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How the Banker Evaluates Announced Amendments by the Government

How the Banker Evaluates Announced Amendments by the Government

Banking sector approves government’s step in terms of to insure currency risks. Archil Kontselidze, CEO of VTB Bank declares, that fulfillment of this initiative will be a success. The banker does not expect loans in GEL to be increased in price.

In addition, Archil Kontselidze notes, that obligation do not mean any kind of coercion. Bank always evaluates risks and heads accordingly. He advices consumers having income in national currency to take loans in GEL, or make larization, but if client chooses foreign currency does not take additional measures. General Director of the bank declares that 98% of retail loans are denominated in national currency (GEL) by that time, while portfolio of mortgage loans is small.

The banker declares, that this initiative is not agreed with the banks at this stage. To note, Georgian Prime Minister announced larization initiative of mortgage loans of $40 000 (-20 points) on Tuesday. Moreover, he announced restriction of foreign exchange loans up to 100 thousand GEL and Online credits.