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Interest on Mortgages Reduced in Georgia

In Georgia, there is a tendency for interest rates on mortgage loans to reduce, but in spite of this, according to the World Bank, the country’s interest on a mortgage is the highest in the region, not to mention developed countries – in Georgia, the interest on the mortgage starts from 9%, while in Europe – an average …

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Development Finance Corporation to be Established instead of Development Bank

The Development Finance Corporation will be established instead of the Development Bank, whichwill be  based on the concept of reform of the Partnership Fund. Minister of Economy, Vice  Prime Minister George Kvirikashvil said  after the today’s Cabinet meetingthat  the draft law had been submitted to Parliament and would   undergo significant changes. The idea of creating the Development Bank belongs to Bidzina  ​​Ivanishvili. In his opinion, the Development Bank …

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Gov’t not to Control Non-core Assets of Banks

The Georgian government does not intend to restrict the right of banks to own non-core assets – and this is despite the fact that banks have long owned companies in sectors such as construction, insurance, tourism, leasing, sports, wine, and even fitness. Out of  21 banks registered  in Georgia, non-core assets are …

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EBRD SELLS ITS HOLDING IN BANK OF GEORGIA

Sale reflects strong institutional investor demand and increasing investor focus on Georgia The EBRD has sold its 5% stake in Bank of Georgia Holdings Plc, the country’s largest bank. The 1,795,503 shares, representing the EBRD’s entire holding in Bank of Georgia, were sold in an Accelerated Bookbuild Offering launched after …

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Credit Investments of Georgian Commercial Banks Amount to GEL 11.1 Billion

In August 2014 , the volume of credit investments, including loans to non-residents,increased by  GEL 41. 4  million (0 4%) in comparison with the previous month and amounted to GEL 11.1 billion. In the same period, loans issued in the national currency increased by GEL 0.9 million (0, 02%), in the foreign currency – by GEL 40.4 million (0, 6%). According to the …

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Private Moneylenders not to be Allowed to Lend in Cash

In the near future, the Association of Banks of Georgia intends to submit to the Parliament and the Ministry of Justice the law prohibiting the private moneylenders to give customers cash loans. It is expected that the law will be initiated by the Ministry of Justice. According to President of the Association of …

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Commercial Banks Net Profit Increased by 11.6%

PMC Group Research Center has published a review of the banking sector. The research covers the January – July period. Net profit of commercial banks increased by 11.6% in  January –July  2014 compared with the same period of  2013 and amounted to  GEL 214.9 million. In July 2014, the balances of deposits increased (19.1%) …

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WILL VTB BANK CARDS WORK ABROAD?

The USA Sets Sanctions against VTB and SberBank As it  is known, the U.S. and EU announced sanctions against several Russian state banks, among them “VTB Bank”, which has a branch in Georgia. Whether sanctions will have an impact on the Georgian representation? At this stage, the representatives of “VTB-Georgia” …

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MFOs not to Issue Credit Cards

Georgian  microfinance organizations disclaim intention to start issuing credit cards, and will continue to focus on business lending. According to the head of the MFO “Georgian Credit” George Naskidashvili, the organization is at a stage of development at which consumer lending  is not  a leading product and gives way to business lending. “Today,  business …

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