IN OCTOBER, ANNUAL INFLATION MADE UP 6.4%
Sakstat reported that in October, annual inflation made up 6.4%. Monthly inflation (i.e. in comparison with previous month, September) made up 0.8%.
FINANCE MINISTER: FORECAST OF REAL ECONOMIC GROWTH FOR 2017 RAISED FROM 4% TO 4.7%
Finance Minister Dimitri Kumsishvili declared that “more favorable development of economic tendencies allowed the government to raise the forecast of real economic growth for 2017 from 4% to 4.7%”.
The Minister said this at plenary session of the Parliament today, while presenting adjusted draft budget-2018.
ASSOCIATE DIRECTOR OF “FITCH RATINGS CIS”: WE EXPECT THAT IN THE LONG TERM DOLLARIZATION IN THE BANKING SECTOR OF GEORGIA WILL MODERATELY DECREASE
Associate director (financial institutions) of Fitch Ratings CIS Alyona Agrenenko comments to Sarke on situation in the banking sector of Georgia.
Sarke: How you estimate Georgia’s banking sector? As far as we know, Fitch considers high rate of dollarization as one of the main problems of the banking sector of Georgia.
AS OF OCTOBER 1, LARIZATION RATE INCREASED BY NEARLY 6 PP Y-O-Y
National Bank of Georgia reported that as of October 1, larization rate of total credits (i.e. ratio of credits, issued in lari, to total credits) made up 42.42%.
To compare, as of October 1, 2016, the rate made up 36.51%, respectively, the rate has increased year-on-year by nearly 6 percentage points (pp).
AS OF SEPTEMBER 30, RETAIL MORTGAGE LOANS, ISSUED IN LARI, INCREASED BY 113% Y-O-Y, IN FOREIGN CURRENCY – BY 11.8%
National Bank of Georgia reported that retail mortgage credits, issued in national currency, amounted as of September 30 to 1.75 billion lari. This volume has increased by 16.5% quarter-on-quarter and by 113% – year-on-year.
AS OF SEPTEMBER 30, CORPORATE MORTGAGE LOANS, ISSUED IN LARI, INCREASED BY 34.4% Y-O-Y, IN FOREIGN CURRENCY – BY 11.5%
National Bank of Georgia reported that corporate mortgage credits, issued in national currency, amounted as of September 30 to 1.12 billion lari (without recently established Credo bank). This volume has increased by 3.1% quarter-on-quarter and by 34.4% – year-on-year.
NBG: IN Q3, CONDITIONS OF CREDITING IN LARI WERE SLIGHTLY SOFTENED FOR BOTH LEGAL ENTITIES AND INDIVIDUALS
National Bank of Georgia (NBG) indicates that in the 3rd quarter, “conditions of crediting in lari have slightly decreased for legal entities and individuals” in comparison with the previous quarter.
“Margin on business loans has slightly decreased, also slightly decreased interest rates on consumer credits”, notes monetary policy report, released by NBG recently.
NBG: IN SEPTEMBER, INTEREST RATES ON DEPOSITS IN NATIONAL CURRENCY INCREASED BY 0.1 PP Q-O-Q, IN FOREIGN CURRENCY – DECREASED BY 0.1 PP
National Bank of Georgia (NBG) reported that in September, interest rates on deposits, placed in foreign currency, made up 7.8%, increasing by 0.1 percentage points (pp) quarter-on-quarter. Instead, interest rates on deposits, placed in foreign currency, decreased by 0.1 pp and made up 2.6%.
FINANCE MINISTER: PENSION WILL GROW PER 20 LARI IN 2019 AND 2020
Finance Minister Dimitri Kumsishvili declared that “law on pension reform will be submitted to the Parliament very soon”. “We have envisaged that the mentioned law will have a record about indexation of basic pension”, he pointed.
0.0009
