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Consumer Loans Interest Rates Grow

Consumer loans interest rates have increased.

According to National Bank of Georgia (NBG), averaged interest rate on short-term bank credits made up 19.4% (17.6% as of Q1/2-16). The interest rate marked 8.1% on foreign currency denominated short-term bank credits (7.4% in Q1/2-16).

As of April 1 (Q1/2017), annual interest rates on long-term loans made up 16.1% (15.8% in Q1/2016). Annual interest rate on USD-denominated loans declined to 11.6% (12.6% in Q1/2016).

Consumer loans portfolio is 2.8 billion GEL and ratio of long-term loans is 82% (2.3 billion GEL),including 1.8 billion GEL (78%) are foreign currency denominated loans.