The FINANCIAL -- The Monetary Policy Committee (MPC) of the National Bank of Georgia (NBG) met on September 16, 2009 and decided to keep its main policy rate (the refinancing rate) unchanged at 6 percent.

The FINANCIAL -- In August 2009 the volume of money transfers from abroad constituted 75.0 million USD, which is 4.4 million USD or 5.6 percent less than the same amount for the previous month.

The FINANCIAL -- Bank of Georgia has increased monthly limits on mortgage loans by USD 4.5 million. According to Irakli Gilauri, CEO of Bank of Georgia , one of the leading Georgian banks, the Bank has an unprecedented amount of surplus liquidity and is focused on turning it to loans. Otherwise the Bank will just become a place for saving people’s money. 

The FINANCIAL -- Starting from September 1, 2009, ProCredit Bank Georgia has lowered its interest rates on business loans in US dollars and Euro, by 2% on average.

The FINANCIAL -- The volume of lending by commercial banks (including loans to non-residents) decreased by 36.6 million GEL (0.7 percent) compared to June 1, 2009 and amounted to 5.4 billion GEL by July 1, 2009.

The FINANCIAL -- Fitch ratings has on August 3 taken the following key rating actions with respect to six Georgian banks:

The FINANCIAL -- EBRD recently provided USD 20,000,000 to Bank of Georgia , the largest bank in Georgia. According to Paul-Henri Forestier, EBRD Director for the Caucasus, Moldova and Belarus, the credit line of USD 20,000,000 is just one part of an overall programme of EBRD, which it plans to carry out in the economy of Georgia in the future.

The FINANCIAL -- As of July 1, 2009, the banking sector in Georgia is represented by 20 commercial banks, including 15 foreign-controlled banks and 2 branches of non-resident banks.