February 2022: 37 bln GEL deposited, 43 bln loaned
Loans taken out in the national currency increased by 117.60 million GEL, while loans denominated in foreign currencies also increased by 970.22 million GEL month-on-month. Photo: Nino Alavidze/Agenda.ge
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Commercial banks in Georgia loaned 43.25 billion GEL ($13bln/€12bln) and received deposits of 37.63 billion GEL ($11bln/€10bln) in February 2022, the National Bank of Georgia (NBG) announced on Friday.
The volume of loans has increased by 1.09 billion GEL (2.58 percent) in February compared to the previous month. The number of deposits also increased by 856.15 million GEL (2.33 percent) month-on-month.
In February 2022, the sum of term deposits (deposits made for a predetermined period of time) increased by 289.24 million GEL, while demand deposits, which allow for flexible withdrawal, also increased by 566.92 million GEL, the data shows.
Loans taken out in the national currency increased by 117.60 million GEL, while loans denominated in foreign currencies also increased by 970.22 million GEL month-on-month.
By the end of February 2022, the total volume of national currency-denominated loans to resident legal entities, as issued by commercial banks, amounted to 6.57 billion GEL, and foreign currency denominated loans constituted 13.82 billion GEL,” the NBG said.
There are 14 commercial banks in Georgia, including 13 foreign-owned entities, as of February 28, 2022.
Compared to the previous month, the total assets of Georgian commercial banks (in current prices) increased by 1.67 billion GEL (2.8 percent) and constituted 61.69 billion GEL in February.
The banking sector's equity capital equals 8 billion GEL, which makes up 13 percent of the commercial banks' total assets, the NBG reported.
The nominal gross domestic product (GDP) of Georgia amounted to 60.23 billion GEL ($18.7bln/€16.94bln) in 2021, up by 22.3 percent year-on-year, while the real growth of GDP also increased by 10.4 percent, the preliminary data from the National Statistics Office of Georgia (Geostat) show.
Remittances to Georgia from abroad reached $183.4 million in February 2022, marking a 13.7 percent increase compared to the same month of last year, the National Bank of Georgia (NBG) announced on Tuesday.
The National Bank of Georgia (NBG) offered 50 million USD at the foreign exchange auction on Wednesday of which 39.5 million USD was sold, the bank announced yesterday. In the first foreign exchange intervention this year, the NBG made the sale with an average weighted rate of 3.3947.
Macroeconomic parameters in Georgia are “very healthy and stable” and depreciation of the Georgian lari exchange rate is mainly caused by “emotional factors,” Georgian Economy Minister Levan Davitashvili said on Tuesday.
The total turnover of currency exchange units totalled 6.4 billion GEL ($2.046bln/€1.860bln) in Georgia last year, of which 51.8 percent was in dollars and 14.7 percent in euros, the National Statistics Office of Georgia (Geostat) announced on Tuesday.
Georgia’s gross external debt has reached $21.8 billion as of December 31, 2021, accounting for 116.8 percent of its 2021 annual gross domestic product (GDP), the National bank of Georgia (NBG) announced.