Almost 20 billion GEL deposited, 21.6 billion lent in November 2017
Tuesday, December 26In November 2017 the sum of deposits made in Georgia’s banking sector reached 19.9 billion GEL, show latest data by the National Bank of Georgia (NBG).
This was a 4.9 percent increase, or 929.5 million GEL more month-on-month.
Last month, the sum of term deposits – deposits made for a predetermined period of time – increased by 671.8 million GEL, while demand deposits, which allow for flexible withdrawal, decreased by 257.7 million GEL.
The larisation ratio, which measures the use of the domestic currency in Georgia’s economy, constituted 32.54 percent in total non-bank deposits last month.
The annual average weighted interest rate on term deposits constituted 5.41 percent. In particular, the interest rate for national currency denominated deposits was 8.8 percent and the interest rate for foreign currency denominated deposits 3.1 percent.
Meanwhile, 84.4 percent of foreign currency deposits in Georgia during the same time period were denominated in US dollars, while 13.4 percent of deposits were made in euros.
How much did banks lend in November?
Commercial banks in Georgia lent 21.6 billion GEL in November 2017, which was 1 billion GEL or five percent more compared to the previous month.
Loans taken out in Georgian lari increased by 235.5 million GEL (2.8 percent), while loans denominated in foreign currencies also increased by 798.7 million GEL (6.6 percent) month-over-month.
Over the course of November 2017, commercial banks issued 2.5 billion GEL worth of lari-denominated loans (3.5 percent more compared to the previous month). In the same month, 7 billion GEL worth of foreign currency denominated loans (7.1 percent more) were made to resident legal entities.
There are 16 commercial banks in Georgia, including 15 foreign-owned banks and one branch of non-resident banks.