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Mortgage loans 35% down in January; Demand improving in February – TBC Capital

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Natia Taktakishvili
22.02.21 10:00
469
Money transfers were 26% up from the EU in January, while 11% down – from Russia - this was the main emphasis of Aleksandre Bluashvili, Head of Research at TBC Capital in the interview with BM.GE.

According to Bluashvili, Italy was on the first place in terms of remittances in January. According to him, 41% of total remittances accounted for the EU last year, while Russia's share was reduced to 19%.

During the economic review, the head of research at TBC Capital also commented on preliminary data of trade balance.

"According to the preliminary data of the trade balance, the exports were 16.2% down, while the imports - by 16.4%. However, imports improved by a total of about 60 million USD at the expense of the trade balance due to the fact that foreign demand was weak and tourism was near zero in January. Consequently, the decrease in demand was followed by a decrease in imports," said Alexander Bluashvili.

Bluashvili also explained that January was a bad month in terms of mortgage lending.

"In January, mortgage lending was 35% down. However, the first signs in February are relatively better. Declining trend in mortgage lending is still maintained, although relatively small, decline of 15% was noted in the first half of February, "- explained Alexander Bluashvili.

The government of Georgia suspended mortgage subsidy program early in 2021 and as a result mortgage subsidy dropped sharply.