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Expensive loans

Expensive loans

Along with the increase in the refinancing rate the Public and Banks have been looking at loans with variable interest rates.

As of September 1, 2019, 102 700 loans with variable interest rates have been issued. The majority of them are tied to the refinancing rate. This means that the borrowers increased their interest rate by 1 percentage point to 8.5 %. Today loans of variable interest rate of GEL 5310 million have been issued.

From August 1 to September 1, the number of loans extended increased by 4400 and the total sum increased from 5045 million to 5310 million GEL.

Out of the 102700 contracts, 28300 are consumer loans, amounting to GEL 667.12 million. 1.

As of September 1, 37500 loans were tied to the refinancing rate, at an average of 9.09%. Total sum is GEL 1690.60 million.

As of September 1, 800 agreements have been signed. Banks borrowed GEL 12,881 thousand at an average of 15.36%.

2800 variable rate interest rate loans are issued the specific purpose of which is unknown. The total volume of these loans is GEL 71.607 million.

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