Central Bank introduces calculator for loan conversation to GEL
Monday, February 6The National Bank of Georgia has introduced a calculator for loan conversion to the national Georgian currency, the lari, in order to support the Larisation of Loans Program.
The program began on January 17 and will continue for two months. Per the program, loans received in US dollars before January 1, 2015 and signed for against real estate collaterals are eligible for conversion into lari-denominated loans.
A total of 33,000 loans have been identified as falling under the programís scope of eligibility.
The goal of creating the calculator is to help borrowers compare the terms of the loans in lari and the US dollar, explained the NBG, adding that borrowers should take into account the fact that foreign currency lending carries with it a foreign exchange risk.
The calculator for loan conversation to GEL is available on the website of the NBG.