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34 Percent of Deposits are in National Currency

The total volume of non-bank deposits in the country’s banking sector decreased by 0.7 percent (exchange rate effect excluded volume of deposits increased by 2.5 percent), or by 141.5 million GEL, compared to December 1, 2017 and constituted 19.8 billion GEL by January 1, 2018. In December, the volume of …

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NBG President Refuses Larization Signifies GEL Exchange Rate Stabilization

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Larization program is not to stabilize GEL exchange rate, National Bank President Koba Gvenetadze noted at the parliament’s finance and budget committee meeting. “Government has carried out the social program of Larization with the technical support of NBG. Expediency of the social program may be always disputable”, Koba Gvenetadze said. …

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NBG: Deposits’ Larization Shrinks

According to the National Bank, nonbank deposits volume in the banking sector hit 19bln GEL as of November 1, 2017, up 645.2mln GEL (+3.5%) as compared to the October 1 indicator (up 0.6% without the exchange rate effect). In October, as compared to the previous month, term deposits grew by …

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Tsotne Kavlashvili: Larization of Loans Rises by 8%

Deputy Finance Minister Tsotne Kavlashvili has appraised government reforms for Larization as successful. This is important issue for our population, because Larization makes them less dependent on currency exchange volatility, he said. “In January 2017, when we started Larization program, ratio of GEL-denominated loans in total loan portfolio was under …

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Larization Program Hikes Prices in Tourism Sector

Gudauri HeliSki founder Vato Asatashvili talks about tourism sector problems as a result of Larization project. Travel companies make expensive offers for insurance their businesses. “The law enables to provide ambiguous interpretations. The text does not specify when to indicate prices in GEL and when not. Many players have indicated …

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National Bank Bought 19.75 Million USD in April

National Bank Bought 19.75 Million USD in April

Net currency sales of National Bank of Georgia (NBG) made up 30.5 million USD. As a result, foreign assets have declined by 10.75 million USD. NBG has purchased 19.75 million USD through currency auctions. Government deposits shrank by 132.5 million GEL to 1.178 million GEL. In the reporting period placement …

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Larization Policy Makes Interest Rates more Expensive

Lari

According to the February indicators of National Bank of Georgia (NBG), interest rate on GEL-denominated loans rose by 2.8% to 20.9%, including 11.9% GEL-denominated loans are available for legal entities, while physical bodies have to pay 24% interest rate for GEL-denominated loans. It should be noted the rise of GEL-denominated …

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TBC Bank is Leader in Terms of Deposits Portfolio

TBC Bank is Leader in Terms of Deposits Portfolio

Deposits portfolio has shrunk in Georgian banking sector. According to National Bank of Georgia (NBG), total volume of physical and corporate deposits marked 16.5 billion GEL as of March 1, 2017 (17.2 billion GEL as of February 1, 2017 – down 4% month on month and up 13% year on …

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NBG President: About 23% of Loans Converted into GEL

lari

Currently, 75 million USD has been converted into GEL, Koba Gvenetadze, President of National Bank of Georgia (NBG), noted. “Moreover, we have also specified the list of loans that are subject to larization. About 23% of loans were converted into GEL. As to Larization process, in general, this is not …

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Giorgi Papava: Banks did not sell Larization of Loans as a Product

Economists explain less interest of population towards larization program by fewer activities of banks. Economist Giorgi Papava regards, that banks have not sold larization of loans as a product. They do not convince customers to apply loans in GEL with the same effort as they do in the case of …

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