Georgian Commercial Banks loaned 43 bln GEL, deposited 37 bln in Feb 2022

The National Bank of Georgia (NBG) said on Friday that commercial banks in Georgia loaned 43.25 billion GEL ($13 billion/€12 billion) and received deposits of 37.63 billion GEL ($11 billion/€10 billion) in February 2022.

In February, the volume of loans grew by 1.09 billion GEL (2.58%) compared to the previous month. Month on month, the number of deposits increased by 856.15 million GEL (2.33%).

According to the data, term deposits (deposits placed for a set length of time) climbed by 289.24 million GEL in February 2022, while demand deposits (deposits that allow for flexible withdrawal) increased by 566.92 million GEL.

Moreover, loans taken out in the national currency climbed by 117.60 million GEL month over month, while loans in foreign currencies increased by 970.22 million GEL.

The overall volume of national currency-denominated loans to resident legal entities issued by commercial banks until the end of February 2022 was 6.57 billion GEL, while foreign currency-denominated loans totalled 13.82 billion GEL, according to the NBG.

As of February 28, 2022, Georgia had 14 commercial banks, including 13 foreign-owned firms.

Furthermore, Georgian commercial banks’ total assets (in current prices) increased by 1.67 billion GEL (2.8%) in February compared to the previous month, reaching 61.69 billion GEL.

According to the NBG, the banking sector’s equity capital amounts to 8 billion GEL or 13% of commercial banks’ total assets.

Zurab Kvaratskhelia

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