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Georgia sees increase in overdue debt

Finance Materials 2 December 2020 17:55 (UTC +04:00)

BAKU, Azerbaijan, Dec.2

By Tamilla Mammadova – Trend:

Overdue debt increased by 47.1 million lari ($14.2 million) in October to 570.2 million lari ($171.9 million) in Georgia, Trend reports via the National Bank of Georgia (NBG).

As reported, its share in the loan portfolio of commercial banks amounted to 1.5 percent.

According to the NBG, 30.4 percent of overdue loans are denominated in the national currency. In the reporting period, the level of dollarization of the entire loan portfolio decreased by 1.3 percentage points to 55.7 percent.

The weighted average interest rates on loans in the banking system in October of this year decreased by 0.7 percentage points and amounted to 11.8 percent.

The weighted average annual interest rate on loans denominated in foreign currency increased by 0.1 percentage points to 6.8 percent.

The rate of loans in national currency decreased by 0.2 percentage points to 14.9 percent.

Interest rates on loans in national currency for individuals decreased by 0.9 percentage points to 17.5 percent, and on loans to legal entities increased by 0.1 percentage points to 11.3 percent per annum.

In the case of foreign currency, interest rates on loans to legal entities increased by 0.1 percentage points to 7.0 percent. And for individuals, it has not changed and is 6.4 percent.

Compared to October, interest rates on loans in foreign currency decreased by 0.4 percentage points, and on loans in national currency - by 0.1 percentage points.

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