BAKU, Azerbaijan, June 6
By Tamilla Mammadova - Trend:
Deposit liabilities of Georgia's banking system decreased by 1.26 billion lari ($427.1 million) in April 2020 compared to the previous month, and amounted to 27.6 billion lari ($9.3 billion), Trend reports referring to the National Bank of Georgia (NBG).
Compared to the corresponding period of 2019, the volume of total deposits increased by 19 percent.
In April 2020, compared with March 2020, the volume of deposits in lari decreased by 231 million lari ($78.3 million) and amounted to 9.42 billion lari ($3.1 billion), which, according to the National Bank, is to some extent a consequence of the reduction in state deposits in commercial banks.
According to the NBG, current accounts increased by 93.7 million lari ($31.7 million), while term deposits decreased by 324.7 million lari ($110.06 million).
Deposits denominated in foreign currencies at the end of the period amounted to $5.67 billion.
The annual rate on deposits in foreign currency increased by 0.1 percentage points to 2.6 percent. Interest rates on deposits of legal entities in foreign currency decreased by 0.8 percentage points up to 2.1 percent, and on deposits of individuals increased by 0.3 percentage points up to 2.7 percent.
Compared to the rates in April 2019, the interest rates on deposits in the national currency increased by 2.7 percentage points to 10.1 percent.
As of May 1, 2020, the banking sector in Georgia is represented by 15 commercial banks, including 14 foreign-controlled banks. The total assets of Georgian commercial banks in current prices decreased by 1.01 billion lari ($317.4 million) or by 2.01 percent in April 2020, compared to the previous month, and constituted 49.12 billion lari ($15.4 billion).
The banking sector’s equity capital stands at 5.05 billion lari ($1.5 billion), which makes up 10.29 percent of the commercial banks total assets.
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