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Deposit liabilities of Georgian banking system decreases month-in-month

Finance Materials 2 December 2020 18:44 (UTC +04:00)
Deposit liabilities of Georgian banking system decreases month-in-month

BAKU, Azerbaijan, Dec.2

By Tamilla Mammadova – Trend:

The deposit liabilities of the Georgian banking system decreased by 564.9 million lari ($170.7 million) in October 2020, compared to the previous month, and amounted to 32.3 billion lari ($9.7 billion), Trend reports via the National Bank of Georgia (NBG).

Compared to the corresponding period of 2019, the total volume of deposits increased by 22.7 percent.

According to the NBG, the decrease in liabilities on deposits is largely due to a decrease in indicators denominated in the national currency, as well as on deposits in foreign currency.

As reported, this is also due to the impact of the exchange rate as a result of the depreciation of the lari.

In the reporting period, compared to the previous month, the volume of deposits in lari decreased by 426.8 million lari ($128.9 million) to 12.14 billion lari ($3.6 billion), which, according to the National Bank, is largely due to the reduction in deposits of legal entities.

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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