09.Apr .2021 22:00

Time Deposits of Georgians in National Currency GEL 64 MLN Up in February

Time Deposits of Georgians in National Currency GEL 64 MLN Up in February
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Time deposits of Georgian individuals in national currency, allocated in commercial banks amounted to GEL 2,379,394, 000 as of March 1, 2021, up from GEL 2,315,204, 000 as of February 1, 2021. The volume shows increase by GEL 64,190, 000. 

According to the statistical data of the National Bank of Georgia (NBG), national currency (NC) deposits, including demand and time deposits amounted to GEL 4,441,448, 000 as of March 1, up from GEL 4,365,667,000 from the prior month. The share of demand deposits (current accounts and other demand deposits) was GEL 2,062,054,000 while time deposits stood at GEL 2,379,394, 000. 
 
The volume of time deposit for the end of February was record high. In total, the time deposit portfolio in NC of individuals started exceeding GEL 2 billion from February 2020. The volume for the end of the month for the recent year was as follows: 

GEL 2,018,396,000 – 01.03.2020; 
GEL 1,971,373, 000 – 01.04.2020; 
GEL 2,002,135,000 – 01.05.2020; 
GEL 2,106,104, 000 – 01.06.2020; 
GEL 2,173,441, 000 – 01.07.2020; 
GEL 2,220,664,000 – 01.08.2020; 
GEL 2,232,301,000 – 01.09.2020; 
GEL 2,254,602,000 – 01.10.2020; 
GEL 2,245,452,000 – 01.11.2020; 
GEL 2,216,300,000 – 01.12.2020; 
GEL 2,264,156,000 – 01.01.2021; 
GEL 2,315,204,000 – 01.02.2021; 
GEL 2,379,394, 000 – 01.03.2021. 
 
Statistical data of NBG on time deposits of individuals in NC is recorded from 01.02.2002. For that time, the volume of term deposit stood at GEL 439 000. 

As for interest rates on term deposits, it totaled 10.2% as of March 1, 2021 down from 10.3% from the prior month.