Local currency bank deposits see strong growth: National Bank

Deposits in the Georgian private banking sector at the start of July amounted to nearly a quarter more than the same period last year, according to the National Bank of Georgia.

Deposit volume was GEL 3 billion at July 1, a 23.5 percent rise over that time last year. Deposits in lari have been growing “far more rapidly” than foreign currency deposits, a central bank statement said, though foreign currency deposits still make up nearly 80 percent of individual deposits.

Lari deposits are up by nearly half over that period, compared to a roughly 10 percent rise in foreign currency deposits. Commercial banks are also paying higher interests on lari deposits: 10.4 percent annually compared to an average of 8.5 percent on foreign currency deposits.

In the last year individual deposits grew by GEL 397.4 million to over GEL 1.5 billion, according to the central bank.