BAKU, Azerbaijan, Dec.2
By Tamilla Mammadova – Trend:
The volume of official international reserves in October 2020 increased by $12.6 million in Georgia, Trend reports via the National Bank of Georgia (NBG).
International reserves were affected by an increase in funding from international organizations, while the decline was influenced by the foreign exchange interventions of the National Bank and government spending on foreign exchange.
In October 2020, compared to the previous month, the amount of reserve money decreased by 75.5 million lari (22.7 million) and amounted to 4.9 billion lari ($1.4 billion) at the end of the reporting period.
On average, the monetary base increased by 80.3 million lari ($24.2 million) compared to the previous month. At the end of the period, the annual growth rate of reserve money was 8.9 percent.
The volume of reserve money is decreasing, however, according to experts, there is no negative trend, and the resource is mainly used to maintain the stability of the banking sector.
As of November 1, 2020, the banking sector in Georgia is represented by 15 commercial banks, including 14 - foreign-controlled banks. In October 2020, compared to the previous month, the total assets of Georgian commercial banks (in current prices) decreased by 427.12 million lari ($129.5 million) and constituted 53.92 billion lari ($16.3 billion).
The banking sector's equity capital equals 5.63 billion lari ($1.7 billion), which makes up 10.44 percent of the commercial banks total assets.
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