Acting National Bank Governor says loans of “any amount” in income currency will be available to individuals

Natia Turnava, the Acting Governor of the National Bank of Georgia, on Wednesday said individuals would be able to take out loans of “any amount” in the currency of their income with the existing ₾200,000 ($74,358) limit set to be removed starting January 1, 2024.

Individuals with income in foreign currency could take a loan equivalent of ₾200,000 only in Georgian lari. We think this was not entirely fair. Those individuals who have income in foreign currency will have the opportunity to receive a loan in foreign currency. This restriction, which previously existed against them, will be removed”, Turnava said.

She added the new rule would affect the families that received income through remittances, sailors paid in foreign currency, individuals working in international organisations and those similar categories. 

Starting January 1, 2017 banks were required to issue loans worth up to ₾100,000 ($37,179) only in the national currency, while from January 1, 2019 the threshold was increased to ₾200,000.