International Investment Position of Georgia
As of 31 December 2014, the net international investment position (IIP) of Georgia amounted to -17.1 billion USD (-31.9 billion GEL), which is 103.6 percent of Georgia's GDP. This figure has decreased by 1.0 billion USD (1.8 billion GEL) compared to the fourth quarter of 2013, and by 95.9 million USD (172.9 million GEL) compared to the previous quarter. Transactions and other changes were negative during the quarter, while price changes and exchange rate changes were positive. Total international assets amounted to 6.1 billion USD (11.4 billion GEL) as of 31 December 2014. Reserve assets comprise 44.0 percent of total international assets; other investments comprise 30.2 percent; direct investment abroad stood at 24.7 percent; and 1.1 percent is made up of portfolio investment and financial derivatives. A total of 20.1 percent of international assets consist of currency and deposits (currency and deposits of reserve assets are excluded); 6.7 percent consist of trade credits; and 3.2 percent are loans. Reserve assets decreased by 2.0 million USD (3.6 million GEL) during the quarter. By the end of December 2014, reserve assets amounted to 2.7 billion USD (5.0 billion GEL). A total of 34.9 million USD (65.0 million GEL) of the net quarterly changes of reserve assets was transactions, 0.8 million USD (1.5 million GEL) was price changes, and -37.6 million USD (-70.1 million GEL) was a result of exchange rate changes.
By the end of the 4th quarter of 2014 total liabilities amounted to 23.3 billion USD (43.3 billion GEL), which is a 1.1 billion USD (2.0 billion GEL) increase on the annual base and a 51.3 million USD (92.5 million GEL) increase on the quarterly base. Liabilities to direct investors increased by 349.1 million USD (650.7 million GEL) from transactions in the third quarter of 2014. Price changes and other changes were positive but exchange rate changes were negative -439.3 million USD (-818.8 million GEL) during the quarter. Total liabilities to direct investors decreased by 49.7 million USD (92.7 million GEL) and amounted to 12.2 billion USD (22.8 billion GEL). Portfolio investment liabilities decreased by 90.0 million USD (162.4 million GEL) during the quarter and amounted to 2.2 billion USD (4.1 billion GEL). Out of the total portfolio investment liabilities 532.3 million USD (992.0 million GEL) consist of the Georgian government's Eurobonds, 829.3 million USD (1.5 billion GEL) are Public Enterprises Bonds. Treasury bills and Treasury notes bought by non-residents, totaling 19.5 million USD (36.3 million GEL), are included in this component.
In the fourth quarter other investments liabilities increased by 191.1 million USD (344.6 million GEL) and amounted to 8.8 billion USD (16.4 billion GEL) by the end of fourth quarter 2014. Out of that amount, loans comprise 6.7 billion USD (12.4 billion GEL). Monetary authorities' loans decreased by 5.2 million USD (9.3 million GEL) compared to the previous quarter and amounted to 42.6 million USD (79.4 million GEL). External liabilities of the general government grew by 132.8 million USD (239.6 million GEL) during the quarter. Other long term loans (excluding IMF credits and loans) increased by 112.1 million USD (202.3 million GEL). Transactions of the IMF credits outstanded comprised 22.4 million USD (41.8 million GEL). The liabilities of the banking sector decreased by 81.3 million USD (146.7 million GEL) during the reporting quarter and totaled 1.2 billion USD (2.2 billion GEL) at the end of the quarter. External liabilities of other sectors decreased by 29.9 million USD (54.0 million GEL) during the fourth quarter and amounted to 1.8 billion USD (3.3 billion GEL) as of 4th December 2014. The liabilities of currency and deposits declined by 81.9 million USD (147.8 million GEL) compared to the previous quarter and made up 1.0 billion USD (1.9 billion GEL).
By the end of December 2014, other long term liabilities of the National Bank of Georgia amounted to 208.6 million USD (388.7 million GEL), which is the allocation of Special Drawing Rights (SDR).
The presented statistical information is published on the website of the National Bank of Georgia under the heading "Statistics": https://www.nbg.gov.ge/index.php?m=304