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GEL-Denominated Deposits Shrink by 380 million GEL Year on Year

GEL-Denominated Deposits Shrink by 380 million GEL Year on Year

In March 2016, as compared to the previous month of February, GEL-denominated deposits at Georgian commercial banks declined by 14 million GEL and the volume decreased by 380 million GEL year on year.

Foreign currency denominated deposits in March 2016 rose by 0.6 million USD. The month on month growth made up 679 million USD. The deposits dollarization coefficient made up 71.8%. A year ago the dollarization coefficient marked 65.2%. In whole, foreign currency denominated deposits mark 11 billion GEL and GEL-denominated deposits account for 4.3 billion GEL.

According to the April 1, 2016 indicators, the averaged annual interest rate on USD-denominated deposits made up 3.6%, while the figure stood at 4.5% a year ago. The average weighted interest rate on GEL-denominated deposits made up 9%, while the figure stood at 7.4% a year ago.