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The number of variable rate loans in Georgia is increasing

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The number of variable rate loans in Georgia is increasing

The number of variable rate loans in Georgia is increasing

On February 2, the National Bank of Georgia decided to leave the refinancing rate at 10.5% 04.02.2022, Sputnik Georgia

2022-02-04T07:01+0400

2022-02-04T07:01+0400

2022-02-04T07:01+0400

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TBILISI, February 4 – Sputnik. In Georgia, 183,500 variable rate loans are dependent on the refinance rate, the nongovernmental organization Society and Banks said in a statement. From December 1 to January 1, 2021, the number of variable rate loans increased by 8.2 thousand. According to NGOs, loans totaling 8.7 billion lari depend on the rate. As of January 1, variable rate loans accounted for 41.1% of the total lari loan portfolio. On February 2, the Monetary Policy Committee of the National Bank of Georgia decided to leave the refinancing rate at 10.5%. “The decision of the Monetary Policy Committee is the continuation of the policy tightening on the current inflationary processes in the economy, caused by the combined impact of internal and external factors affecting the economy. Annual inflation in December was 13.9%, which could be a blow to the economy if it affects long-term inflation expectations,” the NGO said in a statement. as of February 3 is 3.0179 GEL/$1 Subscribe to Georgia video news on our YouTube channel

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On February 2, the National Bank of Georgia decided to leave the refinancing rate at 10.5%

TBILISI, February 4 – Sputnik. In Georgia, 183,500 variable rate loans depend on the refinancing rate, specifies the NGO “Society and Banks” in a press release.

From December 1 to January 1, 2021, the number of variable rate loans increased by 8.2 thousand. According to NGOs, loans totaling 8.7 billion lari depend on the rate. As of January 1, variable rate loans accounted for 41.1% of the total lari loan portfolio.

On February 2, the Monetary Policy Committee of the National Bank of Georgia decided to leave the refinancing rate at 10.5%.

The refinancing rate is the amount of interest on an annualized basis that credit organizations pay to the National Bank for loans granted to them. The rate is the National Bank’s main monetary policy instrument and is considered a benchmark for market rates in the financial sector.

“The decision of the Monetary Policy Committee is a continuation of the tightening policy regarding the current inflationary processes in the economy, caused by the combined impact of internal and external factors affecting the economy. Annual inflation in December stood at 13.9%, which could be a blow to the economy, if it affects long-term inflation expectations,” the NGO said in a statement.

Which loans depend on the refinance rate

Type of loan

Amount of credits

Volume, million laris

Consumer

79,700

1,153.7

Mortgage

66,500

2929.2

Business loan

35,300

4,496.5

car loan

600

16.2

Destination undefined

3000

91.4

The exchange rate of the lari against the US dollar as of February 3 is 3.0179 GEL/$1.

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