“Liberty”, one of the leading banks of Georgia, decalres, that they will sustain the rate on the loans (issued in the national currency), which are tied to NBG’s refinancing rate.
Despite the fact, that NBG has increased monetary policy rate by 0.5% up to 4,5%, Liberty will leave the rate on the same index to the clients on the loans, which are tied to this rate. “Respectively, loan service price will not be grown for the borrowers, who have loans denominated in GEL “, – the bank declares.
However, “TBC Bank”, “Bank of Georgia” and “VTB Bank Georgia” have already announced about the annual rate increase by 0.5% on the variable rate loans unlike “Liberty”.
NBG conducts review of the monetary policy 8 times in a year. To note, the rate has been on 4% point through a year before the final increase. Therefore, the rate has been grown up to 4% in February 2014, the growth has made up 0,25%.
Monetary Policy Committee of NBG has declared on the last session, held on February 11, that as of the current forecast, if other shocks, impacting on the economy, are not revealed, monetary policy rate will be within 5% before the end of 2015.