New regulations on responsible lending practices to come into force in 2019

Newly proposed regulations on responsible lending practices will come into force on January 1, 2019, announces the National Bank of Georgia (NBG).

The regulation, set by the NBG, will be mandatory for both commercial banks and microfinance organisations, as well as all other loan-issuing entities.

The regulations aim to protect consumer rights and bolster healthy credit portfolios at commercial banks.

• Read more about the regulations here.

The new regulations mainly concern the rules regarding the issuance of loans to physical persons (mortgage, consumer credits, etc).