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Commercial Banks Earn 205.6 million GEL Profits from Currency Exchange Operations in 2017

GEL emerged as one of the most volatile currencies in the region in 2017. Last year the national currency depreciated and appreciated several times.

Naturally, this volatility made negative affect on business, raised public discontent and citizens urged the National Bank to take radical measures. Experts asserted that the national currency volatility was profitable for only the banking sector. 

Official statistics also proves that the banking system earns significant profits from GEL exchange rate depreciation. Namely, according to reports by commercial banks, The sector’s revenues from currency exchange operations made up 206 674 869 GEL. 

In the third quarter of 2017, the figure marked 157 632 053 GEL. This signifies that only in the fourth quarter commercial banks earned 49 million GEL from currency exchange operations, up 31% quarter on quarter.

TOP 5 commercial banks in terms of profits from currency exchange operations in 2017:

1 — TBC Bank — 80 384 176 GEL
2— Bank of Georgia — 74 969 554 GEL
3 — VTB Bank — 16 131 272 GEL
4— ProCredit Bank — 9 847 475 GEL
5— Terrabank — 6 934 863 GEL