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Volume of loans with floating interest rates down in Georgia

Business Materials 18 March 2021 09:26 (UTC +04:00)
Volume of loans with floating interest rates down in Georgia

BAKU, Azerbaijan, March 18

Tamilla Mammadova – Trend:

Some 124,300 loans with floating interest rates have been issued in Georgia as of February 1, 2021, Trend reports via the Georgian non-governmental organization “Society and Banks”.

As reported, the vast majority of them are tied to the refinancing rate.

As of today, loans of 7.24 billion lari ($2.1 billion) are tied to the floating interest rate have been issued.

"Between January 1 - February 1, the volume of loans with floating interest rates decreased by 100, while the total portfolio - from 7.24 billion to 7.24 billion. Out of 124,300 agreements, 36,100 are consumer loans and their volume totals to 970.1 million lari ($293.04 million). As of February 1, the weighted average interest rate on consumer loans in national currency was 13.06 percent," the report said.

The largest share of the loans is occupied by mortgage loans. As of February 1, 54,800 loans were tied to the refinancing rate, the average rate is 10.69 percent. The total portfolio is 2.67 billion lari ($806.5 million).

Some 29,300 contracts are signed for the business loans, which is 700 fewer comparing to January 1. The total portfolio is 3.35 billion lari ($1.01 billion). Of this, banks issued 1.07 billion lari ($323.2 million) to finance small and medium-sized businesses with an average rate of 12.86 percent. As of February 1, loans of 2.28 billion lari ($688.7 million) were issued for funding the large businesses with an average weighted rate of 12.59 percent.

The smallest amount is a car loan tied to the refinancing rate. A total of 800 contracts have been signed as of February 1. Banks lent 22.4 million lari ($6.7 million) at an average rate of 13.14 percent.

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