Georgian bank looses

Georgian banks which have branches in the areas where fighting has taken place have suffered serious losses.

Due to economic support from the state local population had previously accumulated sizeable reserves. The banks were able to grant many account holders credit in order to buy household goods or repair their properties. Now however these indebted customers have fled from their homes and become refugees or internally displaced persons as a result of Russian aggression. They have lost everything and there is little hope that they can return the money the banks had lent them.

Peoples’ Bank was the most active in the areas under aggression, with branches in Gori and Kurta, from which they have not been unable to evacuate money.