Georgia’s central bank approves rule of extending loans to physical persons
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This rule implies new regulations on responsible lending practices that will come into force on January 1, 2019 in Georgia. Photo: N. Alavidze/Agenda.ge.
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The National Bank of Georgia (NBG) approved rule of extending loans to physical persons today, announces the NBG.
This rule implies new regulations on responsible lending practices that will come into force on January 1, 2019 in Georgia.
The goal of the regulation is to support stable functioning of the financial system of Georgia and to encourage healthy lending, which in turn will contribute to sustainable development of the country's economy. The basic principle of regulation is that the financial institution should not impose a loan or other liability without studying the borrower’s solvency”, said the NBG.
The regulations, set by the NBG for all loans issuer organisations, aims to protect consumer rights and bolster healthy credit portfolios at the financial institutions. The new regulations mainly concern the rule of issuance of loans to physical persons (mortgage, consumer credits, etc).
- Read more about regulations here.
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What’s changing?
The National Bank of Georgia (NBG) has approved changes to lending regulations to individuals that will come into force on April 15, 2020.