“Economy seems to have adopted to the pandemic”- Archil Bakuradze
Archil Bakuradze, chairman of the supervisory board of MFO Crystal declares that the company expected 3-time increase of non-performing assets, but the figure is deteriorated by 50%.
“We have much better condition than it has been predicted at the start of the pandemic," he told TV-program “Business Morning”.
As Bakuradze noted, Georgian economy has adopted to the pandemic.
"Portfolio is growing faster than we have predicted. That indicates that economic activity in our segment is quite high. Of course, no one expects this year will be profitable. However, we might say that loss risks, occurred 6 months ago, does not exist any longer.
We do not know yet what economic effects the second wave will have, but we see that economy has adopted to the pandemic. Our customers have become more resilient to this challenge. We have already received the damage in tourism and hospitality sector. After that, I think there should be no worse results," - Bakuradze noted.