Georgia – Average interest rates on new foreign-currency deposits increased in September

On 30 October the National Bank of Georgia released a monthly statistical update on market interest rates for deposits, providing data on deposits denominated in Georgian lari (GEL; 1 EUR = 2.15 GEL) and on deposits in all foreign currencies lumped together.

Average interest rates for new deposits in lari declined in September from August, both for individuals (11.807% → 11.656%) and for legal entities (7.921% → 7.849%).  Interest rates for deposits denominated in foreign currencies, however, rose slightly for individuals (7.893% → 7.954%) but rather considerably for legal entities (7.725% → 8.295%).

Source: საბაზრო საპროცენტო განაკვეთები დეპოზიტებზე (ნაკადები) (2012-10-30)

The National Bank also released monthly information on assets and liabilities of commercial banks.  In September total term deposits by individuals at commercial banks in Georgia declined by 3,2% (2,769,092,355 GEL → 2,683,567,732 GEL), while toral term deposits by legal entities declined by 1.0% (1,463,612,598 GEL → 1,449,278,393 GEL).  During the same month, total capital reserves of banks fell by 6.4% (1,120,207,364 GEL → 1,052,772,599 GEL) while total retained profits of banks rose by 6.1% (396,779,115 GEL → 420,905,304 GEL), with total paid-in capital remaining constant (since July) at 830,884,666 GEL.

Source: კომერციული ბანკების კრებსითი აქტივები და პასივები (2012-10-30)

Mark Pleas

Eastern Europe Banking & Deposits Consultant

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