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There is No Problems with Excessive Debts on the Market

Today there is no problem with excessive debts on the Georgian market, Archil Bakuradze, head of the supervisory board of Crystal microfinance organization told BM.GE. The sector needs reasonable regulations, however, in case of maximum restrictions, new threats will arise on the market, he said.

“Number of insolvent clients and families does not give ground for panics. The market is healthy and there is no problem with excessive debts. For example, the market of physical bodies – the situation goes better here, because top margin of interest rates and new regulations were introduced and so on. We think nothing more should be done in this case, however, reasonable regulations will foster the market in the future. As to future threats, naturally collapse threats exist for any banking sector. Therefore, the finance sector should be very strong and it will not cause crediting crisis”, he said.