Those persons whose total loan obligations are up to GEL 300,000 will be able to take new loans from next year only in the currency in which they receive income - this was announced by Natia Turnava, acting govornof the National Bank of Georgia at the Financial Stability Committee held on Wednesday.
The Bank decided to impose an additional requirement on regulated financial institutions operating in the country that would come into effect on January 1. For individuals with a total debt of up to GEL 300,000, financial institutions will issue a new foreign currency loan only under hedged currency risk conditions under the new rules.
"The National Bank of Georgia will continue to monitor the country's financial stability, assess domestic and foreign risks, and will use all the tools at its disposal to minimize possible risks," the National Bank's decision says.
