20.May .2022 18:00

Liberty Bank To Issue Pensions Again: Commission Names Bank Wins Tender

Liberty Bank To Issue Pensions Again: Commission Names Bank Wins Tender
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Pensions will be distributed by Liberty Bank for the next 7 years. Liberty Bank was the only bidder in the 105-million tender and, therefore, the state will sign a contract with it. The relevant decision was made by the Government Tender Commission today. The document states that the official contract with the bank will be signed within 10 days.

The documentation submitted by JSC Liberty Bank fully complies with the requirements set out in the tender documentation. The document will be signed by the Minister of Health Zurab Azarashvili, the Vice President of the NBG Papuna Lezhava and the Minister of Finance Lasha Khutsishvili together with the tender commission.

The new tender for the issuance of pensions also conditionally defines the interest rate at which pension loans should be issued. This rate is set from the interbank rate in Tbilisi, which is currently 10.8%, with a maximum interest rate of 15%. Accordingly, the maximum interest rate on the pension loan will be 25.8%. At present, this rate is on average 35%.

According to statistics, 370,000 pensioners have taken out a pension loan worth GEL 342 mln.

As of 2022, 794 thousand people receive old-age pensions in Georgia, and 652 thousand people receive subsistence benefits.