Baku, Azerbaijan, October 2
By Tamilla Mammadova – Trend:
Eighteen microfinance organizations went bankrupt and ceased operations in Georgia during 2019, Trend reports referring to National Bank of Georgia.
According to the bank, in August 2019, the number of microfinance organizations in the country decreased from 71 to 53 compared to August 2018.
At the same time, the number of branches and service centers of commercial banks increased. The number of the former increased from 134 to 142 units, and of the latter - from 801 to 802 units.
In turn, the number of currency exchange points decreased by 120 units, from 1,047 in August 2018 to 927 in August 2019.
As reported, the number of entities issuing loans was growing and stood at 203 units as of late August 2019. The reason for this is their mandatory registration with the National Bank. Until January 2019, this requirement was applied only to commercial banks.