"We expect that the refinancing rate will go down, the main question is how quickly it will happen", the executive director of "Bank of Georgia" told the media, noting that the current economic environment allows monetary policy to be softened.
"Since the inflationary pressure has been removed in Georgia today, we think that the refinancing rate will decrease, which will be very good for Georgian consumers and businessmen," says Archil Gachechiladze.
At the meeting of the monetary policy committee held on October 25, the NBG left the refinancing rate unchanged at 10%.
Last week it also became known that the National Bank has changed the regulations for issuing consumer and foreign currency loans. The CEO of " Bank of Georgia" positively evaluates the fact.
"Increasing the duration of consumer loans from 3 to 4 years is certainly a positive decision and many consumers will be able to access more credit, which is also good for the economy.
As for lifting the restriction on unhedged loans, I think it was the wrong restriction in the past because we have immigrants who send money here and live in Europe. Of course, they want to buy an apartment and should be able to take a loan in Euros, because taking a loan in GEL may be accompanied by various risks when the income and the amount to be paid are in different currencies", says Archil Gachechiladze.
According to the new regulation, persons who receive income in foreign currency will be able to take credit in the same currency, which they did not have the opportunity to do before.
