National Bank of Georgia explains how exactly new regulations’ reflect on emigrants

New regulations for banks requiring a full analysis of a client’s solvency will not cause limitations for Georgians living abroad and their families living off remittances, the Central Bank of Georgia has stated today.

The message comes in response to speculations on social networks raising concerns that emigrants and their families will not be be able to receive mortgages based on remittances.

As the NBG explains, banks are continuing to issue loans to people whose income is based on remittances according to previously existing practices and procedures.

„The new regulations enacted on May 7 obliges commercial banks to fully analyse clients’ solvency before issuing a loan. However they do not imply any further limitations for emigrants since remittances as well as other sources of income will be further perceived as approved income,” the NBG said.

Central bank management claims that any amendments carried out by the NBG serve customers’ interests and the improvement of the financial sector portfolio.