National currency deposits, allocated by individuals in the commercial banks amounted to GEL 4,137,887, 000 as of Dec 1, 2020, up from GEL 3,594,071, 000 from the same period of the prior year, showing 15% growth.
According to the National Bank of Georgia, from June 2020, the volume of deposits of individuals in national currency started recording the highest volume and exceeded GEL 4 billion. The record-high number has been fixed by the end of September, when the portfolio amounted to GEL 4,213,535, 000.
Out of total GEL 4,137,887, 000, GEL 1,921,587, 000 has been shared by demand deposits and the remaining GEL 2,216,300, 000 – time deposit. The main part - GEL 1.7 billion of time deposits are shared by savings with 6-12 months term – GEL 829,002, 000 and over one year term – GEL 905,853, 000.
The average annual interest rate on time deposit as of Dec 1, 2020, was 10.8% for 6-12 month deposit and 11.1% for over one year term, the rate was 9.5% and 10.4% as of Dec 1, 2019.
