Georgian banks to postpone payment on loans for another 3 months due to coronavirus

Georgian commercial banks will postpone payment of loans without capitalisation of interest for another three months for all citizens who have lost their jobs during the coronavirus crisis in Georgia, announces the Prime Minister Giorgi Gakharia.

We had a meeting with the banking sector, where we made a joint decision that all citizens who have lost their jobs and are assisted by the state according to their social anti-crisis plan will automatically have their loans postponed for the next three months", said Gakharia at today's government meeting. 

​Gakharia said that individuals whose income has reduced recently will also benefit from this offer. 

Earlier in March Georgian commercial banks announced they would allow loan servicing to be postponed for three months for both individuals as well as micro, small and middle-sized businesses. 

Three months have passed and now the banks are postponing payment of loans for another three months. 

• TBC Bank, Bank of Georgia, Liberty Bank to postpone payment on loans for three months due to coronavirus

The government is also supporting people who have lost their jobs. The anti-crisis plan of the government reads that people who lost their jobs because of the coronavirus crisis or are on unpaid leave will receive 1,200 GEL (about $373.83/€340.76) over the course of six months, which is 200 GEL (about $62.31/€56.79) per month. This assistance will apply to 350,000 citizens of Georgia. A total of 460 million GEL (about $143.30m/€1130.62m) is allocated from the budget. 

Gakharia tasked the Revenue Service to issue compensations ‘quickly and efficiently’, so that no citizen left without assistance.