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NBG: Bank Deposits in Georgia

Latest trends show the number and sum of deposits made in Georgian banks is growing.

Specifically, figures released by the National Bank of Georgia (NBG) showed the total sum of non-bank deposits and demand deposits were on the rise in Georgia while term deposits were decreasing.

NBG noted the total sum of non-bank deposits in the country’s banking sector increased by 1.6 percent or by 198.7 million GEL compared to July 1, 2015 (exchange rate effect excluded volume of deposits increased by 0.7 percent). This figure constituted 12.8 billion GEL by August 1, 2015.

Similarly, in July 2015 demand deposits increased by 4.6 percent or 236.4 million GEL (exchange rate effect excluded volume of demand deposits increased by 3.9 percent).

Last month the sum of term deposits decreased by 37.7 million GEL (0.5 percent), said NBG.

The Bank said the larization ratio of total non-bank deposits constituted 34.84 percent by August 1, 2015. It decreased by 0.08 percentage point (increase of 0.23 percentage point exchange rate effect excluded) compared to July 1, 2015.

The annual average weighted interest rate on time deposits made up 5.2 percent of all deposits. In particular the interest rate for national currency denominated deposits was 7.8 percent and the interest rate for foreign currency denominated deposits 4.5 percent.

The share of the US dollar in the total volume of foreign currency denominated deposits equalled 82 percent and the share of the Euro equalled 15.6 percent.