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Tag Archives: NBG

Microfinance Sector’s Assets Grew by 31.3% in 2015

In 2015 microfinance organizations increased their assets by 31.3% to 1.611 billion GEL (36% in 2014 and 18% in 2013). The loans portfolio marked 1.2 billion GEL (852 million GEL in 2014. The annual growth marked 41% year on year. Loss reserves in relation to the portfolio do not exceed …

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The National Bank Of Georgia Continues Developing Financial Literacy

Georgian money

Inflation, banking, balance sheets, law of supply, GDP in depth – these are the topics covered by the new eight educational videos, developed by the National Bank of Georgia. The NBG started this project in 2015 for the purpose of fostering financial literacy in the country. The target audience of …

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Russia Remains Leader in Foreign Money Transfers to Georgia

Money Transfers to Georgia

Money transfers to Georgia in January 2016 marked 66.555 million USD ($ 75,450 in January 2015). The figure is lower compared to the December 2015 transfers, when currency remittances recorded 102 million USD. This is a usual tendency, when the month of January records slowdown in money transfers to Georgia …

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National Bank of Georgia Keeps Its Policy Rate Unchanged At 8.0%

Georgian Lari

The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met on February 3, 2016 decided not to change the current refinancing rate at eight percent. The monetary policy decision is based on the macroeconomic forecast, which indicates a sharp increase in the inflation expectations given the Lari depreciation against …

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Georgia Releases its Brand New Banknotes

Georgian money banknotes

On February 1 the National Bank of Georgia put new banknotes 20 and 50 GEL into turnover. The 100 GEL banknotes will appear in the turnover later and the NBG will preliminary inform the society. The well-known themes from the previous banknotes have been maintained on the new banknotes too. …

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Commercial Banks’ Net Profits Grow by 13.2%

In 2015 net profits of Georgia-based commercial banks marked 527.394 million GEL, up 13.2% compared to 2014. Namely, the net profits of commercial banks made up 474.808 million GEL in 2014, according to the statistics of the National Bank of Georgia (NBG). In 2015 revenues of commercial banks constituted 3.454 …

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Georgia’s Renewed Banknotes Will Circulate From Today

Renewed banknotes will appear in Georgia from February first, 20, 50 and 100 GEL banknotes are changed in color and size. The new money will depict the same iconic faces but will have a vastly different and more vibrant look with additional elements. The 20 GEL note has brighter red color, …

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Online Credit Companies Issue Credits with 1100% Interest Rate

Online credits in Georgia yield annual efficient interest rates from 500% to 1100%. However, these credit organizations do not lack clients and borrowers, anyway. The fact points to financial ignorance of the population and the fact extremely impoverished residents do not care for outcomes while trying to gain today’s piece …

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Turmoil around Financial Supervision Agency

Disputes around introducing the Financial Supervision Agency have surfaced again. The Constitutional Court of Georgia has abstained from passing a rush decision on the suspended agency. Essential court discussion has not been appointed yet. Meanwhile, the jobless staff of the Agency asks the Parliament to tackle issues with salaries and working conditions. …

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