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Kumsishvili: Loans of More than 60 Million USD are Converted in GEL Through the Larization Program

Kumsishvili: Loans of More than 60 Million USD are Converted in GEL Through the Larization Program

Minister of Finance has evaluated larization program before its official finish.

The First Vice-Premier declares that final results are not determined, as of the preliminary data, portfolio of 60 million USD is converted in GEL.

“As noted, it has been the single support action from the state. We all tried hard and did everything for activation of the program. I want to thank all families who have taken part in larization program.  4500 families are insured from foreign exchange fluctuations, it means that larization program has a good result”, – Kumsishvili declared.

He also noted, that larization process will be assisted by the legislative amendments, which envisage issuance of loans in GEL under 100 000 GEL.

“Such loans are issued in GEL from January 1. Respectably, the average maturity of such credit portfolio is 2.5 years, so these loans are re-issued actually. However, I think that loans under 100 000 GEL with real-estate collateral will be issued totally in GEL after a definite term”, – Dimitri Kumsishvili, Minister of Finance declared.