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Bank of Georgia

Georgian Commercial Banks Reduced Credit Lending This Year — BPN

Commercial banks reduced credit lending – BPN reports based on the National Bank’s October review.

The document shows that in October 2015 the amount of lending in the economy by commercial banks reduced by 12 billion 500 million lari compared to the previous month and amounted to 15 billion 350 million. In addition, annual growth in loans portfolio stood at 33%.

According to the National Bank, the loan portfolio growth was largely due to the revaluation of loans in foreign currency as a result of the lari depreciation. Excluding the exchange rate effect, the annual growth in loans was 10%.

That’s all for business news this hour, Tune in for more at 3:10 pm.