The National Bank of Georgia on Wednesday provided an update of the current situation and macroeconomic indicators in the banking and financial sectors of the country by releasing updated figures in inflation, import and other data.
Inflation
The Bank said annual inflation increased to two percent in May, up from the previous months but still below the three percent target rate. Prices also increased by 0.4% compared to April, mainly due to “higher fuel and some food prices”. Base inflation, excluding volatile items, decreased to 1.7%.
Banking sector
Loans grew by 18.4% year-on-year in April, the central bank said. The dollarisation of deposits decreased to 48.3 percent, while the dollarisation of the total credit portfolio remained at 44.7%.
Foreign sector
The NBG said imports of goods increased by 11.3% year-on-year, mainly driven by investment and consumer goods. However, the registered export of goods decreased by 12.7% year-on-year in April, with a decrease in the export of intermediate, consumer and investment goods.
The official international reserves increased by USD 37.4 million compared to the previous month, totalling USD 4.8 billion in April.
