Georgians deposited 17 billion GEL, borrowed 18.9 in Dec 2016

Georgians are both depositing more money and signing for more loans than previously, show the latest data from the National Bank of Georgia (NBG),

December saw a 5.2 percent spike in deposits

More than 17 billion GEL was deposited in Georgian banks in December 2016: this was a 5.2 percent increase (840.9 million GEL) in comparison to November 2016.

Last month, the sum of term deposits , which are made for a predetermined period of time, increased by 227.2 million GEL, while demand deposits, which allow for flexible withdrawal, increased by 613.7 million GEL, said the NBG.

28.62 percent of deposits made in December were made in Georgian lari.

84.9 percent of foreign currency deposits in Georgia during the same time period were denominated in US dollars, while 12.6 percent of deposits were made in euros.

How much did banks lend in December 2016?

Commercial banks in Georgia lent 18.9 billion GEL in December 2016, which was 1.1 billion GEL or six percent more compared to November 2016.

NBG said, loans taken out in Georgian lari increased by 236.4 million GEL (3.8 percent), while loans denominated in foreign currencies increased by 841.4 million GEL (7.3 percent) month-on-month.

Over the course of December 2016, commercial banks issued 2.1 billion GEL worth of lari-denominated loans (1.6 percent less compared to November 2016). In the same month, 6.6 billion GEL worth of foreign currency denominated loans (9.5 percent more) were made to resident legal entities.

There are 16 commercial banks in Georgia, including 13 foreign-owned banks and one branch of non-resident banks.