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Rise in lending for Georgian banks

By Messenger Staff
Wednesday, August 4
Georgian banks have seen an increase in their lending activities. To July 1, 2010 the figure reached GEL 5.7 billion, which is higher than the figure for the same period last year. Georgian banks issue loans in both foreign and local currencies. The highest figure is for trade GEL 1.6 billion (almost 48% of all loans); followed by industry GEL 732 million and thirdly construction GEL 361 million. The amount lent to physical entities and individuals has also risen reaching GEL 2.2 billion. Financial analysts suggest that such activities of the banks issuing loans and increasing deposits demonstrate that Georgian banks have emerged from the worldwide financial crisis successfully. However not all banks have made similar levels of profit.