GEL is not trusted in Georgia

GEL is not trusted in Georgia
GEL is not trusted in Georgia

According to the National Bank of Georgia the volume of non-bank deposits in the banking sector amounted to GEL 25,340,000,000 by September 1, 2019, which is GEL 344,900,000, or 1.38% higher than the figure for August 1 (1.58% higher without the effect of the exchange rate).

Deposits larization ratio was 36.42 percent as of September 1 of the current year. Deposits decreased by 0.30 percentage points compared to August 1 (excluding exchange rate effect by 0.37 percentage points).

The share of US dollar in foreign currency deposits amounted to 84.91% and the share of the Euro equaled 13.51%.

The weighted average annualized market interest rate on term deposits amounted to 5.25%, including 7.45% for deposits denominated in national currency and 2.89% for deposits denominated in foreign currency.

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