8           1,075,494.8          1,132,135.7         1,232,825.0          1,192,989.6         1,239,022.2      1,299,022.5    1,256,293.3    1,204,893.2    1,159,088.3    1,064,777.0    1,082,554.0
          M1- Narrow Money (Thousands GEL)                                           1,784,314.4           1,735,897.5          1,873,615.5         1,972,955.2          1,908,847.4         1,936,815.8      2,030,338.5    1,913,182.2    1,895,346.6    1,829,330.5    1,636,515.3    1,625,245.4
          M2 -Broad Money (Thousands GEL)                                            2,047,753.8           2,081,520.4          2,276,128.0         2,380,825.6          2,333,668.0         2,432,518.3      2,529,779.0    2,294,428.0    2,280,434.0   2,190,228.0    1,926,784.9    1,862,498.0
          M3 -Broad Money (Thousands GEL)                                            4,056,922.0           3,993,356.3          4,075,932.1         4,333,892.0          4,206,603.2         4,234,084.4      4,373,549.0    3,941,205.0    4,017,809.0   3,936,563.0    3,966,081.8    4,305,126.0
          M2 Dollarization Coefficient, %                                                   66.9                  65.5                 61.2                63.0                 62.2                60.2             60.0           61.4           61.8          62.9           70.3           75.8
   2008




          M2 multiplier                                                                      1.3                   1.2                  1.3                 1.3                  1.3                 1.3              1.3            1.3            1.2           1.3            1.3            1.1
          Official International Reserves (Thousands US
                                                                                     1,218,381.0           1,245,880.8          1,421,920.0         1,910,253.8          1,497,582.7         1,526,134.6      1,464,749.4    1,122,855.8    1,373,330.2    1,272,102.0   1,339,757.5    1,480,157.6
          dollars)
          7 Days Deposit Certificate Rate*, %                                                 10.0                  11.0                   11.0              12.0                 12.0                 12.0           12.0           11.0

          Refinancing Rate (Monetary Policy Rate), %                                                                                                                                                                                               10.0          10.0            9.0             8.0
          * Including 20th August 2008 for setting on Monetary Policy Rate was used 7 Days Deposit Certificate, After this date the Monetary policy Rate was determined by 7-days Refinancing Rate .

Source: National Bank of Georgia.
                                                                                                    Monetary Indicators by Years and Months


                                                                                                                     2007

                                                            I               II                III               IV                V             VI              VII              VIII               IX                 X                XI                 XII
          Money Outside Banks (M0) (Thousands GEL)         743,860.8       755,503.4         765,376.0         786,906.0         823,848.0     856,423.0       913,705.0         949,535.0         956,649.4         993,026.0        1,012,029.4       1,152,070.4
          M1- Narrow Money (Thousands GEL)                1,211,045.0     1,212,087.9       1,262,143.7       1,320,366.7       1,402,941.0   1,470,834.4     1,593,930.6       1,676,080.8       1,710,087.3       1,733,547.8       1,804,391.5       1,846,576.2
          M2 -Broad Money (Thousands GEL)                 1,304,141.5     1,316,009.7       1,372,487.0       1,464,488.0       1,544,770.0   1,655,771.0     1,791,198.0       1,874,078.0       1,937,605.7       2,003,664.5       2,089,027.7       2,149,311.1
   2007




          M3 -Broad Money (Thousands GEL)                 2,613,986.8     2,753,554.1       2,705,882.0       2,895,427.0       2,999,459.0   3,281,910.0     3,442,747.0       3,650,827.0       3,748,029.1       3,836,583.7       3,931,101.3       4,027,468.7
          M2 Dollarization Coefficient, %                        70.0            71.9              68.7              67.9              66.9          67.0            65.3              65.8              64.9              64.5              63.1              65.6
          M2 multiplier                                           1.1             1.1               1.2               1.1               1.1           1.2             1.2               1.2               1.2               1.3               1.3               1.2
          Official International Reserves (Thousands US     944,569.4       986,716.1       1,018,970.6       1,054,278.4       1,114,160.5   1,220,729.5     1,336,062.5       1,360,970.2       1,469,799.6       1,510,431.1       1,355,160.6       1,361,139.9
          7 Days
          dollars)Deposit Certificate Rate*, %                   10.0 -                 -                 -                 -                         5.0 -                 -                 -                 -                 -                 -
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                              Monetary Indicators by Years and Months


                                                                                                                2006
                                                            I             II            III                IV                V             VI            VII           VIII           IX             X            XI             XII
          Money Outside Banks (M0) (Thousands GEL)         685,795.4     692,107.8     712,598.2          717,900.5         715,216.7     733,340.9     749,753.6      756,052.7     776,625.0     758,865.6     743,278.2     827,357.2
          M1- Narrow Money (Thousands GEL)                  976,370.6     970,864.1     997,749.9        1,054,176.7       1,055,258.5   1,148,225.6   1,142,990.3    1,134,805.2   1,166,920.6   1,138,510.4   1,116,456.1   1,267,151.2
          M2 -Broad Money (Thousands GEL)                 1,055,535.1   1,057,216.6   1,092,520.0        1,147,522.5       1,158,489.6   1,258,674.0   1,255,727.6    1,260,433.3   1,279,668.4   1,247,728.8   1,242,778.3   1,392,848.6
   2006




          M3 -Broad Money (Thousands GEL)                 1,956,060.8   1,986,756.6   2,023,117.3        2,187,069.2       2,185,566.5   2,307,292.9   2,346,358.9    2,397,622.3   2,448,024.2   2,468,321.9   2,524,548.6   2,689,886.7
          M2 Dollarization Coefficient, %                        70.9          71.8          71.0               70.8              69.9          66.6          68.3           69.3          69.9          71.4          72.0          69.6
          M2 multiplier                                           1.1           1.0           1.1                1.1               1.1           1.2           1.1            1.1           1.1           1.1           1.0           1.1
          Official International Reserves (Thousands US    477,387.0     462,352.8     483,457.6          479,645.1         525,209.3     546,894.2     569,710.2      596,495.8     630,472.2     628,326.3     715,014.4     930,833.4
          dollars)
          7 Days Deposit Certificate Rate*, %                   10.7            8.0              4.3 -                 -                         6.4           10.0           9.0          11.5          12.3          11.9            12.0
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                                  Monetary Indicators by Years and Months

                                                                                                                   2005
                                                                I             II            III               IV             V                VI            VII          VIII           IX             X            XI             XII
          Money Outside Banks (M0) (Thousands GEL)             577,768.1     601,686.0     613,121.0         644,084.1      628,245.6        640,134.5     668,163.2     686,582.4     689,613.6     702,862.5     688,231.3     736,284.2
          M1- Narrow Money (Thousands GEL)                      759,223.5     784,735.9     792,235.9         832,882.0     814,057.3         857,458.1     882,181.5     929,476.2     928,983.2     952,923.7     958,514.2     999,740.8
          M2 -Broad Money (Thousands GEL)                       787,579.8     809,440.3     818,035.9         861,120.2     847,808.6         894,494.9     921,353.1     972,659.4     987,143.5   1,018,411.7   1,043,038.6   1,071,038.6
          M3 -Broad Money (Thousands GEL)
   2005




                                                              1,443,562.8   1,484,313.8   1,512,412.3       1,601,587.3   1,599,309.3       1,643,987.7   1,697,074.9   1,781,527.1   1,824,446.6   1,883,967.2   1,921,280.6   1,924,918.7
          M2 Dollarization Coefficient, %                            75.8          76.5          77.2              77.3          77.4              74.7          75.4          73.9          73.8          73.3          71.2          71.8
          M2 multiplier                                               1.0           1.0           1.0               1.0           1.0               1.0           1.0           1.0           1.1           1.1           1.1           1.1
          Official International Reserves (Thousands US         408,265.0     405,450.9     384,368.2         463,997.3     455,404.3         442,635.4     426,159.7     453,374.0     450,574.5     442,442.2     477,938.6     478,645.8
          7 Days Deposit Certificate Rate*, %             -                         4.3           5.0               4.3           2.6               2.9           4.7           5.1           5.0           7.7          10.8          11.5
          Refinancing Rate (Monetary Policy Rate), %

Source: National Bank of Georgia.
                                                                                               Monetary Indicators by Years and Months


                                                                                                                2004
                                                            I              II            III               IV             V                VI              VII              VIII           IX             X            XI             XII
          Money Outside Banks (M0) (Thousands GEL)         416,332.6      422,558.6     436,985.3         436,871.0      451,379.5        470,243.5       480,328.8         510,526.4     541,939.5     539,511.7     542,182.4     615,992.5
          M1- Narrow Money (Thousands GEL)                  501,911.6      521,804.9     537,116.9         533,560.3     559,305.9         582,367.5       611,973.4         657,604.5     694,710.3     698,248.7     714,399.5     819,487.7
          M2 -Broad Money (Thousands GEL)                   513,560.9      544,126.2     552,861.5         546,482.3     571,696.7         597,947.7       627,453.9         677,741.3     716,231.2     718,157.4     736,892.2     847,168.8
          M3 -Broad Money (Thousands GEL)                 1,092,703.1    1,095,956.6   1,131,582.7       1,112,748.1   1,188,717.9       1,196,799.5     1,268,681.2       1,284,761.7   1,334,850.4   1,355,724.7   1,381,492.6   1,521,573.4
   2004




          M2 Dollarization Coefficient, %                        85.6           81.9          83.3              83.8          83.7              82.4            81.3              78.4          78.0          78.1          76.8          74.5
          M2 multiplier                                           0.9            0.9           0.9               0.9           0.9               0.9             1.0               0.9           0.9           0.9           0.9           1.0
          Official International Reserves (Thousands US
                                                           193,920.9      196,811.5     212,514.4         217,948.4      236,483.5        276,240.7       284,092.9         343,688.4     365,243.4     348,545.0     381,574.1     386,639.1
          dollars)
          7 Days Deposit Certificate Rate*, %                   18.2 -                           16.2           16.0          15.8              13.6 -                 -                         6.0           4.0           3.9            3.1
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                        Monetary Indicators by Years and Months


                                                                                                         2003
                                                          I           II          III               IV             V              VI            VII          VIII            IX             X            XI             XII
          Money Outside Banks (M0) (Thousands GEL)        365,056.6   376,396.3   372,834.2        390,263.0      382,292.4       374,884.9     398,084.5    416,448.5      411,734.9     434,622.4     430,534.1     441,535.5
          M1- Narrow Money (Thousands GEL)                439,148.7   446,347.0   438,444.1        453,926.7      451,003.8       441,446.8     472,289.4     493,182.1      491,882.5     515,727.0     503,195.6     516,920.8
          M2 -Broad Money (Thousands GEL)                 449,558.5   457,237.6   448,274.1        463,945.4      460,598.6       450,671.6     482,732.8     504,174.1      504,981.8     525,660.2     514,011.5     527,559.0
          M3 -Broad Money (Thousands GEL)                 885,176.6   900,948.4   893,164.7        920,235.9      935,816.6       933,594.0     987,081.3   1,037,299.0    1,062,130.5   1,076,711.5   1,057,537.0   1,068,850.5
   2003




          M2 Dollarization Coefficient, %                      83.8        84.6        85.5             86.1           85.9            86.4          85.6          85.9           85.7          85.8          86.7          86.3
          M2 multiplier                                         0.9         0.9         0.9              0.9            0.9             0.9           0.9           0.9            0.9           0.9           0.9           0.9
          Official International Reserves (Thousands US
                                                          194,129.4   193,695.6   190,301.1        182,095.4      188,031.3       188,868.3     189,158.1    200,204.8      197,358.7     193,613.6     194,104.2     196,187.8
          dollars)
          7 Days Deposit Certificate Rate*, %                  14.0        17.0           16.7           15.1 -                        14.9 -                       15.0          14.0          12.4          22.2            21.1
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                                    Monetary Indicators by Years and Months

                                                                                                                     2002
                                                              I               II              III               IV             V               VI              VII             VIII        IX             X          XI           XII
          Money Outside Banks (M0) (Thousands GEL)            344,638.0       352,034.2       346,286.3        347,515.6       346,735.6       345,150.0       351,042.5       362,621.2   355,732.4     359,237.1   365,916.1   390,791.1
          M1- Narrow Money (Thousands GEL)                    392,037.5       398,369.6       396,792.4        399,922.8       402,303.6       394,158.9       406,864.6       419,524.4   408,467.2     420,521.5   425,559.4   452,844.5
          M2 -Broad Money (Thousands GEL)                     401,133.5       407,300.1       406,329.4        409,786.2       412,392.8       405,126.4       416,480.8       431,041.8   420,825.8     429,933.6   434,912.0   462,397.5
   2002



          M3 -Broad Money (Thousands GEL)                     741,062.6       751,848.6       763,448.0        764,324.0       756,675.3       773,970.5       787,373.1       812,403.5   805,142.0     803,684.8   830,343.2   870,222.2
          M2 Dollarization Coefficient, %                          85.7            86.2            85.6             85.1            84.0            86.0            85.0            84.8        85.5          84.1        85.1        85.1
          M2 multiplier                                             0.9             0.9             0.9              0.9             0.9             0.9             0.9             0.9         0.9           0.9         0.9         0.9
          Official International Reserves (Thousands US       154,673.7       153,156.0       148,933.4        143,590.7       145,319.0       146,717.1       180,817.6       186,466.4   182,356.5     197,532.4   198,790.8   202,167.4
          dollars)Deposit Certificate Rate*, %
          7 Days                                          -               -               -               -                -               -               -               -                    31.0 -                    22.8        19.8
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                          Monetary Indicators by Years and Months

                                                                                                           2001
                                                          I           II            III               IV             V               VI          VII           VIII            IX            X           XI               XII
          Money Outside Banks (M0) (Thousands GEL)        290,252.5   290,543.4     294,918.1        297,770.0       297,557.8       300,508.8   322,334.1     330,427.9       321,781.7   330,359.9     330,479.7       348,850.3
          M1- Narrow Money (Thousands GEL)                339,563.6   338,023.1     337,982.7        340,830.3       344,678.1       353,687.6   374,205.8     381,766.1       374,034.1   387,333.8     390,439.1       394,230.2
          M2 -Broad Money (Thousands GEL)                 345,768.7   343,799.1     345,956.7        348,114.9       353,302.6       363,212.6   384,107.9     392,073.0       384,631.3   397,284.8     399,948.7       403,960.4
   2001



          M3 -Broad Money (Thousands GEL)                 591,000.9   585,157.6     600,462.4        607,931.3       614,095.2       640,904.4   658,530.8     689,897.6       694,112.5   720,703.5     712,142.7       737,990.4
          M2 Dollarization Coefficient, %                      41.5        41.2          42.4             42.7            42.5            43.3        41.7          43.2            44.6        44.9          43.8            45.3
          M2 multiplier                                         0.9         0.9           1.0              1.0             1.0             0.9         0.9           0.9             0.9         1.0           1.0             0.9
          Official International Reserves (Thousands US   117,389.3   113,225.5     119,586.8        121,784.3       119,100.5       120,539.9   126,621.6     130,230.1       132,446.6   132,843.9     141,314.2       161,939.3
          7 Days Deposit Certificate Rate*, %                   5.3         6.0 -               -                -               -                     5.0 -               -                     6.0 -               -
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                        Monetary Indicators by Years and Months

                                                                                                         2000
                                                          I           II          III               IV             V              VI          VII          VIII          IX           X          XI             XII
          Money Outside Banks (M0) (Thousands GEL)        227,517.6   225,111.1   233,925.5        241,513.4      231,348.5       234,619.5   257,144.3    263,272.6     269,520.3   267,000.3   268,216.8     315,179.1
          M1- Narrow Money (Thousands GEL)                261,442.7   264,490.9   275,756.2        274,317.1      272,348.1       272,940.8   302,322.1    312,850.4     316,232.5   325,736.1   326,301.9     369,092.4
          M2 -Broad Money (Thousands GEL)                 268,680.2   272,065.1   283,232.4        283,137.6      280,462.5       281,270.5   312,638.3    323,590.8     325,788.0   334,592.0   334,958.6     379,716.8
          M3 -Broad Money (Thousands GEL)
   2000



                                                          426,891.2   433,085.7   447,078.3        455,676.7      469,942.4       474,201.9   521,422.3    546,447.1     566,064.9   568,186.1   572,470.0     607,697.1
          M2 Dollarization Coefficient, %                      79.4        77.4        76.9             80.6           79.4            80.5        79.0         78.7          81.0        77.6        78.1          77.9
          M2 multiplier                                         0.9         0.9         0.9              0.9            1.0             1.0         1.0          1.0           1.0         1.0         1.0           1.0
          Official International Reserves (Thousands US   127,367.0   123,076.7   130,480.6        114,521.7      114,339.3       122,316.1   114,808.1    124,763.9     130,775.8   127,639.0   129,982.6     115,965.9
          dollars)
          7 Days Deposit Certificate Rate*, %                  26.9        23.0           18.3           14.3          14.0            18.0         16.2          14.0        13.5         8.2         5.4 -
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                        Monetary Indicators by Years and Months

                                                                                                         1999
                                                          I           II          III               IV             V              VI          VII          VIII          IX           X          XI           XII
          Money Outside Banks (M0) (Thousands GEL)        226,874.6   220,651.0   206,901.0        212,913.0      214,654.1       211,622.8   226,182.3    240,099.6     240,910.9   259,112.9   234,347.3   243,996.6
          M1- Narrow Money (Thousands GEL)                264,258.0   254,101.5   241,680.2        246,765.5      250,174.4       247,201.5   261,996.1    274,091.7     277,552.8   296,340.9   269,061.8   274,916.6
          M2 -Broad Money (Thousands GEL)                 273,739.5   264,822.9   251,502.3        254,470.7      259,467.5       255,005.8   269,705.7    281,335.4     284,497.0   302,813.9   275,851.0   282,610.9
   1999



          M3 -Broad Money (Thousands GEL)                 402,131.3   415,990.5   398,643.4        389,549.8      400,827.6       407,739.2   409,332.6    430,513.9     433,353.0   448,692.1   435,808.3   436,593.0
          M2 Dollarization Coefficient, %                      73.3        77.4        76.7             76.5           75.9            77.9        76.2         78.3          77.4        76.9        79.4        80.0
          M2 multiplier                                         1.0         1.0         1.0              1.0            0.9             1.0         1.0          0.9           0.9         0.9         0.9         0.9
          Official International Reserves (Thousands US   235,736.4   118,214.3   113,702.3        104,680.3      101,655.0       102,242.3    98,782.6    177,176.2     178,434.1   170,948.7   166,861.4   144,363.9
          dollars)Deposit Certificate Rate*, %
          7 Days                                               40.0        32.5           32.4           32.0          32.9            31.5         30.6          29.0        28.3        27.0        27.3        27.0
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                        Monetary Indicators by Years and Months

                                                                                                         1998
                                                          I           II          III               IV             V              VI          VII          VIII          IX            X          XI            XII
          Money Outside Banks (M0) (Thousands GEL)        214,530.7   210,752.5   211,810.4        219,749.5      221,466.1       220,694.2   233,626.7    230,411.3     198,859.4   183,578.8   168,783.8     212,185.0
          M1- Narrow Money (Thousands GEL)                256,525.3   255,306.6   253,122.2        261,879.9      264,382.3       265,306.3   275,384.5    279,543.3     238,350.1   215,997.1   196,090.8     250,224.0
          M2 -Broad Money (Thousands GEL)                 274,085.7   271,974.3   269,708.7        278,267.1      279,494.8       281,170.7   290,726.1    294,085.3     252,002.5   228,501.2   207,101.8     259,801.5
          M3 -Broad Money (Thousands GEL)                 356,404.9   357,700.1   357,759.4        366,641.9      375,346.8       379,148.8   388,500.7    394,644.5     345,015.5   320,765.8   295,096.6     364,869.9
   1998




          M2 Dollarization Coefficient, %                      58.0        58.3        60.3             60.2           62.3            61.8        63.1         61.2          63.6        67.3        69.7          68.8
          M2 multiplier                                         1.1         1.1         1.0              1.0            1.0             1.0         1.0          1.0           1.0         1.0         1.0           1.0
          Official International Reserves (Thousands US
                                                          190,635.2   179,733.7   172,546.9        168,808.6      157,813.6       140,659.3   124,542.1    164,124.8     133,741.6   120,222.9    97,828.8     132,881.2
          dollars)
          7 Days Deposit Certificate Rate*, %                  35.9        24.2           36.9           32.1          27.0            15.9         22.3          18.9        35.3        52.0        72.0 -
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                        Monetary Indicators by Years and Months

                                                                                                         1997
                                                          I           II          III               IV             V              VI          VII          VIII          IX           X          XI           XII
          Money Outside Banks (M0) (Thousands GEL)        160,374.7   157,924.8   158,215.1        171,225.6      166,288.4       168,531.0   183,949.7    194,723.2     202,260.7   205,446.6   209,062.0   239,690.6
          M1- Narrow Money (Thousands GEL)                197,441.3   190,438.2   195,793.8        205,044.9      202,864.7       202,106.1   222,022.0    242,019.3     248,172.5   249,795.5   253,847.6   277,751.8
          M2 -Broad Money (Thousands GEL)                 206,743.5   200,554.7   207,559.0        218,569.7      215,814.3       215,270.6   235,437.4    254,971.3     263,642.3   261,744.3   267,432.7   294,862.6
   1997



          M3 -Broad Money (Thousands GEL)                 241,540.1   236,960.5   246,400.1        259,620.7      256,417.6       262,262.5   283,806.2    311,484.6     324,970.0   329,038.7   338,546.6   370,361.8
          M2 Dollarization Coefficient, %                      42.9        46.1        44.0             46.4           45.1            50.1        48.4         48.4          50.0        54.4        54.9        57.8
          M2 multiplier                                         1.0         1.0         1.0              1.0            1.0             1.0         1.1          1.0           1.1         1.0         1.1         1.1
          Official International Reserves (Thousands US   166,561.9   146,899.8   136,594.5        157,422.5      136,572.1       130,022.8   129,051.0    127,464.4     129,441.4   171,584.3   204,871.4   201,708.7
          dollars)Deposit Certificate Rate*, %
          7 Days                                               14.2        16.0           16.0           16.0          16.0 -                       21.3          20.9        13.8        15.6        19.7        33.1
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.
                                                                                        Monetary Indicators by Years and Months

                                                                                                         1996
                                                          I           II          III               IV             V              VI          VII          VIII          IX            X          XI          XII
          Money Outside Banks (M0) (Thousands GEL)        120,330.8   117,944.8   120,039.0        123,071.0      126,072.1       130,458.0   145,654.0    160,651.5     171,144.7   184,666.2   195,797.5   176,733.1
          M1- Narrow Money (Thousands GEL)                144,247.3   142,632.6   144,437.5        152,587.3      155,593.0       166,718.4   180,456.7    197,081.1     211,750.3   221,889.6   234,092.1   212,442.1
          M2 -Broad Money (Thousands GEL)                 149,661.3   148,213.1   150,261.5        158,469.5      161,533.3       173,124.3   186,976.8    204,246.4     218,761.2   229,853.3   241,794.6   220,744.5
          M3 -Broad Money (Thousands GEL)                 169,648.1   171,092.3   171,776.4        179,044.8      186,655.0       200,012.1   213,637.8    233,015.7     249,688.2   262,096.7   276,843.7   255,744.5
   1996




          M2 Dollarization Coefficient, %                      40.5        43.0        41.6             36.8           41.5            38.7        39.2         39.8          39.4        41.6        43.2        44.3
          M2 multiplier                                         1.0         1.0         1.0              1.0            1.0             1.0         1.0          1.0           1.0         1.0         1.0         1.1
          Official International Reserves (Thousands US   187,670.6   171,785.8   196,635.9        177,920.3      168,932.3       196,010.8   192,815.0    184,186.6     160,507.3   182,898.4   161,904.8   191,373.4
          dollars)
          7 Days Deposit Certificate Rate*, %                  25.1        34.2           46.4           44.9          43.2            27.3         16.2          15.2        14.3        13.0        13.7        13.0
          Refinancing Rate (Monetary Policy Rate), %
Source: National Bank of Georgia.

				
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