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. Photo: NBG
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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.
The Financial Stability Committee of the National Bank of Georgia made a number of decisions on Wednesday in order to “further mitigate the risks of dollarisation” and increase the maximum maturity of unsecured consumer loans.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Tuesday met heads of the Banking Association of Georgia and commercial banks operating in the country to discuss challenges in the financial sector and future plans.
Natia Turnava, the Acting President of the National Bank of Georgia, on Friday met representatives from local commercial banks to discuss cooperation for ensuring more resource investment in the domestic economy and ensuring access to finance for bank customers.
Georgian banks and financial organizations will have to issue loans up to 200,000 GEL only in the national currency.
The National Bank of Georgia on Thursday said an annual publication of the European Covered Bond Council had confirmed the compliance to European Union legislation of the country’s regulatory framework of mortgage-covered bonds.
The achievements and challenges in the microfinance sector were reviewed on Tuesday by Natia Turnava, the Acting Governor of the National Bank of Georgia and representatives of microfinance institutions, including the Georgian Microfinance Association.