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Tag Archives: NBG

JSC International Bank of Georgia – Georgia Stripped of Banking License

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

The meeting of stakeholders of JSC International Bank of Azerbaijan (IBAR) – Georgia has taken decision on cancellation of banking license and transformation into non-bank organization. Under the decree passed by the vice president of National Bank of Georgia (NBG), the banking license has been stripped from JSC IBAR – …

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Loans Larization Coefficient Rose to 44.9%

NBG

Crediting volume of commercial banks (including loans issued to nonresidents) rose by 239.6 million GEL in May compared to April (+1.1%) and constituted 22.9 billion GEL as of June 1, 2018. According to National Bank of Georgia (NBG), in the same period volume of GEL-denominated loans rose by 89.3 million …

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New Regulations for Credit Companies

New and fairer rules will be established in Georgia’s banking and finance sector to protect consumer rights, Minister of Finance Mamuka Bakhtadze said. The reforms are to establish new qualitative standards and support sustainable, long-term economic growth. Excessive indebtedness is a key challenge the reforms will address, as it is …

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Minister of Finance Refuses to Retreat

Regulations will Refer to All Credit Organizations, after Banks. A month ago Minister of Finance Mamuka Bakhtadze appraised the Georgian banking sector as an obstacle frustrating economic development in Georgia.   Following this statement National Bank of Georgia (NBG) introduced new regulations on issuance of loans without examining clients’ solvency. Starting …

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Discontent Against Commercial Banks Grows

Claims Against Commercial Banks in 2017 Rose by 140%. In 2017, claims against commercial banks submitted to National Bank of Georgia (NBG) rose by 140%, according to the NBG report for 2017. The NBG department for consumer rights protection registered 3,269 claims in 2017, including 2,329 (71%) claims submitted by …

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Two Commercial Banks to Pay Fines of 1.9 million GEL

NBG Reduces Its Policy Rate By 25 Basis Points To 6.75%

For the purpose of protecting requirements of the law against illegal revenues legalization, the National Bank of Georgia (NBG) has inspections various financial companies. As a result, fines imposed on non-bank financial institutions made up 712 750GEL. According to the 2017 report by NBG, a total of 95 currency exchange …

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National Bank Bans Issuing Bank Loans to Insolvent Clients

Insolvent

What to expect from new regulations? The president of the National Bank of Georgia (NBG) has passed a decree to add changes to the Provision on the Concentration of Credits at Commercial Banks and Big Risks. The changes aim to protect consumer rights and bolster healthy credit portfolios at commercial …

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Inflation Declines – General Price Level Rose by 4.3% in January

In January 2018, as compared to December 2017, inflation level constituted 0.6%, while annual inflation rate made up 4.3%. In December 2017 the annual inflation rate marked 6.7%,  averaged inflation level (comparison of 12-month averaged indicator with the previous 12-month averaged indicator) made up 6.1%, while National Bank of Georgia …

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Government should Leave Fiscal Space for Major Infrastructural Projects

“Government strategy for the state budget calls for cutting the accrued expenses to leave fiscal space for major infrastructural projects”,  Francois Painchaud, IMF Resident Representative in Georgia, told the BM.GE. Salaries constitute one of the key components of the accrued expenses. “In 2017 the Government managed to cut expenses. Government …

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NBG Predicts 4.5% Economic Growth in 2018

The National Bank Of Georgia Continues Sharing Its Experience On Prudential Supervision

According to the National Bank forecasts, growth in GDP in the year of 2018 will be 4.5%. According to the forecast, GDP growth will have positive contribution as net exports, as well as consumption and investments, which will result in external inflows, improvement of business climate and capital expenditure of …

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