Bank lending increased by 17.8% y/y in Nov-24
In Nov-24, the banking sector loan portfolio increased by 17.8% y/y (+0.7% m/m), excluding FX effect, after a 18.6% y/y growth in previous month. In unadjusted terms, loan portfolio rose by 18.4% y/y (+0.9% m/m), reaching GEL 60.6bn (US$ 21.8bn), after growing 19.8% y/y in Oct-24. By sector, corporate loans grew by 18.3% y/y (excluding FX effect), while retail loans increased by 17.3% y/y. Loan dollarization reduced to 42.8% (-2.71ppts y/y and -0.48ppts m/m) in Nov-24.
On the deposits side, there was a 14.0% y/y increase (excluding FX effect) to GEL 58.0bn (US$ 20.9bn) in Nov-24, following a 14.2% y/y growth in previous month. In terms of currency breakdown, GEL deposits growth slowed further to 12.8% y/y (+14.6% y/y in Oct-24), while FX deposits (exc. FX effect) growth accelerated to 15.2% y/y (+13.9% y/y in Oct-24). Consequently, deposit dollarization increased further to 51.7% (+0.93ppts y/y and +0.98ppts m/m) in Nov-24.
NBG purchased US$ 124.5mn in Nov-24
In Nov-24, the NBG intervened in the FX market by purchasing US$ 124.5mn to build FX reverses. Overall, the NBG was a net seller of US$ 463.4mn in 11M24.
