International Investment Position of Georgia
As of 30 September 2014, the net international investment position (IIP) of Georgia amounted to -16.9 billion USD (-29.6 billion GEL), which is 102.1 percent of Georgia's GDP. This figure has decreased by 1.1 billion USD (1.8 billion GEL) compared to the third quarter of 2013, and by 192.1 million USD (336.7 million GEL) compared to the previous quarter. Transactions, price changes and other changes were negative during the quarter, while exchange rate changes were positive. Total international assets amounted to 6.1 billion USD (10.8 billion GEL) as of 30 September 2014. Reserve assets comprise 44.0 percent of total international assets; other investments comprise 30.3 percent; direct investment abroad stood at 24.6 percent; and 1.1 percent is made up of portfolio investment and financial derivatives. A total of 21.1 percent of international assets consist of currency and deposits (currency and deposits of reserve assets are excluded); 6.6 percent consist of trade credits; and 2.4 percent are loans. Reserve assets grew by 203.0 million USD (355.8 million GEL) during the quarter. By the end of September 2014, reserve assets amounted to 2.7 billion USD (4.7 billion GEL). A total of 264.0 million USD (462.7 million GEL) of the net quarterly changes of reserve assets was transactions, -0.2 million USD (-0.3 million GEL) was price changes, and -60.8 million USD (106.6 million GEL) was a result of exchange rate changes.
By the end of the 3rd quarter of 2014 total liabilities amounted to 23.0 billion USD (40.4 billion GEL), which is a 1.3 billion USD (2.2 billion GEL) increase on the annual base and a 545.6 million USD (956.1 million GEL) increase on the quarterly base. Liabilities to direct investors increased by 507.5 million USD (889.4 million GEL) from transactions in the third quarter of 2014. Price changes, exchange rate changes and other changes all were positive during the quarter. Total liabilities to direct investors increased by 568.1 million USD (995.5 million GEL) and amounted to 12.2 billion USD (21.5 billion GEL). Portfolio investment liabilities increased by 5.7 million USD (9.9 million GEL) during the quarter and amounted to 2.3 billion USD (4.1 billion GEL). Out of the total portfolio investment liabilities 573.7 million USD (1.0 billion GEL) consist of the Georgian government's Eurobonds, 601.9 million USD (1.1 billion GEL) are the Eurobonds of Georgian Railway, and 272.4 million USD (477.3 million GEL) are the Georgian Oil and Gas Corporation's bonds. Treasury bills and Treasury notes bought by non-residents, totaling 18.3 million USD (32.0 million GEL), are included in this component.
In the third quarter other investments liabilities decreased by 28.2 million USD (49.4 million GEL) and amounted to 8.5 billion USD (14.9 billion GEL) by the end of third quarter 2014. Out of that amount, loans comprise 6.6 billion USD (11.5 billion GEL). Monetary authorities' loans decreased by 16.8 million USD (29.4 million GEL) compared to the previous quarter and amounted to 47.7 million USD (83.7 million GEL). External liabilities of the general government grew by 8.1 million USD (14.1 million GEL) during the quarter. Other long term loans (excluding IMF credits and loans) increased by 3.4 million USD (5.9 million GEL). Transactions of the IMF credits outstanded comprised 11.2 million USD (19.6 million GEL). The liabilities of the banking sector increased by 69.9 million USD (122.5 million GEL) during the reporting quarter mainly due to an increase of long term debt liabilities and totaled 1.3 billion USD (2.3 billion GEL) at the end of the quarter. External liabilities of other sectors increased by 8.0 million USD (14.0 million GEL) during the third quarter and amounted to 1.7 billion USD (3.1 billion GEL) as of 30th September 2014. The liabilities of currency and deposits declined by 31.9 million USD (55.9 million GEL) compared to the previous quarter and made up 891.4 million USD (1.7 billion GEL).
By the end of September 2014, other long term liabilities of the National Bank of Georgia amounted to 231.5 million USD (374.1 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