Auditor General Irakli Mekvabishvili declares that the interest rate on pension loans are high. According to him, if the document does not contain commercial banking secrets, the Audit Office can examine the terms of the agreement between the state and Liberty Bank. Mekvabishvili notes that the Audit Office does not regulate the banking sector.
“As for the interest rate of 36% set by Liberty Bank, we have not studied this agreement. There is no problem to study. But, as I understand, the Central Bank of the country is the coordinator and supervisor of all this.
As an ordinary citizen, I think that 36% is high. A pension loan is a consumer loan when our grandparents take it in advance under the pension guarantee.
Rates are regulated by the market in the banking system, but as an external observer, who has not seen the contract, I can say that 36% on the consumer-type loan is a very high-interest rate," said the head of the State Audit Office.
