Archil Gachechiladze, Director General of the Bank of Georgia, expressed optimism about the country’s credit market, stating that current credit activity indicators are positive. He shared his views during the Galt & Taggart Electricity Sector Conference.
“Credit activity is good in the country. The sector’s annual growth is around 15-17%, which is a welcome sign and shows that we are doing well,” said Gachechiladze.
Looking ahead, he emphasized that banking sector activity closely depends on overall economic conditions.
“What we have observed so far is that economic activity has been stable over the past few years,” he added.
Regarding concerns about rising costs of credit resources due to the political situation, Gachechiladze noted that increases have been modest.
“The increase in the cost of attracted credit resources has been less than 1%. Such fluctuations also depend on the region and are not solely caused by the current situation in Georgia,” he explained.
He further remarked that although some reduction in credit costs has occurred, they have yet to return to historically low levels.
