Georgian PM, National Bank, Liberty Bank representatives announce reduction of loan interest for 150,000 pensioners
The decision will affect pensioners who obtained loans before 2023 and their loan interest rates will be adjusted to match those set since 2023. Photo via Government Administration
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More than 150,000 pensioners will see a reduction in their loan interest rates, following a decision reached during a meeting on Thursday between Georgian Prime Minister Irakli Kobakhidze, Natia Turnava, the Acting Governor of the National Bank of Georgia and the Chief Executive Officer of the Liberty Bank Beka Gogichaishvili.
The decision will affect pensioners who obtained loans before 2023 and their loan interest rates will be adjusted to match those set since 2023, the Government Administration said.
At the meeting, held in the Government Administration, the sides noted that Liberty Bank would continue to collaborate with the NBG on the practical implementation and specific arrangements.
The Head of the Government stressed the importance of commencing the next stage of the decision promptly so that pensioners could benefit from the revised terms.
Advertising of loans secured by pensions is now banned in Georgia without individual consent of pensioners, the National Bank announced on Wednesday.
The Pension Agency of Georgia on Thursday said it had successfully obtained the ISO 27001 certificate, which confirms the organisation had been audited and their “effective” information security management system has been confirmed to be in accordance with the requirements of international standards.
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday met the members of the Investment Council of the country's Pension Agency to review revisions in the legislation on cumulative pension and investment plans.
Georgian Prime Minister Irakli Garibashvili said pensions for pensioners aged 70 years and older would increase by ₾50 ($18.62) and become ₾415 ($154.58), while for pensioners under 70 it would be raised by ₾20 ($7.45) and reach ₾315 ($117.33).
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Thursday said the decision to lower interest rates on loans taken by over 150,000 pensioners - made by Liberty Bank in consultation with Prime Minister Irakli Kobakhidze - was “socially significant” and “reasonable”.
Natia Turnava, the Acting Governor of the National Bank of Georgia, on Friday told the Parliament the Bank was “actively promoting” establishment of “responsible lending principles” in the domestic market to protect consumers from “excessive debts”.
Georgian Prime Minister Irakli Kobakhidze on Monday instructed the Minister of Health to present the new project for Tbilisi’s Central University Clinic, also known as the Republican Hospital, “as soon as possible” with the goal to start the construction this year.