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Bank deposit dollarization observed in Georgia

The deposit dollarization rate amounted to 63.98 percent in Georgia in January or by 3.83 percentage points more than in December.

As of February 1, 2015, the volume of non-bank deposits in the Georgian banking sector amounted to 11.9 billion lari ($ 1 = 2.26 lari) or by 277.6 million (2.4 percent) more than the previous month.

The demand deposits decreased by 202 million lari (3.9 percent) in January compared to the previous month and the time deposits increased by 479.7 million lari (7.5 percent), the National Bank of Georgia told Trend.

The annual average interest rate on term deposits hit 6.2 percent, including the national currency deposits – 8.9 percent and foreign currency deposits – 4.6 percent.

The dollar share in the foreign currency deposits amounted to 81.9 percent, the euro share – 15.5 percent.