November 2021: 35.75 bln GEL deposited, 41.40 bln GEL loaned
The banking sector's equity capital equals 7.57 billion GEL, which makes up 12.71% of the commercial banks' total assets, the NBG reports. Photo: Nino Alavidze/Agenda.ge.
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Commercial banks in Georgia loaned 41.40 billion GEL and received deposits of 35.75 billion GEL in November of this year, the National Bank of Georgia (NBG) reports.
The volume of loans has decreased by 291.93 million GEL (0.70%) in November compared to the same period last year. The number of deposits also decreased by 605.99 million GEL (1.67%) year-on-year.
Loans taken out in Georgian lari increased by 279.90 million GEL, while loans denominated in foreign currencies decreased by 571.83 million GEL month-on-month.
By the end of November 2021, the total volume of national currency-denominated loans to resident legal entities issued by commercial banks amounted to 6.58 billion GEL and foreign currency-denominated loans constituted 13.08 billion GEL,” the NBG says.
There are 14 commercial banks in Georgia, including 13 foreign-owned banks as of December 1, 2021.
In November 2021, compared to the previous month, the total assets of Georgian commercial banks (in current prices) decreased by 79.58 million GEL (0.13%), and constituted 59.53 billion GEL.
The banking sector's equity capital equals 7.57 billion GEL, which makes up 12.71% of the commercial banks' total assets, the NBG reports.
Nominal Gross Domestic Product in Georgia equalled 15.99 billion GEL in the third quarter of 2021, and real GDP grew by 9.1%, while the GDP deflator (inflation measure) increased by 9.4% in the reporting period, preliminary data from the National Statistics Office of Georgia (Geostat) show.
The inflation rate in Georgia will return to 3% by the end of 2022, Economy Minister Natia Turnava stated earlier today, noting that high inflation is ‘one of the most important issues’ the Georgian population currently faces.
The Consumer Price Index in November 2021 grew by 0.6% compared to the previous month, while the annual inflation rate in Georgia stood at 12.5%, the latest inflation data of the National Statistics Office of Georgia (Geostat) show.
The net international investment position (IIP) of Georgia, which measures the difference between external financial assets and liabilities of a country, amounted to negative 25.6 billion USD as of September 30, 2021, the National Bank of Georgia reports.
Georgia’s gross external debt is up 130.9 million USD quarter-on-quarter, amounting to 21.0 billion USD as of September 30, 2021, the National bank of Georgia (NBG) says. Gross external debt is currently equal to 120% of annual GDP.
The circulation term of Georgian Lari (GEL) banknotes issued in 1995 and 1999 expired on January 1, 2022, the National Bank of Georgia (NBG) reports. Banknotes of all GEL denominations issued since 2002 are legal tender across the country.
The National Bank of Georgia (NBG) has increased the refinancing rate by 0.5 percentage points to 10.5% earlier today at the Monetary Policy Committee (MPC). The NBG states that increased inflation has been one of the main challenges for Georgia in recent years.
Commercial banks in Georgia loaned 43.03 billion GEL and received deposits of 37.16 billion GEL in December 2021, the National Bank of Georgia (NBG) says. The volume of loans has increased by 1.63 billion GEL (3.93%) in December compared to the same period last year. The number of deposits also increased by 1.42 billion GEL (3.96%) month-on-month.