THE INTEREST RATE ON LOANS TIED TO THE REFINANCING RATE IS UP BY 0.5%
Non-governmental organization “Society and Banks” reviewed loans tied to variable interest rates. As of February 1, 2021, 124300 loans with floating interest rate have been issued. The vast majority of them are tied to the refinancing rate.
According to the decision of the Monetary Policy Committee, the refinancing rate was increased to 8.5%. As of today, loans of GEL 7241.7 million are tied to the floating interest rate have been issued.
Between January 1 – February 1, the volume of loans with floating interest rates decreased by 100, while the total portfolio – from 7246.1 million to 7241.7 million.
Out of 124,300 agreements, 36100 are consumer loans and their volume totals to 970.1 million GEL. As of February 1, the weighted average interest rate on consumer loans in national currency was 13.06%.
The largest share of the loans is occupied by mortgage loans. As of February 1, 54,800 loans were tied to the refinancing rate, the average rate is 10.69%. The total portfolio is 2677.8 million GEL.
29,300 contracts are signed for the business loans, which is 700 less comparing to January 1. The total portfolio is 3359.5 million. Of this, banks issued GEL 1078.5 million to finance small and medium-sized businesses with an average rate of 12.86%. As of February 1, loans of GEL 2281 million were issued for funding the large businesses with an average weighted rate of 12.59%.
The smallest amount is a car loan tied to the refinancing rate. A total of 800 contracts have been signed as of February 1. Banks lent GEL 22.4 million at an average rate of 13.14%.
