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Gvasalia: Version on Insufficient Liquidity of Banks is not Correct

Gvasalia: 8% of Borrowers Applied to Commercial Banks after Larization Program Inauguration

Loans larization program is underway. The program is applicable to about 33 000 loans. The mentioned loans should be converted to GEL in 2 months. About 8% of borrowers have applied to commercial banks on the first day of the larization program inauguration.

The program started only a day before and it is early to make conclusions, but our society demonstrates much interest in this program, Zurab Gvasalia, president of Georgian Banks Association, noted.

“Larization program will free a part of our society form currency risks and this is an important moment for our bank sector and country”, Zurab Gvasalia noted.

According to the Larization program, commercial banks are obliged to notify all borrowers about the program details. Borrowers are authorized to choose commercial banks due to conditions for larization of their loans.