Bank lending increased by 17.3% y/y in Mar-24
In Mar-24, the banking sector loan portfolio increased by 17.3% y/y (+2.4% m/m), excluding FX effect, after a 16.4% y/y growth in previous month. In unadjusted terms, loan portfolio rose by 19.9% y/y (+2.9% m/m), reaching GEL 53.8bn (US$ 20.0bn), after growing 17.5% y/y in Feb-24. By sector, corporate loans growth accelerated, up by 20.7% y/y (exc. FX effect) in March and retail loans were up 14.6% y/y. Loan dollarization slightly increased to 44.8% (+0.26ppts y/y and +0.55ppts m/m) in Mar-24.
Bank deposits increased by 16.7% y/y (exc. FX effect) to GEL 51.8bn (US$ 19.2bn) in Mar-24, after growing by 14.8% y/y in previous month. In terms of currency breakdown, GEL deposits increased by 29.5% y/y and FX deposits growth (exc. FX effect) stood at 5.6% y/y. As a result, the level of deposit dollarization came in at 49.7% (-3.85ppts y/y and -0.17ppts m/m) in Mar-24.
NBG purchased US$ 127.9mn in Mar-24
In Mar-23, NBG purchased US$ 127.9mn through the BMatch platform to build reserves. Overall, in 1Q24, NBG’s net FX purchases reached US$ 213.5mn.
Tourist arrival increased by 8.6% y/y in 1Q24
In 1Q24, international visitors to Georgia increased by 8.6% y/y to 1.16mn persons. This growth was mainly driven by a 11.0% y/y increase in tourist arrivals (81.1% of total arrivals), while same-day arrivals reduced by 0.7% y/y. Türkiye was the top source country by international arrivals (22.0% of total), followed by Russia (18.6% of total) and Armenia (16.6% of total). Most visitors traveled to Georgia via land (60.5% of total), followed by air (38.7% of total).
