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Georgian banks increasing credit rates2011-03-14 18:43
Credit interest rates are getting higher in the Georgian banks. According to the experts, before this January, the interest rates had been going down, while at the beginning of the year, they grew by 1,5-2 percent, Business Georgia reports. The growth covered the credits extended in foreign currency. Credits in national currency have also grown expensive, though insignificantly. Now the analysts expect the credit extension to be limited because of the growing prices, the banks confirming such scenario.gt-en-newsitem-inside
By the end of last year, an average credit interest rate fell to 13-15 percent. Within a year, the credit portfolio grew by 1,162 billion laris and reached a historical maximum of 6,415 billion laris by February. The volume of mortgage and consumer loans also increased, as well as the banks' revenue.
Later on, National Bank introduced credit limitations for commercial banks because the credit extension became large-scale and turned into an inflation-boosting factor.
Presently, the maximum interest rate for individuals is 20 percent in foreign currency and 30 percent in laris.