Bank lending increased by 13.8% y/y in Nov-25
In Nov-25, the banking sector loan portfolio grew by 13.8% y/y (+1.6% m/m), excluding FX effect, accelerating from 12.7% y/y in previous month. In unadjusted terms, the loan portfolio also increased by 13.8% y/y (+1.4% m/m), reaching GEL 69.0bn (US$ 25.5bn). By segment, growth in loans to legal entities accelerated to 12.9% y/y (excluding FX effect), up from 10.6% y/y posted in previous month, while retail loans rose by 14.6% y/y, broadly in line with October growth. Loan dollarization declined to 41.8% (-0.15ppts m/m and -0.96ppts y/y) in Nov-25.
On the funding side, deposits increased by 13.9% y/y (excluding FX effect), the same pace as in the previous month, reaching GEL 65.7bn (US$ 24.2bn) in Nov-25. In terms of currency breakdown, GEL deposits continued to accelerate, rising by 22.2% y/y (+18.5% y/y in Oct-25), while growth in FX deposits (exc. FX effect) slowed further to 6.1% y/y (+9.5% y/y in Oct-25). As a result, deposit dollarization reduced further to 47.8% (-0.96ppts m/m and -3.86ppts y/y) in Nov-25.
NBG purchased US$ 308.2mn in Nov-25
NBG intervened on FX market and purchased US$ 308.2mn through BMatch platform in Nov-25. Overall, the NBG’s net purchases reached US$ 2.1bn in 11M25.
