According to the central bank’s annual report, the share of Russian residents in the total non-resident deposits has increased to 37%. Israel’s share stood at 8%, Ukraine’s — at 6%.
"The share of deposits of non-resident clients in total non-bank deposits increased by 4 pp during 2022 and reached 18.2 percent by the end of December.
The share of Russian residents in the total deposits of non-residents has increased to 37 percent, but overall, these deposits are still diversified both by countries and types of deposits that is a positive risk factor. "In a bid to prevent excessive dependence on this financing, the National Bank maintains an additional liquidity requirement for deposits from non-residents," the report states.
The increase in deposits of non-resident clients in Georgian banks was caused by a significant migrant flows into the country.
According to the NBG report, the number of foreign visitor arrivals increased by 173.3% annually in 2022 . The increase in the arrivals number was caused by an increase in the number of visitors from Russia (+410.5%), Turkey (+183.5%), Armenia (+350.9%) and Israel (+108.7%).
