The National Bank of Georgia (NBG) states that the commercial banks in Georgia have lent approximately $2.16 billion GEL and received deposits of 36.77 billion GEL in January 2022.
However, the number of loans given has been decreased by 924.29 million GEL (2.15 per cent) in the month of January as compared to the previous month. The volume of deposits in the banks has also decreased by 465.98 million GEL (1.25 per cent) month-on-month.
Moreover, in January 2022, the sum of the term deposits, “the deposits made for a predetermined period of time,” increased by 543.93 million GEL while demand deposits, which allow for flexible withdrawal, decreased by 1.01 billion GEL.
On a month-on-month basis, loans taken out in Georgian Currency (Georgian Lari) declined by 185.18 million GEL and loans denominated in foreign currencies also decreased by 730.11 million GEL.
According to NBG, “By the end of January 2022, the total volume of national currency-denominated loans to resident legal entities issued by commercial banks amounted to 6.67 billion GEL, and foreign currency-denominated loans constituted 13.18 billion GEL.”
As of the end of January 2022, the banking sector in Georgia is represented by 14 commercial banks, including 13 – foreign-controlled banks. In January 2022, compared to the previous month, the total assets of Georgian commercial banks (in current prices) decreased by 547.06 million GEL (or by 0.9 per cent) and constituted 60.02 billion GEL.
The banking sector’s equity capital equals 7.91 billion GEL, which compromises 13.17 per cent of the commercial bank’s total assets.
Furthermore, NBG also announced earlier that the remittances to Georgia from foreign countries hit $168.8 million in January 2022, a 12.7 per cent increase on the corresponding figure from January 2021
According to the data shown by the NBG, Italy remained the largest remittance senders accounting for ($33.33 million) followed by Russia ($22.38 million) and the United States ($20.30 million.