Georgian National Bank plans to simplify banking rules
BAKU, Azerbaijan, December 20
By Tamilla Mammadova – Trend:
National Bank of Georgia plans to simplify banking regulations in 2020, Trend reports citing Georgian media outlets.
It is expected that the relevant changes will be implemented by March next year.
Currently, loan servicing factors are divided into four groups depending on their (group's) monthly income - up to 1,000 lari ($345.37) from 1,000 lari to 2,000 lari ($690.74), from 2,000 to 4,000 lari ($1,381) and over 4,000 lari ($1,381).
After the change, only two categories will remain.
The International Monetary Fund (IMF) notes that the change will have a positive effect on those whose income ranges from 1,000 ($345.37) to 4,000 lari ($1,381).
As reported, the lending process will reduce the administrative burden and make banks more flexible in assessing risks.
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