BAKU, Azerbaijan, Sept.29
By Tamilla Mammadova – Trend:
The external debt of Georgia's banking sector amounted ot $4.4 billion or 25.9 percent of GDP, Trend reports via the National Bank of Georgia.
Other sectors' external debt stood at $4.5 billion or 26.9 percent of GDP, while $3.3 billion or 19.6 percent of GDP was the intercompany lending. The 90.5 percent of the gross external debt of Georgia was denominated in foreign currency.
The net external debt of Georgia amounted to $10.9 billion or 64.9 percent of GDP as of 30 June 2020. Net public sector external debt was $4.6 billion or 27.5 percent of GDP.
External liabilities of the National Bank of Georgia increased by $3.7 million, out of that, exchange rate changes led to increase of the debt by $3.6 million, and transactions increased the debt by $74,900.
By the end of the second quarter of 2020, the external debt of the National Bank of Georgia amounted to $447.6 million, of which $198.1 million are Special Drawing Rights (SDR) which have no maturity date, therefore there is no obligation to repay them as long as Georgia is a member of the IMF.
Allocated SDR is a liability that has no maturity date, therefore there is no obligation to repay them as long as the country is a member of the IMF. The amount of the above mentioned allocated SDR is presented in the assets of the National Bank and thereafter the net liability of the National Bank equals zero.
From 2009, the IMF changed its methodological treatment towards SDR and, according to the new approach, allocated SDR is also recorded in liabilities.
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