Bank of Georgia: The short-term impact of lending  regulations has been exhausted

Bank of Georgia: The short-term impact of lending regulations has been exhausted

access_time2019-04-17 17:35:46

According to Director General of Bank of Georgia Archil Gachechiladze, the new lending  regulations, which have complicated obtaining loans by individuals, have already exhausted their short-term impact.

The banker believes  that after all the worst has already happened, Georgia’s economy will start receiving benefits from the regulations as it was expected.

“The National Bank introduced the regulations to reduce the risks of the financial system and change the attitude of the socially vulnerable people to borrow large sums. Any side effects were short-term and now they have already exhausted their effects. Now the economy will be less risky and in case of  a crisis, the stability of both the country and individual citizens will be much higher. This is  very positive "- CEO of Bank of Georgia says .

Gachechiladze says  he does not have a single recipe about the possible mitigation of  regulations.


“The National Bank says it is studying the impact of regulations on the economy, and after the final picture is clear, the question will arise whether to revise the regulations or not. Moreover, I can say that the loan portfolio of banks is growing - for example, consumer lending is declining, but the mortgage is growing, ” Gachechiladze adds.



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