Commercial banks in Georgia loaned 43.25 billion GEL ($13 billion or EUR 12 billion) and received deposits of 37.63 billion GEL ($11 billion or EUR 10 billion) in February, the National Bank of Georgia (NBG) reported.
The volume of loans has increased by 1.09 billion GEL (2.58%) MoM. The number of deposits increased by 856.15 million GEL (2.33%).
In February, the sum of term deposits (deposits made for a predetermined period of time) increased by 289.24 million GEL, while demand deposits, which allow for flexible withdrawal, increased by 566.92 million GEL, the data showed.
Loans taken out in the national currency increased by 117.60 million GEL, while loans denominated in foreign currencies – by 970.22 million GEL.
“As of the end of February, the total volume of national currency-denominated loans to resident legal entities, as issued by commercial banks, amounted to 6.57 billion GEL, and foreign currency denominated loans constituted 13.82 billion GEL,” the NBG said.
There were 14 commercial banks in Georgia, including 13 foreign-owned entities, as of February 28.
Compared to the previous month, the total assets of Georgian commercial banks (in current prices) increased by 1.67 billion GEL (2.8%) and constituted 61.69 billion GEL in February.
The banking sector’s equity capital equals 8 billion GEL, which makes up 13% of the commercial banks’ total assets, the NBG reports. (Agenda/Business World Magazine)