“Too little time has passed since the responsible
lending program entered into force, part
of which was the new credit regulations, to draw any specific conclusions,” Georgia’s Prime
Minister Mamuka Bakhtadze says.
to PM, the program implementation is being studied, after which the government will
formulate its position. In particular,
the central bank, the Ministry of Finance and analysts are involved in the
study and their findings will be known in the near
necessary, the program will be reviewed,”
Mamuka Bakhtadze notes.
says that the decision was adopted as the
program of responsible lending was necessary.
lending system in Georgia was completely
irresponsible and brought very serious
consequences. We introduced new regulations to make lending more fair and responsible. We used the European
experience to protect our citizens, ”the Prime Minister says.
for the impact of the program on Georgia’s economy,
in the Prime Minister’s words, the regulations
have reduced consumer lending that is quite logical.
Research study shows that in February 2019 consumer lending grew by only 0 3%
and hit a 6- year low that means that
growth in consumer non-mortgage lending (installments, credit cards, and
microcredits) is not observed.