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Tag Archives: NBG

NBG Keeps Its Policy Rate Unchanged At 7%

NBG

The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met on September 6, 2017 and decided to keep the refinancing rate unchanged at 7 percent. The inflation dynamics is in accord with the existing forecast. The annual inflation in August has decreased to 5.7%. According to the …

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GEL/USD Turnover Shrinks on Currency Market

GEL/USD Turnover Shrinks on Currency Market

GEL/USD turnover has shrunk on currency market. Without NBG interventions (70 million USD), in June the contraction constituted 29% month on month (-33 million USD).  According to Monthly Review of NBG, number of deals between market players has decreased (-32% month on month; -19% year on year). Currency market concentration …

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National Bank of Georgia Keeps Key Interest Rate at 7 pct

NBG

National Bank of Georgia said it kept its key interest rate unchanged at 7 percent on Wednesday, based on forecasts showing annual inflation exceeding its target of 4 percent this year. Consumer prices were up 7.1 percent in annual terms in June, 0.4 percent lower from the previous month. “Rising …

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Georgian Foreign Reserves Are on the Maximum of 3.5-year

Georgian Foreign Reserves Are on the Maximum of 3.5-year

The volume of Georgian foreign assets is increased up to 2.956 billion USD, it is the highest rate after November, 2013. Reserve assets increased by 13 million USD through 1 month, while the increase is 10 million y-o-y. Major shares of reserves – 2.753 billion USD account for foreign exchange …

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Georgia will Enjoy Renewed 5 GEL Banknotes From September

From September first, the new 5 GEL banknote will be introduced into circulation alongside the existing currency. The new money will depict the same iconic faces but will have a vastly different and more vibrant look with additional elements, Koba Gvenetadze announced. The front side features Ivane Javakhishvili and Tbilisi State …

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New Bill to Smooth Foreign Banks Licensing Procedures

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

According to the bill on National Bank of Georgia (NBG), the list of documents to be submitted to NBG for obtaining a banking license is broadened: More detailed information must be submitted about the bank owner; The bank must submit business model and risks management documents approved by a supervisory …

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Georgia – Leader in Region in Terms of Economic Growth Pace

Georgia’s economy has recorded favorable growth indicators in the first quarter of 2017, Geostat, the national statistics service of Georgia, reports. In March 2017  the real GDP growth rate marked 5.3%, as compared to the same period of 2016, while the averaged real growth in the first quarter marked 5%. …

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Retail Loans Dollarization Shrinks by 4.6% in 3 Months

dollarization

In March 2017 deposits dollarization coefficient has insignificantly increased. According to National Bank of Georgia (NBG), in March (as of March 17), deposits dollarization coefficient made up 70%, up from 69.8% in February 2017 and down from 70.4% in January 2017. Unlike deposits, in March loans dollarization level declined to …

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