According to the National Bureau of Enforcement, as of February 1, 2016, the number of negative loans in the Debtor Registry has increased by 2 700 last month and reached 146 185.
It should be noted that by the end of 2015 the number of debtors, registered in the Debtor Registry totaled 143 517 while by the end of 2014 – 133 583.
The data in the Debtor Registry changes very quickly as the new debtors are registered and those who repay the debt are removed from the list.
Experts believe that the main reason for such a rapid and significant increase in the number of debtors is the devaluation of the national currency, which led to an increase in debts - especially with respect to those who have loans in foreign currency, while revenues in the national. Their debt has increased by 40% because of the depreciation of the lari by 40%. While revenues in the national currency at best remained unchanged, at worst – have been lost.
In this situation, many borrowers cannot cover their debts in spite of the various proposals on restructuring offered by commercial banks.