Deposit dollarization coefficient grows in Georgia

Photo: Deposit dollarization coefficient grows in Georgia
 / Economy news

Tbilisi, Georgia, Jan. 27

By Nana Kirtzkhalia - Trend:

As of January 1, 2014 the volume of non-bank deposits placed in commercial banks of Georgia stood at 9.7 billion laris ($ 1 = 1.78 lari), which is 359.2 million laris or 3.9 percent more than the figures for December 1, 2013.

The demand deposits increased by 218 million laris or 3.1 percent in December as compared with the previous month, whereas the fixed time deposits' growth stood at 141.2 million laris or 2.8 percent.

As of January 1, 2013 the deposit dollarization coefficient amounted to 59.85 percent, which is 0.35 percent more than in the previous month, National Bank of Georgia told Trend on Jan. 27.

The weighted average interest rate on the fixed time deposits was 6.2 percent, as well as, on the deposits in the national currency - 9.3 percent and in the foreign currency - 5.4 percent.

The share of dollar in deposits was 80 percent, and the euro's share stood at 17.4 percent.

Translated by E.A.

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