17.2 billion GEL deposited, 19.1 billion lent in 2017

More than 17.2 billion GEL was deposited in Georgian banks in January 2017, making for a one percent (167.8 million GEL) month-over-month increase.

Last month, the sum of term deposits – deposits made for a predetermined period of time – increased by 396.3 million GEL, while demand deposits, which allow for flexible withdrawal, decreased by 228.6 million GEL, said the National Bank of Georgia (NBG).

28.12 percent of deposits made in January 2017 were made in Georgian lari.

85.2 percent of foreign currency deposits in Georgia during the same time period were denominated in US dollars, while 12.1 percent of deposits were made in euros.

Meanwhile, commercial banks in Georgia lent 19.1 billion GEL in January 2017, which was 230.6 billion GEL or 1.2 percent more compared to December 2016.

Loans taken out in Georgian lari increased by 97.5 million GEL (1.5 percent), while loans denominated in foreign currencies increased by 133.1 million GEL (1.1 percent) month-over-month.

Over the course of December 2016, commercial banks issued 2 billion GEL worth of lari-denominated loans (0.9 percent less compared to December 2016). In the same month, 6.7 billion GEL worth of foreign currency denominated loans (1.1 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.