The average market rate of loans issued in national currency increased from 19.5% to 22%. The interest rate set on loans to individuals is higher. In particular, according to the statistical data of NBG, the annual market interest rate on loans to natural persons in August 2017 was 26.1%, in the same period in 2016 it was 24.7%.
The interest rate has reduced for loans issued in foreign currencies. According to the NBG statistics, the annual market interest rate of loans issued in foreign currency in August 2017 was 8.5% (in 2016 - 9,7%).
Financers explain an increase in the interest rates on loans given in the lari by several factors, including the unstable environment, the laris limited resources and the larization program.
all loans up to GEL 100 000 are issued only in the national currency within the larization program, the new regulation is effective since 2017. From 2018 this amount will increase to 200 000 GEL.