Thursday, October 2The Russian aggression undermined the most successful Georgian business sector, banking. Today it is still addressing challenges. Some customers have withdrawn their savings, some credit restrictions are still in place and currency inflow from abroad has decreased.
Before the war Georgian people had GEL 1.8 billion deposited in their banks. Now this figure is down to 1.5 billion. Total deposits have decreased by GEL 400 million. The total assets of the banking sector have decreased by GEL 700 million.
The population is fearful because it remembers the late nineties of the last century, when people lost a considerable amount of savings due to a banking crisis. Although today the general economic situation is better and the banks are more stable people are still concerned, and have refrained from opening deposit accounts recently.