The National Bank of Georgia is working on the mitigation of bank regulations.
President of the Bank, Koba Gvenetadze, has not specified the details yet but he confirms that the loan service coefficients will reduce to two.
Notably, the number of the service coefficients is four at the moment, as divided according to monthly income.
Gvenetadze says that the National Bank is holding consultations with the business sector currently, and the date of enforcement of new rules is unknown yet.
In Gvenetadze's words, the credit portfolio has increased by 15%, and higher economic growth was detected at the end of 2019 than planned.
Gvenetadze highlighted the growth in the corporate sector, reaching 30% while the small and average business growth hit 18%.
He said the regulations would allegedly take effect in March 2020.
As a reminder, the National Bank stiffened the regulations for banks to issue loans in January 2019.
Bela Gelashvili
News Author